Finding Success In Real Estate Investing

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Real Estate is a powerful wealth-building tool for those who know how to use it. There are several keys that separate the successful real estate investors from the unsuccessful ones. The following contributed post is entitled, Finding Success In Real Estate Investing.

* * *

Real estate is not as much of a maze as some make it out to be. It is undeniably an expensive way to start investing, and there are some easy ways to slip up and make poor choices with your investments. However, as far as assets go, the property market is reliable right now, and here are a few tips on how to get the best out of it.

Picture – CC0 License

Treat it like a business
As with land investments, it’s a good idea to know where you’re planning to go with your real estate investing. You are going to want to set financial goals and layout a plan on how you’re going to get there. This means knowing how much money you’re going to spend and budgeting for not only the purchase and selling process but the marketing and overheads on services like working with property management or real estate agents. It also means building relationships that can help you grow your opportunities. Don’t treat real estate investments like a savings fund you can sit on, you’re going to want to be active in growing and managing it to the best possible outcome.

Have a plan for every property
There are a variety of different ways to make money with property investments, and different properties might fit different strategies. As such, consider the kind of property you’re purchasing and how it might be most likely to make money. When it comes to luxury spaces like The Towers, for instance, then offering long-term lease options or using it as a vacation rental might make the most sense. Home renovation flips are another popular way to make money on real estate and are often better saved for houses that are in an area that starting to become more financially successful and developed. Meanwhile, long-term residential rentals are becoming much more common and reliable in areas that might not be high cost, but still attractive enough to bring in people who want to live there but can’t afford the mortgage.

Don’t be afraid to outsource
When it comes to leases, rentals, and tenants, you don’t necessarily have to handle all of the property management side of the business yourself. If you’re new to property investment but you want to make sure that you’re managing them as effectively as possible and don’t mind spending a share of the income, then property management teams like Savills can ensure that all of your and your tenants’ needs are taken care of. For that reason, it’s a good idea to do plenty of networking in the real estate space and get to know the different service providers who know their areas and could potentially offer you some benefit.

If you have the capital, then real estate investing can be a sensible way to make use of it. You just need to ensure that you have the plan and the commitment to go through with it. It’s an investment that’s easy to lose money on if you take your eye off the ball, so ensure you don’t do that.

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct Examiner.com, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.

Leave a Reply

Your email address will not be published. Required fields are marked *