A few tips to help you get started as a real estate investor.
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Is now a good time to invest in real estate? The short answer is yes, but just like all markets, you have to be careful when you do so. You especially have to be cautious if you want to flip a home.
When investing in real estate, you make money when you purchase a property, not when you sell it. You have to look closely at the property you’re buying, what you’re paying for it, and how much work it will need to turn a profit.
Finding the perfect home for flipping takes an experienced eye—it’s not something you should try as a novice. You’re risking too much money upfront, and the last thing you want is to put too much cash into a property and not be able to get it back.
"The truth is that these deals are everywhere."
Instead, here’s how you should get started. The first step is to target the right properties, which is easier said than done. I recommend you work with an experienced Realtor who can help you find the best homes, which will likely be off-market ones that aren’t listed in the MLS. Once you target these properties, you should walk through it with a contractor so you can determine how much work it needs, if there are any hidden defects, and how much it will cost. This will let you work out your numbers and decide if the property is worth it.
The truth is that these deals are everywhere. There are distressed sellers, foreclosures, and looked-over homes in every market. The key is finding the deals, and that’s where an experienced Realtor can help.
I’ve been working with investors and flipping properties myself since 1998. If you have any questions about getting into the real estate investment game, call or email me. I’d be glad to help.
