Real estate investing can be a great way to make money. But to be successful at it, you need to do your homework first and make sure you know what you’re getting yourself into. Here are some tips to help you get started:
- Choose an experienced Realtor. Finding the right Realtor is critical to successfully capitalize on real estate investments. You want to find someone who has the knowledge to make the process easier for you. Your Realtor should have awareness of location, value and return on investment.
- Location, location, location! Research what areas are declining and which ones are on the rise before deciding where to purchase an investment property. If large retailers such as Lowe’s or Home Depot are setting up shop there, it’s probably a good place to invest because big chains do a lot of research before moving in. How to Pick the Ideal Location for Investment Properties – A Comprehensive Guide
- If you plan to invest with a partner, make sure you have a partnership agreement drawn up to protect all parties in case something happens. Relationships can sour and expensive mistakes can happen. Making early decision about how to handle bad situations will help prevent catastrophic results. 5 Secrets to Successful Real Estate Partnerships
- Be prepared to invest for the long term. When you hold onto a property for a long time, you can manage expenses and income easier and use the money to pay the mortgage.
- Be picky about renters. If you are going to rent to students or rent rooms to different people verses to a family, you may need special permits, depending on where you live. Educate yourself about State rules and regulations for renting out your property.
- We offer property management! If you have an investment(s) property you’re renting out, you may benefit from hiring an experienced property manager. It can be especially overwhelming when you are trying to take care of multiple homes (including your own!). A property manager will handle repairs and minor problems for tenants. They will help find new tenants & collects rents as well. On average, property managers usually get around 10% of the monthly rent for property management.
Being a landlord isn’t always easy. But with the right investment, it can be very rewarding!
Are you ready to SELL your home? Call the TAMPA BAY real estate professionals, Linda & Craig Nowicke, at Tampa Realty Now and let them assist you in getting your home STAGED, PHOTOGRAPHED and SOLD for the highest possible price! CALL THEM TODAY at 813-728-3880 or 813-675-5030.