1. Know What You want! Decide whether you want to be a fixer upper, a buy and hold investor or a flipper. Once you know what you want, you'll know your plan of attack. In the current market, home prices are going up. The longer you hold the home, the value increases.
2. Know Your Budget. Start small and don't invest all your money in real estate. Real estate investing should be a supplement to your existing plans, not a replacement. People encounter troubles when they invest too much in the beginning, but they fail to recoup it.
3. Network. There are great investor groups online and in person. You can get a lot of advice from investor forums online and other investors to help get you started. You will gain valuable information just by consulting with them.
4. Choose Well Maintained Property In A Good Area. Make sure to go around the neighborhood first before choosing your property. Is it close to schools, shopping, parks or business districts. These are the usual consideration of renters when they look for a home. And should you decide to sell your property, the location will also matter to the potential buyers.
Avoid homes with high maintenance features, remember that the newer generation of home buyers prefer smart homes to luxury homes. They prefer small but functional homes than the bigger houses where they need to spend a lot of time in maintaining it. They would rather spend their precious time with their families or do other productive things.
If you are interested in investing in real estate, please contact me for more information.
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