Investing in real estate can be fun and financially rewarding, but it can also be risky can many new investors end up loosing money. The problem with real estate investing is that reality TV shows have made it look like an easy path to riches, which it is definitely not. Real estate investing takes hard work, lots of research and making good choices, luck is not involved. Here are a few tips to help you make the best real estate investment decisions you can.
Start With A Low Risk Property
A home that needs a complete renovation, appliances, roof and all can potentially make a lot of money, but if you don’t do everything right, it is these projects that end up loosing a lot of money for new investors. Start with an easy rental home or a home that needs basic cosmetic work. Low risk may equal low reward, but your first home is about learning, not about trying to hit a home run in your first at bat.
Review Title Documents
This may be a seriously boring part of buying a home and title problems may be rare, but nothing can ruin a a good investment quite like serious title problems. Schedule an hour to sit down with your title insurance agent to go through any potential risks and all of your options before purchasing.
Treat Renters Wells
If you end up renting out your property and are lucky enough to find great renters, treat them well. We’ve all heard horror stories of bad renters who damage property, don’t pay and don’t leave. Don’t take good renters for granted. Stay on top of repairs for them, return their call and make sure they are happy.