Hop on the internet and search first time home buyers and you will get more than enough information and tips for first time home buyers,
but with the market swinging into recovery, there is more and more need
for tips for those venturing into the world of first time home investing.
is a different game than buying since, although personal assets are on
the line, the stresses of moving, finding security for your family and
self, and the emotional investment is greatly reduced. With that being
said, it is still a high stress transaction the first few times you
enter into the market as an investor.
is all a numbers game. The priorities are simple: what can you afford,
what you are buying the home for, how much money do you want to put into
it, and what do you want as a return either in the form of a
turn-around selling profit or a rental income.
a pattern. Figure out if you are a rehabber, a buy-and-holder, or a
wholesaler. Once you know what strategy works best for you, stick with
that and build a program based upon it that will allow you to expand
from your first investment to your last.
not overextend. Knowing your own limits is essential in any decision in
life and especially when investing. Investments can be balloons that
lift you up just as easily as they can be anchors and pull all you have
- Build a team around you. A successful investor will build a team up around them. They will need a Realtor,
lender, accountant, and a lawyer at the very least. Find the best
professionally and personally. Setting yourself up as an LLC can
minimize your tax liabilities or to protect your assets.
a target market. Investment homes should be low maintenance and offer
wide appeal. Person tastes need to be set aside. Avoid the weirdos on
the market (those homes that offer a unique space or layout). They are
great for the right family, but you are looking to cast a wider net and
turn your profit.
Tips for non-investors and for the community supporting the investors, note when a home you purchase if it has been upgraded to a classier and more elegant home for their hard work! Investors are the backbone of the real estate market through the ups and down it encounters.