So you’ve decided that you want to start investing in real
estate. Great! Check out these tips on how to get started on investing.
- Check your credit score to determine if you’re able to
finance a investment property.
- Consider multiple sources for looking at and buying
properties. A lot of new investors thing they only have the local Multiple
Listing Service (MLS) site or by knocking on doors looking for the opportunity
to buy. Don’t forget to check out other real estate sites, auctions, and your
local papers.
- Find a good bank or mortgage broker in the area you are
financing your investment properties at.
- Get in the mindset that real estate investing is a business.
Develop a good business plan that will detail starting and running your
business with realistic goals.
- Pick a good neighborhood. You’re going to want to know that
you’ll be able to make a profit off of the investment.
- Buy the investment property at a good price. If you can buy
a property for 12 times the amount of it’s annual rent- then that’s a good
deal.
- Don’t get overexcited. People forget to not invest too much
in the beginning. Start small and work. That way you won’t have to magically
recoup quickly.