With the recent drop in prices and the abundance of inventory, this is an excellent time to invest in real estate. Because the market is flooded with properties for sale, many sellers are ready and willing to make a deal.
Having an ownership interest in a number of residential rental properties myself, I know the ins-and-outs of owning and managing rentals. Additionally, my experience in rehabbing properties allows me to easily evaluate what is needed to restore a property to a rentable or saleable condition.
Here are some tips for real estate investing:
- If you will need financing, get pre-approved before you start looking at properties.
- Consult with an accounting professional in advance to be sure you are aware of the tax implications of buying, selling or holding real estate.
- Decide before you buy if you will flip or hold the property.
- If you are planning to rent the property, crunch all the numbers before you buy.
Allow for a reasonable vacancy rate and budget for unexpected maintenance costs.
- Decide who will manage the property. If you are going to do it yourself then be sure you learn the ins-and-outs of property management if you don’t already know them.
- Estimate high on remodeling costs to allow for unanticipated expenses.
- Never purchase property that hasn’t been viewed by you or someone you trust.
My acquired, practical knowledge can be very beneficial to clients who are looking to invest in real estate. I am able to assist in evaluating the advantages and disadvantages of specific properties. My expertise can help the investors I work with avoid some of the common pitfalls experienced by investors new to the real estate market.
I am ready to assist you with your purchase of investment property. Give me a call and let’s get started! |
