10 Tips To Get Started in Real Estate Investment - By: Laine McKenna

1) Scour neighborhoods you like looking for home foreclosures. Compare the asking price of the homes. Research how much recent foreclosures sold for.
2) Research the market values in the neighborhoods you are interested in. Identify potential opportunities. Are there any fixer-uppers in the neighborhood? Any homes that structurally are in great shape but simply need some upgrades? If you have a knack for spotting those “diamonds in the rough,” you can really make a killer on this, especially if you can sell this vision later on to potential buyers.
3) Determine how much capital you are able to invest, and how much capital you are willing to invest. This goes along with establishing a good working relationship with a financial advisor and your bank. Don’t dive in head-first. Better yet, wear a helmet. Know what you’re getting into. And don’t be afraid to ask questions around the industry when it comes to trends.
4) If you’re looking for something long term and want to rent out your property, research areas with low vacancy rates. These areas include bustling parts of town where professionals may live, which will likely improve the attractiveness and practicality of your property. It will also mean you’ll likely never have to worry about finding tenants.
5) You don’t have to stick to homes and actually may find better options when it comes to units in townhomes and condominiums, which may give you more options for tenants.
6) Research the amount of time required to devote towards maintaining your investment property. Understand the costs associated with maintaining the property and any repairs that may be required.
7) Consider joining a real estate investment group which will allow you to purchase a set of apartment blocks or condominiums without the hassle or huge investment involved with owning the entire building. For a percentage of each tenant’s month rent, investment groups can take care of things like maintenance, advertising vacancies, and even identifying the right tenants.
8) Consider flipping homes but purchasing at a low price, adding upgrades, and re-selling them at a higher price. This is a method to gain wealth quickly. You could also “flip homes” even quicker without adding upgrades but this isn’t something a beginner should venture into.
9) Consider taking real estate courses so you understand the ins and outs of the business.
10) Attend real estate investment seminars, either in person, or online, and learn from trained professionals. This includes learning from professionals who are experienced on the other side – mortgage companies, banks, etc.

About the Author

Direct Express Realty is a realtor specializing in St Petersburg Foreclosures and REOs. Contact Direct Express to Invest in St Petersburg Foreclosures or for Remodeling Investment Property in St Petersburg

Article Directory Source: http://www.articlerich.com/profile/Laine-McKenna/85087

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