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If you're dedicated to providing the best results for your clients, we'd like to give you 50 Reasons why Prudential Joy Tarbell Realty is the best career move you'll ever make!
Real estate has long been
considered a conservative, long-term strategy to growing wealth. While
some seasoned real estate investors make it look easy, to be successful,
beginners should follow some basic principles.
Learn all you can. Before committing your cash, you should have a
fundamental understanding of real estate. For example, be aware
that, in general, investment properties are not liquid investments.
Barring exceptional circumstances, real estate does not sell at a
moment's notice. It could take days or months to sell a property,
depending on the strength of the market in a particular region.
Consider cash flow. You'll need to have enough capital on hand to
cover any short-term losses due to vacancies between tenants.
Start small. Look into buying a single family home or a duplex.
Leave large apartment buildings and commercial properties to the
pros.
Inquire at the local Chamber of Commerce about companies
relocating into or out of the area. Company movement is one
indicator of demand for rental and/or office space.
Find a property that will be in demand. Look for a moderately priced
home with three or four bedrooms, two bathrooms, and a garage
that sits on a quiet street.
Research the property. The most common way first-time investors
lose is by failing to investigate a property thoroughly. Look beyond
the front door. Investigate the reputation of the school district, the
crime rate, and plans for expanding a nearby highway or developing
vacant land. Ask a local real estate professional about the area, its
history, and how fast (or slow) properties are moving.
Inspect the home you're considering for signs of water damage,
such as stains on the ceiling and crinkling or gathering wallpaper;
open and close every door and window; and check all electrical
sockets by plugging in an appliance. Get an independent home
inspection, roof inspection and termite inspection. Unexpected
repair costs can eat away resale profit. Because even the best
inspection can't always predict problems, try to set aside some of
the rental income for unexpected repairs.
Spend time driving the streets of the neighborhood noting the
condition of other properties. Are lawns maintained? Are roofs in
good shape? Are homes kept up?
Be ready to make fixes quickly and respond to the renter's needs. If
you're not prepared to be a hands-on landlord, consider hiring a
property management firm.
Remember, investing in a property is much different than living in one, and
while emotion and attachment can be prime motivators when it comes to
homes, it is return on investment that counts when investing in real estate.
Contact David with any questions you have about real estate investments. He'll be glad to help you out. Prudential Joy Tarbell Realty is
an independently owned and operated member of The Prudential Real
Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.
