Have you thought about investing in real estate but don't know where to start? This week we're giving you the top 4 real estate investing tips every beginner investor should know! These tips will surely give you the fundamentals to successfully navigate
It is very important, as they say, success leaves clues, that you join a group that's been there and done that. Here in Augusta, GA we have Real Estate Investors Association (REIA) and we also have The Art of Real Estate (AORE
I don't know how many times I've heard of horror stories of investors going out and either trying to flip a property or buy and hold a rental property without consulting with an expert. And what I mean with experts is you need to go out and find a great plumber, a great roofer, great carpenter, and someone who knows the market, someone who's done contractor work here before and you've gotten a recommendation from them.
Do not skip this tip! You need to have your eyes set on at least 100 properties. Now you don't have to go out and physically look at 100 properties, but it's nice to at least look online at over 100 properties. What I recommend you do is get with a local real estate agent and ask them to send you all of the properties in the area you are investing in, in a certain price point and just start looking at those properties. Look at the ones that have already closed. Look at the ones that are active. One thing that I've done when I started to get into real estate investing is I went online and I actually looked at properties at a certain price range and I was specifically looking for the ones that were updated. Once I find that property I will look at how much they sold it for. Then I will go back and look at the records to see how much they bought this property for. If they've sold it for this amount, obviously it was a good deal.
Please know your numbers forwards and backward. Go over them as many times as you can before you sign your name on the dotted line and buy property, whether it be for renting or for flipping. What does it mean to know the numbers? Knowing the numbers is knowing how much you should offer on the property, potentially how much can this property sell for, and how much can this property potentially sell for at its maximum amount? And worst case scenario, if I don't get that maximum amount, what is the minimum amount that this property can sell for? And I like to shoot in between when I'm coming up with the amount that I'm going to spend on the repair costs. So you don't want to over update it. You definitely want to see how much their home can potentially sell for and base your offer on that.
So listen, this is just like a bid. You don't have to bid on anything. You need to know that the numbers will be right for you before signing your name on that dotted line. We hope these real estate investing tips help you navigate your next deal! Be sure to visit our YouTube channel to watch the full video! If you're constantly on the go, you can listen to our weekly podcast through Spotify, iTunes, and Google Play