People all over the world have made their fortunes through real estate investing. It is something anyone can do. With the right knowledge, you can get started anytime. In our latest post, we will discuss ways to get started with real estate investment in Detroit!
When you begin your investment journey, you will soon realize just how many different investment opportunities there are available to you. Find what appeals to you by doing extensive research on different property types in your area. What works for one person, may not be right for another. You have to enjoy the process and find your niche.
This Is Business
Treat your investments as a business. You have to show up every day, you can’t neglect anything and you need to stay at the top of your game. To be successful, you can’t treat it as just a hobby. You should make a comprehensive business plan and plan ahead financially for the unknown. Prepare for what if’s as much as possible.
Find A Mentor
There is no better resource than someone who has been in your shoes. You can read all of the articles and check-out all the books, but nothing compares to hands-on learning. You can meet people in local investment groups and even online. Don’t be afraid to be direct by asking for advice. An experienced investor will often enjoy sharing what they know. It can be a very lucrative business when done correctly, and many people are eager to share what they have learned. Offer to help with a few deals and ask questions!
It can be a great idea to work with someone a bit more experienced on your first few deals. Make sure this is someone you can trust and make sure to have everything in writing. Be wary of people who make extraordinary promises or guarantee certain profits. The person you partner with should be someone you know with a solid investment track record.
Make Your Investment Your Home
Many investors choose to live in their investment! For example, with an FHA loan, you could opt to purchase a 4-unit building, occupying one of the units yourself. The rent from the other 3 units should easily pay your mortgage and monthly bills.
You could also consider a live-in flip. This is an excellent way to save as you won’t have the expense of two homes. You will also have a greater motivation to fix it and sell it quickly! Living in a fix and flip can be tough depending on what needs to be fixed. Often times it is better for a single person as opposed to a large family!
Find YOUR Niche
For each person, it will be something a little different. You could pick mobile homes, fix and flips, traditional single-family rentals or even land. The people who make the most money tend to find a niche and learn everything they can about it, turning themselves into the local area experts.
Never Stop Learning
A truly savvy investor will always keep themselves in the know. Keep up to date with the market, learn about other niches that may have potential for gains, and keep up with what other investors in the area are doing. Every day, make it a point to do some reading. This will keep you on top of your game and always up to date on what is going on in your area. Don’t get frustrated if you don’t get rich overnight. Your focus should be on the long term and building something you can really be proud of.