Thinking of real estate investing in 2019? It's challenging to know where to start and for many people, this makes them hesitant to make a move.
That's why I wrote Investigating Investing, a guide to help beginners learn about property investment. If you're reading this, the first three people to contact me by January 1st will get a free copy!
If you're a potential investor, as a New Year's resolution, resolve to make the jump from thinking to doing. Here's three ways to get you on the right track to property ownership success.
Meet A Realtor
Think this one’s obvious? Think again. Many first-time real estate investors talk to everyone BUT realtors, thinking the real estate agent only needs to be involved towards the end.
But this can be a mistake. A good realtor brings knowledge, insight and networking - if you're buying or selling your most precious asset, the right realtor becomes your second best asset.
Remember, when you hire a realtor, the amount they're paid remains the same, whether you work with them for six days or six months!
But how do you find a good realtor? How do you know a realtor is a good choice?
Interview at least several, and ensure that they've built a team of networked professionals.
A good Vancouver realtor will know experts in areas as diverse as lending, legal and desireable site location. This means you have the resources to make informed decisions right away and the opportunity to plan a successful sale or purchase.
Best of all, realtor’s will come to you and maybe bring coffee too! All you need to do is make that email or call, get comfy and let them do the hard work.
Before you consider real estate investing, you must consider why you want to be an investor.
Is it because it feels like everyone else is doing it? Or perhaps you want an income-generating nest egg for your golden years?
In my guide Investigating Investing, readers are asked to evaluate their reasons for investing. They also think about what kind of investor they'll be and their style of business.
Then there's the challenges of property ownership, from tenant disputes and unforeseen or ignored costs such as maintenace, lawncare or trash collection. Many of these require more than just financial knowledge, but a willingness to provide good service and fair dealing.
Know Your Terms
Getting comfortable with terms such as 'ROI' means you'll experience a higher Return On Investment when researching investing or listening to your realtor or an expert.
Don't hesitate to ask your realtor for an explanation, and make sure they can clarify terms in a manner you understand. This is a great way to tell if your real estate agent communicates well and takes time to educate you.
Contact Michael Tudorie
Remember, the first three people to contact me by January 1st will get a copy of my Investigating Investing guide, chock full of great tips for beginnners.
If you want to chat more about investing, feel free to call me at 604.910.7777!