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Note From Kalen: On Monday, we published an article about investing in real estate. There’s so much to know, and no single article can cover everything, but here are a few more tips to go along with that. Enjoy!

If you’re looking for some extra income, you may be considering investing in real estate. With the right tools and strategies, investing in real estate can be a great idea. More and more people are choosing to invest in and manage property — in fact, between 2012 and 2017, the property management industry saw a 4.4% growth. But what should you know if you’re just starting off in property investment?

First off, it’s important to not jump at the first property you look at. If you do this, you could end up with a property you don’t actually like or that has more issues than initially thought. You should look at multiple properties before making a decision. However, you also shouldn’t push off your investment while waiting for the perfect property to come along. If you wait too long because you’re afraid something better might come along, you could potentially miss out on a good deal. So while it’s important to not jump into investing, it’s equally as important to not take too long.

Technology is going to be one of your biggest tools when it comes to property investment and management. One device that’s taking the real estate industry by storm? Drones. Yes, that’s right — more and more people in the real estate business are utilizing the help of drones. With there already being 770,000 drones registered with the FAA, people are using drones to taking aerial videos and photos of the property, giving interested buyers or investors a completely different view of the property.

Additionally, the Internet is going to be a great resource when trying to find potential properties. If you’re one of the 58% of people Pew Internet shows to have researched a product or service online, then you should know how valuable Internet searches can be. So whether you’re looking for potential properties, researching financial advice, or tackling other investment tasks, always using the Internet can be a great way to get answers quickly and conveniently.

When you’re investing, you shouldn’t do so without setting goals first. Many people make the mistake of investing without knowing what their true purpose of investing is. Are you looking for rental income? Do you plan to eventually live in your investment property? Understanding why you’re investing is the first step to making a smart investment. And in doing this, it’s important to understand that you need to set reasonable expectations for yourself. Investing isn’t a way to magically make money in an instant — it takes a lot of work and planning to see benefits from an investment property.

And lastly, watch your expenses. While this may seem obvious, many real estate investors don’t fully understand what kind of expenses they’re getting themselves into. Hidden costs, repairs, and maintenance are all done by the property owner, not the tenant. So don’t expect to have someone renting the property and that be the end of it. You’ll have to continuously put money into your investment property in order to receive any of the rewards.

Investing in real estate can be tricky and complicated. But by doing plenty of research, using the right tools, and asking for help when necessary, you’ll be a successful investor in no time.

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