Closing day is approaching. There’s plenty of stress, but a whole lot of excitement. With our first investment property, this is just the beginning of our real estate investment journey. There’s already so much we have learned (and so much more we have to). It has been a roller coaster ride of emotions this year, but soon it’s going to pay off. Big time.
Getting started in real estate investing can seem pretty intimidating. Before you can get into investing, you need to clarify some things for yourself. Make sure you have a clear picture of your financial position before you dive head first into real estate. Do you have enough saved for at least a down payment? Can you afford your investment even if it doesn’t profit right away? How much risk are you willing to take on? These are all important questions to have answers to before you begin to look for that perfect property.
Determine your investing strategy
So you’ve got your finances in order and are ready to dive in? Next, determine how you want to invest. There are many ways to begin investing in real estate. Over at Coach Carson, Chad Carson goes over real estate investment strategies and real estate investing niches. These are great starting points to dig into further research about specific strategies or niches that interest you. Learn as much as you can about your chosen investment path to make sure it’s the right choice for you before you start searching for your first investment property.
Find the right professionals
You’ve decided your strategy and identified your target niche. Now, how to get that coveted property? My best advice is to find real estate professionals you can trust. Our real estate agents have been the best resources to guide us through the home buying process. Our friends aren’t buying homes and it’s been a long time since our parents have been in the game (almost 30 years). They have been able to answer every one of our many (and I mean many) questions as well as refer us to our awesome mortgage broker and real estate attorney. Our broker (he prefers mortgage advisor) has been available to us at all times. He’s taught us about mortgage options we never would have been able to find on our own and always has our best interest in mind. These professionals are invaluable, especially to a newbie real estate investor.
Real estate investing is exciting. There are so many options and there’s something for everyone. So what is the key to getting started with your first investment property? Know yourself, know your goals, and find the right professionals to guide you along the way.
Do you have any tips for the newbie real estate investor (like me)? Let me know below!
