If you compare the potential financial returns in real estate investments to other types of investments, the value of real estate properties typically create a higher of value over time. If you want to secure your future and perhaps build your very own retirement portfolio, you should consider real estate investing.
Here are smart tips for starting as a real estate investor in rental properties:
1. Find a mortgage broker. There are many mortgage brokers out there but, there is an advantage to working with a mortgage broker experienced in real estate investment lending. Compare several mortgage brokers in your area. Talk to them in detail about your investment plans and be sure to understand all the “numbers” before you start.
2. Do you have your own home? If you want to become a successful real estate investor, the best place to start is with your own home. By purchasing your very own property, you will learn about the purchase process. You will also become familiar with the local real estate market.
3. If you intend to start investing in rental properties, why not actually live there? Consider purchasing a multi-family property. By doing so, you can enjoy low-cost living and earning rental income at the same time.
4. Before you make your first real estate investment purchase, be sure to fully research the property and the area. For example, when purchasing a rental property, sustainability is a key factor. Will the property require minimal upkeep? How is the overall condition? Location is another key factor. Rental properties should be situated near retailers and public transportation. These are the types of things to research before the purchasing a rental property.
Consider the following tips and soon you can become a smart real estate investor. For a list of additional things to consider prior to your purchase, click here.
Dana Ash-McGinty
Principal Broker | Realtor® | “The Real Estate Maven”
