If you are interested in investing in real estate, there are some things that you are going to want to do and common pitfalls that you are going to want to avoid.
It is important to note that investing in real estate takes time, patience, and most importantly, cash. You probably shouldn’t invest in real estate until you have an emergency fund, no debt, and are saving automatically in a retirement account.
To get started, here are a few things that you should consider doing:
- First, get your finances in order
- Try investing in an REIT
- Get to know the local housing market
- Build a local team of contractors, attorneys, and accountants who can all help your business run smoothly
- Keep it simple & don’t be fooled into believing you need to go big to make it happen
- Buy a single-family home and rent it out
- Buy a fixer upper and flip it
The most common pitfalls to avoid:
- Not doing your research
- Chasing the highest yield
- Waiting for an un-realistic opportunity
- Not accounting for the REAL costs
- Outsourcing property management
- Thinking you’ll get rich quick
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