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Become a Real Estate Investment Expert
Real estate, right now, is hot! If you have been pondering over making an investment, there is no better time than NOW. But it goes without saying that like any other investment business, real estate has its ups and downs. Gearing yourself with adequate information and tricks of the trade is a prudent step. To make it easier for you, here are a few tips that will go a long way.
Choose one particular investment option in real estate- houses for first-time buyers, properties requiring down payment, foreclosures, fixer-uppers, or other specific ones such as apartments, condos, single-family homes etc. Opting for one or two specific types of properties will help you focus better and be more benefiting.
There are several costs involved in real estate- taxes, loan payments, operating and maintenance costs etc. Sound financial records can prove helpful in smooth operations. It will help to consult with a financial advisor before you create a finances database relating to your investment business.
It is very important to carry out research on the market value of a house to ensure you are investing in the right house in the right area. To do this, check out the geographical area and the neighboring homes for a study on their value, and analyze the public safety quotient such as that of crimes.
Draw up an estimate on utility costs like gas, electricity, water and sewer etc. If you intend to rent out your house and pay your tenant’s utilities, ensure that the rent payment includes these costs too.
Do a check on your tenants’ credit background to be on the safer side. Collect one month’s rent in advance as a security deposit, so that you are always covered for one month if your tenant leaves without paying. Also, collect a pet deposit if you expect any damages resulting from the tenant’s pet.
Take time out to conduct a full inspection of the house with a qualified inspector. Even though a house might look perfect, it may have leaks, electrical or foundation problems. A thorough check could save you thousands of dollars.
It is advisable to discuss with a tax advisor to ensure perennial cash flow from your investment. Since tax laws change often, its best not to go by an investment strategy based on current taxes. Your tax advisor can give you suitable suggestions.
If a seller’s insurance coverage is based on the replacement value that is lower than the current value, you may wind up shelling out a higher price for the real estate, owing to the rise in insurance costs.
While real estate investment business can prove to be exceptionally cash beneficial and give you long-term income and equity, it is important that you pay close attention to details. Don’t rush. Take your time to do your homework and understand the risks and benefits before you take the plunge.
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We respond right away! -Colleen Lane, Realtor®
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