Being a real estate investor is not only risky but it also requires a lot of dedication on your part. But the gains could be outrageous. Many people think that to start in real estate you also need lots of money. But no, there’s more to it than throwing money around.
Take the life story of the ever so inspiring Kent Clothier as an example. He first bought his investment for only $500. After finding a distressed home, he brought in a motivated buyer, and voila his first successful attempt. Now, he manages 5,000 properties and sells over 1,000 more in his company.
Of course, we all want to be like Kent. In this sense, a tried-and-tested method should bid us well. Learn of the key essentials that could get you your first million in real estate.
Check Your Financial Status
While it is true that you can earn in selling homes without having too much money, it’s still wise to know your financial status. Well-managed finance can get you to the top. Why? Simply because the more you save up and stack up money, the more you can invest to your heart’s content.
But if you still don’t think you have enough savings, then save some more and give it time. After all, real estate is a risky job and a long term commitment. Invest when you can.
Once you save up enough money, you can always seek help from a mortgage lender or specialist. These lenders are experts in helping you secure a mortgage. In short, they guide you along the way, simplifying complicated processes. For one, they get the additional hassle off your back. Then, you can rest assured that you are getting the best mortgage deal out of your unique financial situation.
Pick An Investing Strategy
Real estate is very diverse and has a wide range of opportunities knocking on your door. With that being said, you need to focus on one goal if you want to start in the industry.
If you are someone with great renovation skills with the patience to become a landlord, then rental properties might be the best for you. You can also flip houses by buying undervalued properties, fix them, and voila you can earn more than what you paid for. There are also investment groups for people who want to own rental properties without actually running them.
Remember, there is no better option for all these choices. You just have to pick the strategy that works best for you.
Create Your Team
As a beginner, you can’t handle all the matters concerning real estate investment all on your own. It is crucial to have a team of contractors and viable advisors. Also, you need to include people whom you trust. They are the ones who should know all about your investment endeavors and plans.
The point of all this is to have a team that will advise and support your deals before finalizing them. They play an essential role because they carry technical information that is vital to consummate a deal right.
Strategize and Find Good Deals
This part is the most challenging one because this is where work officially begins. One way to get the best deals in the industry is to team up with an agent. As these people are very experienced, they have the needed connections to network better. With their help, the chances that you will find great deals in no time rises. And along with it your handsome profit.
Making money out of buying and selling homes comes is ideal. More often than not, however, it comes with a huge price. If you want to be a rake in some serious profit from the real estate industry, be warned.
