Surviving the Storm as a New Real Estate Investor

Any new real estate investor in the real estate industry knows the stress that comes with launching a successful real estate career. Jeff Adams, a real estate expert advises new real estate investors to use a few guidelines before jumping in, as explained below:

Good Assessment
First off, an aspiring real estate investor should make a proper assessment of the real estate industry and what their interests are in terms of the type of property they want to invest in. Property flipping is a new trend in the market right now but it is definitely not the only method of attaining profits in residential property. Real estate investors looking for sustainability and continuous income from their investments should look at a rental property.

Intensive Research
You can attend seminars and workshops, visit real estate blog posts to see other’s experiences and use the internet. It is also advisable to focus on the branch of real estate you want to begin your real estate investments in to find out whether it is financially feasible, so as to narrow your research. Remember to factor in property management and zoning laws in your research.

Familiarize yourself with your location of interest
Make sure you get to know about the best features in the location you want to invest in. Is it the beach views, the children’s park or the proximity to public transport systems? Ask around to know what draws people to that area. You should also be well aware of any infrastructural plans in the neighborhood. Such information will enable you to know what will is the highlight of your property.

Focus on local market
Everyone wants to be big in a night and start investing all over the country and even abroad. However, as new real estate investor, your focus should be on the local real estate market in your county/state. This is true especially for those interested in rented property. You need property management services like repairs every now and then, which need your close monitoring. If you have limited finances in the beginning, it could put a strain on you if you are the landlord of property that is far away from your residence. Later on you can branch onto other areas, but start small.

Keep Some Stand by Finances
Always make sure you have some cash aside that is not from the property’s income. This will come in handy in those months that the property is unoccupied since you can still continue to carry out maintenance checks.

Get A Good Price
Jeff Adams says that any rental property should be sold at 9-12 times the annual rent to make it a good price. If the math proves otherwise, then a real estate investor should pass that property and look at other options in the market. You can always find something that pleases you and if you don’t, you can fix what you have into what you want.

Putting into consideration the above factors, you can rest assured that you will be successful real estate investor.