Although I see your intentions, many investors have come to the reality that it is NEVER....EVER....a good idea to mix the two. Our recommendation is that you decide whether you want to purchase the home as an investment, OR as a home for yourself. With the unpredictability of our market here in Las Vegas and throughout the country, you should strive to maximize the money you place into Real Estate.
Here are a few tips:
Investors who â€œswing for the fenceâ€ rarely make a home run or end up making a run home. Reasonable returns will make consistent income for solid investors. Your real estate activities should be treated as a business in order to reach your goals. A business plan identifies objectives and determines a viable course of action. A business plan also allows investors to visualize the large picture, which helps maintain focus on the goals rather than on any minor setback. Real estate investing can be challenging and demanding, and a solid plan can keep investors organized and on task.
The more you understand a particular market, the more qualified you will be to make sound business decisions. Understanding current trends, including any changes in rents, mortgage rates and the unemployment rate, to name a few, enables good real estate investors to plan for the future. Being familiar with specific markets allows investors to predict when trends are going to change, creating potentially beneficial opportunities for the prepared investor.
It is important to stay up to date with the laws, regulations, terminology and trends in real estate. Keeping current requires additional work, but it will pay off in the long run. It is also wise to continue learning different areas of technology that pertain to real estate. New web sites are created every day to make it easier for investors to make better decisions.
Your group of specialists can be comprised of well-chosen mentors, business partners, CPAs, real estate agents, property managers and dozens of trades that support your real estate business. The costs associated with learning how to do a task is huge compared to the savings a professional can provide. Real estate investing is complicated and requires a great deal of expertise to engage profitably in the business. Most agents that specialize in real estate investments bring all these people to the table.
Contact us anytime for more specialized information,