When you thinking about getting into investment real estate and making it part of your income, then there are a few things you need to consider.
1. What type of real estate do I want to do?
There are a lot of different types of real estate you can invest in…High end..Low End..Flip…Income. The type you want to do needs to be decided before you start looking.
The investor that has a lot of cash to spend on real estate has options. I have an investor that purchases flips and cash flow, he has liquid cash that he wants working for him all the time. He buys the higher end real estate and has a consistent cash flow and net profit on his homes. That is not his only income, he just needs to park his money somewhere and make good money with it.
I have a few investors that has a lot of liquid money that just likes to flip real estate. We just buy and sell them for these investors for income. They like the money they make on this type of real estate and want to turn their money faster.
Lastly you have the investor that just wants income. These investors are usually looking for the lower end real estate. They usually leverage their holdings and take the income monthly. Please read my previous blog post on that. Click here to view.
2. Need to be involved in your real estate
This is especially true with income property. Having a maintenance schedule and conference call with your property manager every 3 months works wonders. Sometimes these managers have 100’s of properties they manage and speaking to them every once in while keeps your property in their minds. Also make sure they are updating you through reports monthly.
When I am doing a flip property for clients I send a weekly video to them to keep them updated on their property and the progress. They only get involved if they see something they may have a question on. I feel that weekly updates are necessary during the construction phase of their home.
Keeping involved in your real estate is important. Repairs, rent and just making sure your property is in good condition can be accomplished if you have a regular schedule to check on your property or properties. A lot of investors that have out of state real estate can make a mini vacation out of checking your real estate.
Having those two items accomplished and keeping up on them gives you a great chance to be very successful in real estate. If you want to get into the real estate income properties call Brett …
216-703-5740 Howard Hanna Ohio and 602-363-6551 West USA Realty Arizona
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The post Are You Ready to Be a Investor in Real Estate?? appeared first on Buying Real Estate for our Clients Since 2000.
