#mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; }
/* Add your own Mailchimp form style overrides in your site stylesheet or in this style block.
We recommend moving this block and the preceding CSS link to the HEAD of your HTML file. */
More and more people are looking for ways to invest their hard-earned money and yield a higher return.
After all, who wouldn’t want to spend money to make more money? One of the best methods to do this is by investing your cash into real estate.
Not only does it offer a high rate of return, it’s one of the most rewarding and self-fulfilling investments that you can make.
However, there are several tips you should know before investing. Here are several of the best real estate investing strategies that you should use in the already-crazy year of 2020.
1. First Things First: Invest in Property for Yourself
For those of you reading this article that are currently renting an apartment, home, or townhome, your focus should be on buying property for yourself first.
This will help you in your new real estate investing venture because you’ll understand the highs and lows of owning property and living in that property for a time.
Everyone dreams of one day purchasing a home that they can call their very own, it’s time for you to cross that off of your list.
It can help you invest in a property that you can improve and avoid burning through cash by not having to pay rent anymore.
Lastly, this investment for yourself now can be a means of generating revenue down the line. If you put the hard work in to fix up your property, then you can create it into a source of revenue a few years from now.
Some people decide to move into a new house and rent out their old property to have a steady source of income coming in (in the form of monthly rent).
Others make the decision to sell their home for a hefty profit that they can use for their next property. Be sure to read more property investor hacks to see how you can benefit further from investing in personal property now.
2. Fixing Up, Then Flipping
Two of the most common real estate investing terms are “fix” and “flip” respectively.
You’ve undoubtedly seen the different HGTV shows that take this strategy and turn it into a binge-worthy television series.
While those might be a majorly glammed-up version of the fix-and-flip process, there is no denying the revenue that comes with that strategy.
As a property investor, you should jump at any chance to buy low and sell high. So looking for fixer-uppers is going to be where you’ll make your hay.
This gives you the chance to find diamonds in the rough, turning them back into homeownership-worthy properties, then being compensated for your efforts.
If this is your first time investing, then be sure to go easy on yourself for the first go-around. Find a home that definitely needs some work, but not so much work that you’ll feel like you’re in over your head.
3. Surround Yourself with Experience
One of the biggest thoughts that hold people back from investing in real estate is: “I can’t because I don’t know the first thing about maintaining and owning property.”
If you don’t take anything else away from this article, let it be this piece of advice: you don’t have to be an expert on property ownership, you just need to surround yourself with people that are.
When you take your car in for maintenance, you take it to an auto shop that you know and trust.
When you need a new TV, you go to the local electronics store and talk to their knowledgeable team. It’s the same thought process with property maintenance. You merely surround yourself with the proper experience.
That means supplying your property with experienced services such as cleaning companies, TV Aerial installations, HVAC services, remodeling companies, landscaping services, and much more.
4. Have a Keen Eye for Neighborhoods
Don’t ever fall so deeply in love with a home that you get tunnel vision from the neighborhood that surrounds it.
In fact, this is probably the biggest struggle you’ll have with the previously-mentioned method of fixing and flipping a property.
It isn’t often that you’ll find fixer-uppers in a good neighborhood. Often times, those fixer-uppers will be in a rougher part of town.
That’s why it’s important for you to keep a sharp eye out for the neighborhood. Any time that you’re looking at a house, be sure to take a drive around the surrounding community.
If you feel comfortable with the neighborhood that it’s in, then invest. If not, then run for the hills.
5. Long-Term Investment
Perhaps you’re more interested in making an investment with your eyes set on the long haul.
If so, then this long-term investment strategy is a great option for you. It allows you to gain more and more revenue in the form of rent from tenants and appreciation of your property.
It also helps you with things such as a tax shelter from the expenses you’d tack up to depreciation.
This is a great strategy for those of you not keen on flipping properties that you invest hard work into.
Use These Investing Strategies to Your Advantage!
Now that you’ve seen several real estate investing strategies that you can use, it’s time to start looking at properties.
Before you do, however, be sure to come up with a gameplan for the strategy that you want to use.
Make sure to browse our website for more articles on real estate, as well as many other phenomenal topics.
1 comment
Comments are closed.
Add Comment