VITAL TIPS FOR NEW REAL ESTATE INVESTORS
Many investors today want to add real estate to their investment portfolios, but they don’t understand the complex nuances of real estate investing or how to begin the process.
Real estate investing is substantially different from investing in stocks, bonds and so on, and it seem overwhelming to brand new investors.
Two years ago,an investor called me to buy a property in Ajah after loosing a great deal of money in the stock market. He was excited to begin his real estate investing career but was terrified in investing in something new, in fact he could hardly sign is name on the documents. Today he owns four houses in different part of Lagos and has become quite successful. We laugh whenever we recall how panicky he was in the beginning. But real estate investing doesn’t have to be difficult or scary
REAL ESTATE INVESTING IS A BUSINESS
It is important to treat it as such, Start by developing a good business plan, detailing the nuances of starting and running your business,with realistic goals over time frames of one, three, five and 10 years. If you don’t know how to write a business plan, you can find help with a certified real estate consultant But remember writing a business plan for real estate investing is unlike writing for other types of business.
DETERMINE THE BEST AREAS TO LOOK FOR PROPERTIES
As it is often said, the three most important factors to succeeding in Real Estate is Location. Some new investors make the mistake of limiting their search to areas close to their comfort zones. The reality is that often better rental areas may be located a little further away. Don’t make the mistake new investors make by thinking they need to live to near their properties for proper monitoring:
TALK WITH ESTABLISHED REAL ESTATE INVESTORS ABOUT THE LOCAL MARKET
Join a real estate club or Association around your area. Real Estate clubs and associations are great places to network with other investors. Real Estate investing is about getting deals and having a good knowledge of the market and this can truly not be done in isolation.
CONSIDER MULTIPLE SOURCES OF BUYING PROPERTIES
New investors may think they can only purchase homes through their local real estate agents or brokers, or by banging on doors in run down neighborhoods looking for distressed sellers. But sometimes you can find much better deals on real estate selling sites, magazine and publications, and these platforms make it possible for buyers to make purchases in locations beyond their immediate area.
SPEND TIME READING ABOUT REAL ESTATE INVESTING
A tremendous amount of free information exists today online and in magazines and other quality publications about real estate investing. When purchasing a magazine, look for those that offer practical guides on buying, renting, and selling properties. Avoid publications that claim you can make huge sums of money in 30day to 60days. Real Estate does not work like a Ponzi scheme. It is real business that requires proper know how and understanding.
FIND A GOOD ESTATE AGENT TO HELP YOU GET GOOD PROPERTIES
Not all Estate agents are experienced or even adept at helping investors. Before the real estate downturn in 2015 and the subsequent onslaught, only a small percentage of agents would even work with investors. Since then, many estate Agents have taken courses and suddenly claim to be experts. On getting good property deals. Make sure that you choose a estate agent who has sold a large number of investment properties and also understands concept such as return on investment (ROI) and Net operating income (NOI).
To achieve Success, model your investing decisions after what other successful real estate investors around have done and work to even perfect their act, Above all, remember that like anything else, the harder you work and the more efforts you put into your real estate investment business, the greater your ultimate reward will become over time.
Good Luck!
Many investors today want to add real estate to their investment portfolios, but they don’t understand the complex nuances of real estate investing or how to begin the process.
Real estate investing is substantially different from investing in stocks, bonds and so on, and it seem overwhelming to brand new investors.
Two years ago,an investor called me to buy a property in Ajah after loosing a great deal of money in the stock market. He was excited to begin his real estate investing career but was terrified in investing in something new, in fact he could hardly sign is name on the documents. Today he owns four houses in different part of Lagos and has become quite successful. We laugh whenever we recall how panicky he was in the beginning. But real estate investing doesn’t have to be difficult or scary
REAL ESTATE INVESTING IS A BUSINESS
It is important to treat it as such, Start by developing a good business plan, detailing the nuances of starting and running your business,with realistic goals over time frames of one, three, five and 10 years. If you don’t know how to write a business plan, you can find help with a certified real estate consultant But remember writing a business plan for real estate investing is unlike writing for other types of business.
DETERMINE THE BEST AREAS TO LOOK FOR PROPERTIES
As it is often said, the three most important factors to succeeding in Real Estate is Location. Some new investors make the mistake of limiting their search to areas close to their comfort zones. The reality is that often better rental areas may be located a little further away. Don’t make the mistake new investors make by thinking they need to live to near their properties for proper monitoring:
TALK WITH ESTABLISHED REAL ESTATE INVESTORS ABOUT THE LOCAL MARKET
Join a real estate club or Association around your area. Real Estate clubs and associations are great places to network with other investors. Real Estate investing is about getting deals and having a good knowledge of the market and this can truly not be done in isolation.
CONSIDER MULTIPLE SOURCES OF BUYING PROPERTIES
New investors may think they can only purchase homes through their local real estate agents or brokers, or by banging on doors in run down neighborhoods looking for distressed sellers. But sometimes you can find much better deals on real estate selling sites, magazine and publications, and these platforms make it possible for buyers to make purchases in locations beyond their immediate area.
SPEND TIME READING ABOUT REAL ESTATE INVESTING
A tremendous amount of free information exists today online and in magazines and other quality publications about real estate investing. When purchasing a magazine, look for those that offer practical guides on buying, renting, and selling properties. Avoid publications that claim you can make huge sums of money in 30day to 60days. Real Estate does not work like a Ponzi scheme. It is real business that requires proper know how and understanding.
FIND A GOOD ESTATE AGENT TO HELP YOU GET GOOD PROPERTIES
Not all Estate agents are experienced or even adept at helping investors. Before the real estate downturn in 2015 and the subsequent onslaught, only a small percentage of agents would even work with investors. Since then, many estate Agents have taken courses and suddenly claim to be experts. On getting good property deals. Make sure that you choose a estate agent who has sold a large number of investment properties and also understands concept such as return on investment (ROI) and Net operating income (NOI).
To achieve Success, model your investing decisions after what other successful real estate investors around have done and work to even perfect their act, Above all, remember that like anything else, the harder you work and the more efforts you put into your real estate investment business, the greater your ultimate reward will become over time.
Good Luck!
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