10 Quick Tips For Beginner Real Estate Investors
10 Tips To Follow When Starting A Real Estate Investment
Investing in real estate is not an easy process for those who have
never done it before. But, just because you are a beginner doesnâ€™t mean
you cant do it, so I hope the tips below help guide you in the right
While some seasoned real estate investors make it look easy, to be successful, beginners should follow some basic principles.
- Learn all you can. Before committing your cash, you should have a
fundamental understanding of real estate. For example, be aware that, in
general, investment properties are not liquid investments. Barring
exceptional circumstances, real estate does not sell at a momentâ€™s
notice. It could take days or months to sell a property, depending on
the strength of the market in a particular region.
- Consider cash flow. Youâ€™ll need to have enough capital on hand to cover any short-term losses due to vacancies between tenants.
- Start small. Look into buying a condominium, single-family home or a
duplex. Leave large apartment buildings and commercial properties to
- Inquire at the local Chamber of Commerce about companies relocating
into or out of the area. Company movement is one indicator of demand for
rental and/or office space.
- Find a property that will be in demand. Look for a moderately priced
home with three or four bedrooms, two bathrooms, and a garage that sits
on a quiet street.
- Research the property. The most common way first-time investors lose
is by failing to investigate a property thoroughly. Look beyond the
front door. Investigate the reputation of the school district, the crime
rate, and plans for expanding a nearby highway or developing vacant
land. Ask a local real estate professional about the area, its history,
and how fast (or slow) properties are moving.
- Inspect the home youâ€™re considering for signs of water damage, such
as stains on the ceiling and crinkling or gathering wallpaper; open and
close every door and window; and check all electrical sockets by
plugging in an appliance. Get an independent home inspection, roof
inspection and termite inspection. Unexpected repair costs can eat away
your cash flow. Because even the best inspection canâ€™t always predict
problems, try to set aside some of the rental income for unexpected
- Spend time driving the streets of the neighborhood noting the
condition of other properties. Are lawns maintained? Are roofs in good
shape? Are homes kept up?
- Be ready to make fixes quickly and respond to the renterâ€™s needs. If
youâ€™re not prepared to be a hands-on landlord, consider hiring a
property management firm.
- See your tax advisor for related planning and laws that can affect your investment decisions.
I Know that when it comes to investing in real estate everybody is
looking to be able to make the biggest bottom line gains. With that in
mind I have decided to use this space to provide a list of foreclosures
for sale here in Oklahoma City. There probably isnâ€™t a better place to start your search for the perfect investment.
Oklahoma City Foreclosures.