If you are thinking about investing in real estate now is a great time with prices SO low it is a perfect time to build your portfolio. Here are a few tips!
1. Know Your Options - is it buying and holding, flipping, multi-unit properties. You have to start with a plan. If you jump in head first you will most likely end up having a bad experience.
2. Partner With Experience - Find a great agent that works with investors, that has invested and knows the numbers. You also need to work with experienced contractors if you are not handy and lastly don't be afraid to ask LOTS of questions.
3. Look for Location - You have to think long term - not only worrying about if the property will rent today but how will it sell in 5 years. Location Location Location!!
4. Have Money Lined Up - Have your money in order whether you are financing, using cash or borrowing with friends. No need to look at homes if you do not have the money readily available. THIS IS IMPORTANT!
Whatever you do remember that your investment buying experience is different than buying your personal home. Also, every investor has a different plan and usually a different experience. Trust the ones you work with not the friends and family who heard stories from others. Competition is tough - there are a lot of investors so be patient - there are plenty of homes for everybody.
I have worked with several investors with all different plans....don't be afraid to ask me. I am happy to help!
Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
Knowledge is power. To provide timely information to our clients so that can make good decisions when buying or selling real estate. We provide various options to fit each personal client. Experienced on all sides of the real estate transaction.
Real Estate Options of Texas
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If you are thinking about investing in real estate now is a great time with prices SO low it is a perfect time to build your portfolio. Here are a few tips!
1. Know Your Options - is it buying and holding, flipping, multi-unit properties. You have to start with a plan. If you jump in head first you will most likely end up having a bad experience.
2. Partner With Experience - Find a great agent that works with investors, that has invested and knows the numbers. You also need to work with experienced contractors if you are not handy and lastly don't be afraid to ask LOTS of questions.
3. Look for Location - You have to think long term - not only worrying about if the property will rent today but how will it sell in 5 years. Location Location Location!!
4. Have Money Lined Up - Have your money in order whether you are financing, using cash or borrowing with friends. No need to look at homes if you do not have the money readily available. THIS IS IMPORTANT!
Whatever you do remember that your investment buying experience is different than buying your personal home. Also, every investor has a different plan and usually a different experience. Trust the ones you work with not the friends and family who heard stories from others. Competition is tough - there are a lot of investors so be patient - there are plenty of homes for everybody.
I have worked with several investors with all different plans....don't be afraid to ask me. I am happy to help!