Are you new to the real estate investment business? Don’t know where to start? Well luckily for you, you are in the right place to learn a lot about real estate investing. Through the coming months we will continually have new content with some of the best articles to learn how to get into, maintain, and grow your real estate investment business.
The very first thing you need to do is make the choice of whether or not you are running a business, or is it just a hobby? If you are serious about quitting your job and only investing, and even if you are just trying to gain some long term wealth, you need to treat your endeavor like a business. If it’s just a hobby, better find something else because if you don’t commit to it, you are likely to loose money.
The fact of making and treating it like a business was just covered in an article that we found and has some good points:
Treat Your Real Estate Investment Like The Business It Is
If you decide to take the plunge and become a real estate investor, you need to treat your new endeavor like the business it is. Real estate investing is a serious business, and you need to take it seriously.
New real estate investors often make the mistake of treating their properties as a hobby or a sideline. If you approach your real estate business casually, you will never achieve the best results. Take your business as seriously as you would any other professional undertaking, and get your new investment off to a great start.
Read The Full Article “Timely Tips For The New Real Estate Investor“
Good article, and it also goes on to talk about knowing your weaknesses and strengths, which is a must no matter what business you are in.
The next thing you have to know is how much time are you willing to put into this business? It’s not like the TV shows where you are going to hit it big on your first deal. It will take time. No matter if you are marketing or have a realtor, you still have to look at properties to make judgement calls.
Time will be a big factor no matter if you are purchasing properties for buy and hold or fix and flip, time is a precious commodity. Akron Beacon Journal just published more on how time is a factor:
Real estate is often a time-consuming investment. Tenants pay good money to live in attractive rental properties, and those tenants will have a host of needs that must be met. Investors must be sure they have the time to address their tenants’ concerns, especially investors with no plans to hire property management firms. Potential investors who already have full plates at work and at home may not be able to devote the time necessary to make the most of their real estate investments, and therefore might be better off finding another way to invest their money.
Time also must be considered when considering profits. Real estate is not the type of investment that turns a profit overnight. Even investors who are looking to invest in an up-and-coming neighborhood must be prepared to hold onto their properties for at least a few years, if not much longer, to maximize their investments. Though real estate is a sound investment, it is not a get rich quick type of investment, so investors looking to make a quick buck should consider alternatives before buying investment properties.
Read The Full Article “Real Estate Investing For Beginners“
Good reading, even though the article is really only geared towards rental properties. They also go on to talk about how take into consideration your personal abilities, the size of your first investment as well as additional costs beyond the purchase price.
So as you can see, there are a few things that you need to consider and commit to before deciding on jumping in on the real estate investing band wagon 🙂 However, if you are committed to the cause, then real estate investing could be very rewarding for you!
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