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Some Tips for Getting into Real Estate

WAPHFeb 6, 2018, 12:25:07 AM
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Owning a home is great. You can live in it, rent it, fix it up, whatever you want.

The key is to find the right deal and at the right time. This will ensure maximum bang for your buck. The real estate game is full of winners and losers.

Winners are the people who are willing to be patient, knowledgeable, and ready to be in it for the long game. Does this sound like you? Keep reading for a few tips on what to look for in the right piece of property.

Know Your Market

Where are you looking to buy? What's the housing market like in the area?

If it's booming, get in before the prices become ridiculous. If houses are already getting to the point where houses are too expensive, look at nearby neighborhoods that are up and coming.

My advice is to move on. You don't want to be the last one looking for a house or property in a really popular location. Instead, look for a market that's about to take off. Even if it's a fixer-upper, in ten or twenty years, the home could more than double in value if you time this right.

Decide Your Purpose

What are you wanting a house? What's the plan?

Buying a property without a proper plan in order could be your downfall. Real estate investing is a big deal. It requires a much larger monetary investment. These days, getting into the stock market can be done with pocket change. However, real estate isn't quite there.

Investopedia has a great post on coming up with a plan and sticking to it. I don't need to rehash what they wrote. Go straight to the source for direct access to the best information.

Once you have a plan, you need to educate yourself.

Education

There are now more ways to do this than ever before. You can:

1. Talk to people/find a mentor

2. Take online courses

3. Read books and blogs

4. Explore Investing platforms

If you don't have 20-30% to lay down for a down payment on a property, there is usually more than one way to skin a rabbit. There are crowdfunding options like Fundrise and Realty Shares.

With the rise in these platforms, realtors themselves have become more friendly and willing to cut deals like never before. Before doing anything, you should talk to your local realtor, like Mid Century Modern, to see if they can help you get in the game.

Wrapping It Up

Giving your money to someone else in hopes you can turn a profit is a scary thing indeed. The 2007 crash aside, real estate has almost always been a safe bet. At least as far as investing is concerned.

Any investor will tell you that diversification is an important part of making your money work for you. Real estate is a great way to do that. You just need to find the right property for you, make sure you have plenty of money saved for a sizable down payment, and then play it smart and find the right tenants.

It may take a while and some trial and error, but you'll figure it out. Good luck out there and happy investing.