The Entrepreneur’s Real Estate Guide: Investment Properties
It’s 10 a.m., and instead of heading to the office with your laptop case, you’re heading out to the green with your golf clubs. You’ve mastered how to earn passive income thanks to the help of a real estate guide. And that means no more 9-to-5 for you.
Statistics show that while about 66% of people in the United States used the stock market for investing purposes back in 2007, only a little more than 50% did in 2016.
Real estate is wooing more people away from the unpredictable stock marketing, with a survey indicating that 55% of millennials want to invest in real estate, and a whopping 85% of them consider real estate to be a good investment.
That means if you haven’t made the dive into real estate investment, you may ultimately end up left behind.
We’ve compiled a comprehensive real estate guide to get you started on the path to earning the passive income that will change your life for the better.
Let’s dig in!
Real Estate Guide: Where do I start in my Property Search?
When you’re starting out in your real estate property search, you may be tempted to shoot for the cheapest property you can find.
But remember: A less expensive property is not always the best buy.
Yes, you might save money on the front end. But you might end up having to spend this money to fix up the property on the back end anyway if it is not on par with your personal standards.
Along these lines, unless you have experience with renovating a large property, try to buy a rental property that is nearly move-in ready.
Upgrades typically cost more and take longer than an investor initially expects, so you may find yourself losing more money and time than you anticipated.
If the building you buy is clean and structurally safe, you can begin to rent it out immediately and then upgrade it as you need to in the future.
Another smart real estate buying move is to purchase a rental property that is already occupied. This actually makes your job easier as a landlord, as you don’t have to worry about marketing to brand-new tenants.
Maintain and Manage Your Property Wisely
An essential part of being a real estate investor is keeping up with your property’s maintenance. This is critical for a couple of reasons.
First, you legally have to maintain the property to specific safety and health standards based on landlord-tenant law.
Second, a property that isn’t fixed up won’t be appealing to would-be tenants.
And there goes your investment.
But it’s not enough to simply manage your property physically. You also need to manage it financially.
And that’s where a property manager comes in.
Your property manager can collect your monthly rent, handle repairs and even fill vacancies. The right property manager will make your landlord experience a piece of cake rather than a sour experience.
Keep Your Tenants Happy
One of the most critical things you can do as a real estate investor is to keep those tenants smiling. Something as easy as rapidly responding to their inquiries can go a long way in retaining them.
In addition, institute strict procedures for screening tenants.
You don’t want to lose a good tenant — one who pays on time, every time — because he or she is tired of being stuck to a bad tenant next door.
How We Can Help
We offer assistance with locating a real estate agent who will help you to find the right income-generating property for your needs.
Contact us to find out more about how we as your real estate guide can help you to get on the path to financial success in the potentially lucrative world of real estate.
