You don’t have to be a real estate expert to get behind the scenes of the top real estate investing strategies. Let us take you inside the master minds and show you the secrets that real estate experts follow by. Why spend an overdose of cash to hire a real estate agent when you can do it all on your own? It’s all about gaining the real estate expert knowledge and implementing the right investment strategies.
Related: 9 Expert Tips for Real Estate Investing
Think like A REAL ESTATE EXPERT!
Real estate investors’ lives are a bit different from the lives of common individuals. A real estate investor’s mind does not stop thinking and is not bound to official working hours. It always contemplates the opportunities for self-improvement and career development and seeks options to generate more cash flow to increase the return on investment. In real estate investing, the key to success is the ability to come up with your own kind of investment techniques which will help you be the best real estate investor out there. The real estate investment business is a dog eat dog world, and unless you think like a real estate expert, you will never become one. With that said, let’s take a look at the top secrets of real estate investing from the experts!
Real estate expert tips for the buyers:
1. It’s all about location
“Location location location!” Whether you’re a first-time buyer, an experienced real estate investor, or an existing homeowner, you need to understand the best locations for your property investment. A real estate expert would always agree that buying a small house in a good location will reap more return on investment when it comes time to sell than if you were to buy a big house in a less preferred location. As a real estate investor, your mind should be always thinking about these factors and taking them into consideration. For example, a good move would be to buy a condominium in a public location that is near a university. That’s the way to think like a real estate expert!
Related: Location Location Location – Is Location Really All in Real Estate Investing?
2. Know your credit rating
Any real estate expert would know that it’s not good to just assume your credit rating is in order. To avoid getting any surprises before you meet with a lender, check your rating first, so you have time to resolve any issues that might stand in your way of buying an investment property when you come across the right opportunity.
3. Know your price range and stick to it
Real estate experts suggest meeting with one or more mortgage lenders to obtain a pre-approved mortgage before you start looking at houses for sale. Once you know how much you can afford to spend based on your budget, you can narrow down your choices. It’s always the safest to buy within your budget, no matter the economic situation.
Related: What is a Good Credit Score? Everything Real Estate Investors Should Know
4. Head out of the city
Sometimes it pays to go further afield depending on what you’re looking for. If you want more space and a larger investment property but have a budget to stick to, a downtown location won’t do it for you. You have to widen your circle of prospective locations. Any real estate expert would suggest looking for locations outside the city.
Real estate expert tips for the sellers:
1. Beautify your home
Getting your home ready for sale is crucial. Real estate experts suggest considering a consultation from a professional stager so that your home’s potential is at its highest when potential buyers see it. Think about getting rid of clutter, adding stylish accents to tired furniture, and tidying the yard for curb appeal. Beautify your home for sale and make it attractive to buyers. It doesn’t take a real estate expert to know what kind of home is worth buying!
2. Upgrade and update
You don’t have to completely renovate your home, but consider updating areas that are tired and worn out, such as replacing a kitchen counter and the sink or replacing worn carpeting. Adding hardwood to a room or two is also helpful as this upgrade is becoming very popular with buyers.
Related: 6 Rental Renovation Tips to Know Before Spending Any Money
3. Is the price right?
As any real estate expert would suggest, always ask yourself if the price of your property is right. Price your rental property for sale right the first time, according to the current market conditions in your area. This means you need to do diligent real estate market analysis. Some sellers believe that if they overprice their property for sale, they have more room to negotiate or they can always reduce the price later. This strategy can really hurt the seller. Prospective buyers will search for homes within their price range. If your home is listed too high, buyers may ignore it.
4. Don’t worry about a closing date conflict
If you receive a great offer on your home but the closing date is up to 30 days later than the closing date of the property you already purchased, don’t stress and worry about it. Most mortgage lenders will approve bridge financing for approximately 30 days, if all conditions have been removed and you have a firm sale. For peace of mind, real estate experts recommend to speak to your current lender prior to listing your property for sale to confirm this.
5. Get the best representation
Your home is most likely your largest investment, so you’ll want to feel comfortable when you go to sell it. Start off right by selecting a real estate agent who you feel you can trust. Find someone who has a solid marketing plan plus a proven track record of successful negotiated sales. Think like a real estate expert yourself, and you will succeed!
Related: How Much Do Real Estate Agents Make?
Wrapping it up!
The real estate market is changing every day, and in real estate if you’re not up to date and thinking like a pro, you can easily lose. You don’t have to have a real estate license to know the top secrets of real estate investing. Nowadays the answers to all your real estate questions can be found with a click of a button. The internet is roaming with real estate investing tips and strategies, and Mashvisor itself can provide for you all the answers you need to know. So don’t be scared to think and act like a real estate expert and start buying investment properties now!
