There is some basic real estate investment advice that every beginner real estate investor needs to adhere to in order to find success in real estate investing.
Alternatively, you can read: “The Ultimate Advice for a Beginner Real Estate Investor” to help you get started in real estate investing.
“Self-Education” Is Key
A real estate investor can learn all about the trade on his/her own. With all of the books, blogs, and real estate investment tools available today, it is easier than ever to become a real estate investor.
Use the Right Real Estate Investment Tool
Of course, a real estate investor can’t dive right in without the education and the right real estate investment tool. We suggest using an investment property calculator. This tool will not only find the best places to invest in real estate for you, but also narrow down the most profitable investment property. What more could a beginner real estate investor ask for in a tool?
To learn more about our investment property calculator, click here.
Don’t Be Afraid to Ask For Help
Even though a real estate investor can get started in real estate investing alone, to truly succeed, he/she will need help. Whether this help comes from real estate agents, other real estate investors, or even professional property management once you buy investment property, you’ll find that help in the field can be invaluable at times.
Network
Because a real estate investor will need help from time to time, building a real estate investment network becomes essential. Do your best to make a good first impression on the real estate investors and agents you meet. Follow up in a meaningful and valuable way. With enough time, you’ll build a real estate investment network to fall back on.
Don’t Fear Real Estate Investment Loans
As a real estate investor, the best option for buying investment property is to finance it with real estate investment loans. Some hate the idea of having to pay off real estate investment loans for years. In reality, it’ll probably take as long to save up to buy investment property. Go with real estate investment loans, and because of leverage, end up with a better return on investment.
Related: What are Your Options for Financing Rental Properties?
Track Rental Property Expenses
Monthly mortgage payments are not to be taken lightly. A real estate investor must organize and track all expenses to avoid a negative cash flow property. Spend money where needed; save where possible.
Go for the Stable Real Estate Market
Choose the stable real estate market over the “hot” real estate market. This is one that has been thriving for years, not just currently. As a beginner real estate investor, this choice will leave you with a steady income from investment property.
Start Small and Then Go Big
Start with one investment property. With time and a well-designed plan, you’ll have a few investment properties in your portfolio. Don’t expect it to happen overnight or even within a year.
Be Patient and Persevere
You may struggle in the beginning as a real estate investor. Just be patient, educate yourself on any mistakes you make, and make sure to persevere.
Get Started! Buy Your First Investment Property
Don’t keep hesitating to make the first move and become a real estate investor. After you’ve educated yourself and have drawn up a plan, it’s time to buy investment property. After all, you can’t become an expert real estate investor until you buy that first investment property!
To start looking for and analyzing the best investment properties in your city and neighborhood of choice, click here.