Tips for New Investors
Have you ever thought about investing in real estate? Maybe you've considered it but it seemed too overwhelming or maybe you're not sure if financially you have the means to invest. Maybe you feel it might be too risky or too much to manage, or possibly you've thought about it and just never took that first step. If you asked around, most people would probably tell you that real estate investing wasn't for them. They may tell you that is only for the wealthy or maybe that they wouldn't have the time to manage it and others would say they just don't know enough about it and it seems risky.
In this video I talk with 2 young investors (my daughter and son-in-law) about the real estate investments that they have made. As they were considering their investments and what they wanted for the future, they made the wise decision to sit down together and talk about their finances and what their hopes and plans were for the future. Then they talked about ways they could achieve those goals and did a lot of research to find the best options for them. They will be the first to tell you that being informed is one of the most important first steps in becoming an investor. They sought out experts that could help them in the process. A realtor, is a great place to start. A realtor that has experience with investment properties will have other trusted professional they can refer you to to better inform you in all aspects of the process.
Once you learn all that you can and are prepared financially they suggest that you consider location, maximum cost you are willing to pay and the type of property that makes the most sense for your investment goals. Then your realtor will help you find properties that fit those needs and you can begin looking at properties. It is tempting to let your emotions dictate your decision to make an offer, but remember this is a financial decision. go back to those goals and perimeters you set and if it doesn't meet those, then move on and wait for the nest property. There will be others! Be patient.
There are many ways to invest in property. You could buy a single family home, a multi-family rental unit, or a property to flip. Do some research and talk to a professional to find out with of those would best help you to reach your investment goals. Of course with any kind of investing, there are some risks. But when done carefully and intentionally, real estate investing could be a very sound way to prepare financially for the future.
My husband and I have also purchased investment properties and I would be happy to answer any questions that you might have. Give me a text or call and hopefully I can help you get started as a real estate investor.