5 essential steps to being a real estate success!
These are my 5 essential steps to being a real estate success story. You need to know each one individually and understand how to apply them to each real estate deal.
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1. How do you pick an area to purchase your property in? I for one really take a hard look at each area and make sure I know what type of Business's, Schools and what income level is most present in that area. I like to see franchised businesses and upscale mom and pop retail stores and restaurants.The other thing I do is have coffee in a coffee shop and watch the people and their vehicles. This will give you a good idea of what type of area you are in. Of course you always consult with a Licensed Realtor.
2. How do you pick a property? Picking a property Has two elements to it ,what you want to pay for the property and the returns you're going to get on that particular Investment property. I would make sure that the property Could be rented or sold if needed. I like to see at least 10% or better on the net returns on the rent. The equity position should be at 30% to 40% position.
3. What type of rents can you get for that property? Easy way to find that is run a phantom ad in craigslist or any other publication that is in that local market.You will see how hot a property is at the price with the amount of phone calls you receive.
4.What kind of team do you have to make sure that your investment properties run smooth? This will consist of a good realtor, construction team, marketing team, property management, and administrative team.Make sure that they have many properties under their belt and understand the market in the area that you're buying in. This is a key to your future success in the investment property that you're purchasing.
5. Make sure your property has an end game.Make a plan for your property and understand what you want to do with it.This would be like a business plan for business only this would be a plan for each individual investment property purchase.
Considering these five essential steps in investment real estate can help you be more successful in the real estate investment game. These are important things to do and to have together before you start buying real estate. Remember you work hard for your money and your money should do the same.
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Posted in Home Improvement Post Date 08/17/2019