Of course, there’s no such thing as a perfect investment. However, millionaires agree that real estate is still the best one around today.
If you’re thinking about securing your retirement, becoming a landlord, or just trying to be smart with your money, then real estate offers you plenty of options. Let’s talk about how to start investing in real estate today!
1) Choose an Investment Type
There are different ways to invest in real estate that you can choose from, and they all come with their own benefits and risks.
For example, you can start by investing in a REIT to yield dividends, which is great if you’re starting out small, but you won’t have the same control over your investment as you would with a rental property.
Also, you can always try flipping houses. Buying a fixer-upper and putting some work into it could allow you to either resell for a profit or rent out yourself.
Lastly, there’s the tried and true turnkey rental investment. This is where you buy a property with existing tenants that’s in good standing. Of course, this is a popular option for its many long-term benefits, especially if you choose the right property.
2) Invest in Property
While shopping for investment properties, there are important things to keep in mind.
First, you want to choose the right property itself, as one old appliance could cost you thousands of dollars in repairs just after closing. A thorough inspection is always recommended.
Next, you need to consider the location. If the neighborhood or town goes downhill, you could lose a lot of money.
While no investment is 100 percent safe, buying a property near an important (and permanent) landmark can help you limit your risks. A place near busy public transportation stops, downtown areas, or something similar can help protect your investment and allow you to charge more in rent.
3) Get the Right Loans
The last thing that can damage your investment even before you buy the property is the loan. However, the right loan can also make your investment possible, even if you don’t have quite enough for a down payment.
On the other hand, choosing the wrong one could leave you paying thousands of dollars more than you need to. If you’re in need of the right loan to help you get started, check out Kiavi.
4) Choose the Right Tenants
Lastly, once you have the property, tenant screening is critical. Tenants are the last piece of the puzzle that can make or break your investment, so put time into credit, background, and rental histories to ensure you’re making the right choice every time!
Start Investing in Real Estate Today
Now that you know how to start investing in real estate, the sooner you do, the sooner you can start earning. No other investment allows for this type of long-term, sustainable income with the same level of control.
Secure the right property, find the right loan, start earning today, and keep following our blog for our latest tips!
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