We’ve learned a ton over the years about what it takes to help people go from first-time buyers to profitable, long-term investors. And yes, it’s as exciting as it sounds!
So, if you’re thinking about investing in real estate for the very first time, here’s what we would tell you:
• Location, location, location – Zero in on desirable areas with high rental demand and appreciation potential.
• Property condition and maintenance – Select well-maintained properties (or ones you can easily spruce up) that will attract quality tenants and higher rental rates. Bottom line: If you keep it clean and cute, you’ll keep it profitable!
• Cash flow – Look for properties that will generate positive cash flow. A knowledgeable agent can help you run the numbers to find the sweet spot between rental income and expenses.
• Property management – If you have the margin, consider a property management company for the day-to-day operations of your property, freeing up your time and reducing your stress. (Trust us, if you get the right company, it’s 100% worth it!)
You CAN build a residential investment portfolio that will provide a steady stream of income and appreciation over the years. We’ve helped people from all sorts of backgrounds do it — and we’d love to help you too. DM us if you want to talk more, and for sure, save this post for later!