I’m going to start us off with a quote:
“90% of all millionaires become so through owning real estate” – Andrew Carnegie
If you’ve ever thought about investing in real estate so it can make you money, today’s topic is for you. Today I’m spilling the keys to buying an investment property!
Grab your notebook and a pen to take notes on the 5 keys to keep in mind before becoming a real estate investor!
KEY 1: If the bones are good, the rest don’t matter
Okay, maybe that’s a line from a song but It’s partially true! If you’re buying an Investment property, It’s critical that the bones of the property are good and that you’re not going to end up like Tom Hanks In the 1986 film, The Money Pit (Have you seen it? Tell me if you have!) Try not to get caught up in cosmetic things that can be changed. Foundations and Trusses on the other hand are items you do not want to mess with as those can be costly!
KEY 2: LOOK LOCAL
If you’re going to purchase a property as an investment, whether that’s to utilize it as a rental property or you’re looking for a flip, you’ll want something that is nearby so you can easily keep an eye on It, especially when it’s your first one.
KEY 3: DON’T BITE OFF MORE THAN YOU CAN CHEW
Start small by looking for a property that doesn’t need to be completely gutted and don’t buy something that is hovering on the border of your maximum budget even If you’re planning on getting rental Income.
KEY 4: BE PREPARED FOR RISKS
Consider maintenance costs such as broken appliances, property maintenance and mechanical replacement, also, be prepared for gaps in renters or even your rental sitting empty for longer than expected.
KEY 5: FIND A REAL ESTATE AGENT
Start the conversation with a real estate agent who can walk you through the ins and outs as well as help guide you in the right direction depending on what your real estate Investment goals are.
There you have it! The 5 keys to buying an investment property that you’ll want too keep in your back pocket when the time comes.
To quickly recap those 5 keys they are:
1 – Make sure the bones are good
2 – Look local
3 – Don’t bite off more than you can chew
4 – Be prepared for risks
5 – Find a Real Estate Agent to help guide you through the entire process so you can make SMART real estate decisions!
Do you have questions about buying an investment property? What type of investment property interests you most? Multi family? A single family rental? A home you can remodel and turn into an Air BNB? I’d love to hear about your home goals!
I also wanted to mention that I just released my 12 Month Homeowner Checklist that you can print out and hang on your fridge! It’ll help you keep your house in it’s best shape all year long. If you want to get your hands on that send me a message on facebook or instagram.
Thank you for joining me today! Until Next Time!