Is this the first time you are off on a real estate hunting trip? And you are standing clueless about how to go forward with it?
Well here are 10 easy steps to follow to come up with a successful real estate investment –return plan. All you have to do is carefully follow every step provided and you shall see that at the end of the day the winner is YOU, and no one else! We have verified our guide with experienced brokers and seasoned real estate hunters and they have given the proverbial ‘thumbs up’ sign to it!
So here it goes:
1. The Motive – Understand your motive behind making the real estate investment. Do not just go about it with no concrete plans as to what you will do after you have acquired your property. This is a basic problem that is faced by many amateur real estate investors and can jeopardize the prospect of good returns from your investments.
2. Area – Pick your area which you might be interested to invest in. Make a choice keeping in mind the proximity or the possibility of constant surveillance of the property at your disposal. This will help safeguard your property against violations and intrusions.
3. The Cycle - The investment cycle in real estates is definite and make sure you are aware. If prices are on a high for the last 5 years it might depreciate soon. This will discourage normal investors but if you are aware, you know that buying it a low price now, might get you a bigger return at the end of another cycle!
4. The Plan – Make a logical yet optimistic plan about the real estate investment you are pursuing. Form a budget, the house type you might be looking for and the potential expenses at hand.
5. Get a Broker – Arrange for a good broker or real estate agent who might get you the whiff of a good property or estate land which you as a commoner might not have laid your hands on.
6. The Mortgage Broker – If you cannot manage the issue of getting a good, clean loan, hire some trusted mortgage broker to settle the issue for you. But be very careful, as loans and brokers both are abundant and fraudulent in the same quantity.
7. References – Always try and get a reference for the site. And never ever try and buy a real estate property unseen, if you are an amateur property hunter.
8. Smaller Homes – Try and invest your money into small family homes and single family homes. These usually are easy and safe to invest in, get easy loans and finances and are easy to resell.
9. Hiring the Property Manager – If the estate you have invested in is not close-by, or you do not have the luxury of time to preside over its takeover and other procedures, hire a good and trustworthy property manager for the job. This will relieve you off the tensions regarding the estate issues and will also have the estate or property under proper care.
10. Renting Out – Make longer contracts or leases for your first-time estate or property, if you plan to rent it out. This is because if the tenants leave before you find a suitable deal, the returns will be redundant against the investment.
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Jason Sands is an experienced property investor and over the years he has gained good insight and valuable information on how to succeed in property investing. Some of his current investment recommendations include Mid North Coast land for sale, and properties in Kincumber and Saratoga.
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