Building wealth through real estate investment is something we’re passionate about. Today, we’ll be discussing the steps you should take to start making money as an investor:
1. Do your homework. Take a look at the various strategies that are in the investment world. Some options of investment include fixing and flipping homes, wholesaling, and renting properties. There are even categories to explore within each of these options, so make sure to explore and find a route that matches your goals.
2. Make a business plan. You have your end goal, now make a plan to achieve it. Pin down what you’ll need to do to get there.
3. Arrange financing. It’s important to do this early in the process so you have an idea of what you can afford. There are many different options you can choose for financing and it’s good to be aware of what each one is.
4. Start shopping. It’s time to get out there and find that perfect investment property. The internet offers a variety of different sources and is a great place to start. Some common sites are Realtor.com, Zillow, Trulia, RedFin, and we suggest Homesnap.com. You should think about enlisting the help of a real estate agent, as the information on these websites may not be completely accurate or show all the properties available.
5. Run your numbers and make an offer. Make sure your finances are in check and place your offer. If your emotions are running high or you’re not entirely sure about purchasing a property, remember that no deal is better than a bad deal.
6. Do your due diligence. Have your property inspected, get repairs, and fine-tune your numbers. Make sure you’re truly ready to go forward with it and take the final step.
7. Close on the property. You’re now officially a landlord and can now decide whether you’ll hire a property manager or do it yourself (unless you’re simply flipping it). We do offer property management services that we can discuss with you.
If you have questions or would like more information about investing, feel free to reach out to us. We look forward to helping you throughout your real estate journey.