If it is your first time as a real estate investor to rent out your apartment, it might be a wee bit intimidating, however, you should not fret. If you log into Airbnb accounts, you will discover just how much as many newbies there are when it comes to real estate investment and sales, but renting out your apartment is a great training for you towards becoming a better real estate investor.
- Make sure it is visually pleasing
No one wants to rent an apartment which looks like a drab and basically not conducive for living. It is a great real estate sales training to be able to make your property look appealing for prospective clients and buyers therefore it is not too late to start now.
- Enlist it in business listings
Make sure more people on the internet will be aware of your property if it is available for sale or leasing by enlisting your property in business listings online. No doubt, there will be more coverage and exposure for your property to reach more prospective tenants.
- Create an Airbnb account
This is probably the easiest way of raking in prospective tenants: by creating an Airbnb account. With Airbnb, rest assured you will be able to find great places to rent and prospective tenants will have more chances of finding your property as well. Make sure you take great photos or hire a great photographer, upload it and use it for your account’s marketing materials.
- Be accurate with your descriptions
You will be able to dodge people’s high expectations if you remain true and accurate with your property’s descriptions. Do not lie about an amenity or utility if your property does not offer it.
- Add perks
Whether there are complimentary bottled water available ready or that it has an air conditioning available for them, enlisting perks will make your chances for leasing higher as it helps your prospective tenants become more convinced to rent your property.
- List nearby and available recreational activities near your area
Whether the mall is nearby or that the local hospital and police station is just a 10-minute drive away from your place, listing the community’s essentials along with your property’s perks will heighten your chances of getting a prospective tenant right away as this equates to convenience.
To cut to the chase, selling a rehab home can be very challenging as you are trying to sell a drab of a house, a house that was once tattered and yet you transformed it into something that is undeniably gorgeous and makes sure it is marketable and profitable. This is the goal when you want to venture into selling rehab homes as a real estate investor.
Here at Nicholas Haley, the best real estate trainer, we will help you figure out just how you can sell your rehab home fast and easy without a hitch so that the next thing you know, you are welcoming money and profit with open arms.
- Invest wisely on the renovation/reconstruction
By investing wisely, we mean spending the only money you need to spend on the renovation and reconstruction. So no splurging and make sure you get the best deals and best suppliers for the operation itself. Fix even the tiniest of details and that means making sure there are new door locks, new floorings, new windows if needed, new wall paint, and new carpet. However, what you want to make sure at the end of the day is that n matter how much you spent on the renovation or reconstruction, the goal is to sell it at a higher price than how much you have spent on the operation itself. Therefore, you should be tight on money.
- Do not neglect the front lawn and the curb
The first impression lasts. The first thing that your prospective buyers will see about your real estate property is, of course, the exterior design. Meaning it includes the architectural design of the house itself, the front lawn, fences, and the curb. If these 4 remain unattended and still in a bad condition, you might be shooting away prospective buyers without even realizing it. This is why it’s so important to pay attention and spend a little money fixing the outer appearance of your house for it speaks multitudes about how you are as a real estate investor.
- Enlist it on business listings
These days, people are on their computers and smartphones most of the time. If they want to look for a shop or a house, they would just open Google and type the necessary keywords to come up with the desired results. Enlisting your house in business listings will make it easier for your prospective buyers to know about your property.
- Advertise and market it
Whether it means creating posters and signages all around the neighbourhood or as simple as hiring a professional photographer to take photos of your house so you will have marketing materials to utilize on social media, advertising and marketing your property on all platforms is important to cover more prospective buyers who may be looking for a house just like the one you are selling.
- Create a realistic price
Create a realistic price that is not too low and not too high, somewhere in between where it can be easily sold and where you can a huge profit as well. During these matters, you can consult Nicholas Haley, the best real estate trainer to give you a helping hand in becoming the best real estate investor that you can be.
As a beginner when it comes to becoming a legit real estate investor, selling your first retail home may be intimidating and nerve-racking, however, you should not fret because this is just the start of a great future when it comes to your career as a legit real estate investor dealing in real estate investment properties
- Establish a solid price
As an investor, you need to be able to establish a solid price wherein it allows you to gain a large amount of profit, making sure you can achieve the break even upon selling it. If coming up with an ideal price is still a challenge for you, try looking up existing business listings on the internet with regards to houses for sale and compare it to your ideal price. In this way, you will achieve a realistic price range on how expensive your house should be sold as.
- Include it in business listings online
There are some free services on the internet wherein it allows you to list your house for free. However, for the high-end ones, it may require you to shell out a few hundred dollars for which you must already be prepared for. By including your real estate investment properties in business listings, more exposure to your property will be achieved and more prospective buyers will be aware of your retail home.
- Market and advertise your property
Hire a great photographer who specializes in architectural photography to assure that he will be able to capture professional-looking photos that will look appealing to your prospective buyers, begin advertising and market them online through business listings and social media sites, into your neighborhood, and if you have a bigger budget, maybe all around the city or state. Somewhere, somehow, someone is looking for a house just like the retail home that you are selling. The larger your scope is for the marketing and advertising, the better.
- Hold an open house
By holding an open house, you are giving the chance to your prospective buyers to imagine and visualize how it feels to have your retail home as theirs. In this way, it will be easier to convince them just how perfect your property is to become a part of their life.
Starting out as a real estate investor can be intimidating, however, with the right process of decision making and task delegating, you should be able to breeze through the process and will finally realize just why some businessmen are hooked in real estate.
One of the best real estate investing ways is by reconstructing and renovating existing real estate properties such as fixer uppers, rehab homes, and retail homes. To guide you on that, here is the summary of the process when it comes to developing your own property.
- Scoping around for the best real estate investing properties
Whether you have the property already and if you do not have one yet, you can always ask from other real estate agents if they have available properties for investing. With the prominence of the internet in today’s culture, it has been made easier to discover properties online through business listings.
- Assembling your own team
As a real estate investor, you have to include a contractor, an inspector, and men to fix the flooring, repaint the walls and more. However, if you can fix the house yourself as you are backed-up with the right skills and knowledge and if it so happens you want to save costs, then doing it yourself will be fine as well.
- Overseeing the operation
It is important to be well-versed in every field of the real estate development so you can meticulously oversee the whole operation without being scammed in the process. If not, you will just believe and blindly entrust the whole operation to your contractor whose words you do not have another choice but to trust.
- Computing the costs
Real estate is a business, therefore, the utmost and most important goal is to break even and gain a fair amount of profit after selling the property. Your reconstruction costs should not be as expensive as how much you are selling your house.
You are finally at the last part of the best real estate investing ways to reconstruct and sell a house and this part requires you to be hands on when it comes to advertising. You can include your property in a business listing, create posters and ads for your property for more coverage and make sure the neighborhood, where your property resides, knows about it so it can reach to their family, friends, and colleagues. All you have to do now is just continue to market and advertise your property to be able to find a prospective buyer.
As what we have previously discussed in this blog, fixer-upper homes are the type of real estate investment wherein it requires you, a real estate investor, to improve or renovate a cash-bought house and turn it into a property that is marketable and profitable. Learning how to properly invest in a real estate property takes a lot of experience and smart decisions to consider, and to get you guided on that, here are 5 factors to consider before you invest in that fixer-upper property:
- Consult a professional
At one glance, a house may look just fine and liveable without any danger but a professional engineer may see troubles in it underneath the surface. It is best that even before you consider purchasing a fixer-upper home, you might have to bring a professional with you so that they can point out to you the troubles that may come along with it. Yes, it would need for you to pay a consultation fee but even that is better than having to deal with a lawsuit in the future.
- Consider the location
No matter which side of the business venture it is, the location should always be considered. An ordinary fixer-upper house transformed into a great home would not be as marketable when it is in a bad neighborhood far from schools, hospitals, emergency centers and most especially, the neighborhood should have a low-crime rate for possible buyers to be more engaged and convinced to purchase the property.
- Limit your spending
As a real estate investor, you might be tempted to spend a bit more to count on it as an investment. However, it is best if you limit your spendings as much as you can for, later on, you might find yourself being problematic about not being able to get past the break even
- Hire the right people
There is a big difference that you can surely observe when you settle for people with meager pay and mediocre work versus people with a fair amount of price for their wage but with excellent quality of service. If possible, you might want to do the repairs on your own so you can save money from all the repair and restoration costs that can be spent on something else or saved for the future instead.
- Transform the house to a home
Similar words, yes, but different meanings. A house is a mere concrete structure for people to live in, yet a home is where a couple can imagine growing and nurturing their family in for years on end. Your prospective clients will only buy the property if they can truly imagine living there for a long time, therefore to learn how to invest in a property, you must imagine what your prospective customers are looking for and how they want it to be. Hitting all these factors would ensure you a successful career as a real estate investor.
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