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.
At one point in your life, I am certain you have driven by a house or a property that looks distressed as if it is beyond repair. However, that is not always the case for a real estate investor who will always see the potential in the objects or abandoned properties you seem to take for granted. The best real estate investor will always find the treasure in the previous man’s trash and this is what makes them seem as if a fairy tale godmother but in real estate.
If you are keen on going on an adventure for a house to flip or rehab, there are many methods in which you will surely be able to find and discover a potentially profitable property to flip and transform, so you have a happy house and a happy you. Here at Nicholas Haley, we will be giving you tips on how to find a house to flip:
- Find listings on the internet
This is perhaps one of the easiest methods on how to find potential houses to rehab on the internet. With the availability of a vast amount of information from different sources, by just categorizing the characteristics of the type of property you are looking for such as the number of storeys, location, age of the house and etc., you will be able to find out all of these with just a few clicks of your mouse or a few taps on your smartphone’s screen.
Some of these business listings online can be accessed for free, while some may require you to pay a membership fee. Start with the free one as you may be able to find a property that fits your standards. Through finding business listings on the internet, you will be able to save time, money, and effort from going all around the neighborhood or in your state.
- Drive around the neighborhood
If you do have a few hours to a tank of gas to spare, you can always drive around the neighborhood or around your state to find potential houses to rehab. By driving around, you will be able to get the gist of the atmosphere around the neighborhood and determine for yourself if rehabbing a house in that location would be marketable.
- Get in contact with another real estate investor
While you may think of other real estate investors as potential competitors, but to take the road towards becoming the best real estate investor, one must learn to swallow his own pride and work with others hand in hand. You never know, he might have a property in his hands that he does not want to deal with and is thinking of passing it onto others, and that might just be for you.
The real estate may come in a simple to some, however, to be able to learn the in-depth parts of the real estate, one has to immerse himself into different resources, learning materials, and of course, in the real world. However, if you are interested in learning about the real estate as a starting point, here are different materials and sources that can serve as a jump starter for your career as a real estate investor:
Books have been around for the most part of humanity as it is an instrument to share knowledge and information without getting changed, paraphrased or summarized in a way that verbal communication does. Books are fundamental in learning no matter what field it is and that is why it will always be a top choice as an alternative learning method for those who want to be a real estate investor.
Podcasts started becoming a hit when iPods came out into the market. A podcast is basically a recorded audio program you can listen on from any handheld or compact device while you are busy completing another task. The mere freedom of sitting down while the voice of a narrator breaks down a certain topic in full information is a convenience in itself. Some podcast programs also discuss courses such as arts, philosophy, marketing, business, and real estate itself.
- Audiobook & eBook
Audio books are similar to podcasts however an audio book is simply a read-aloud format of a book which makes it convenient since you do not have to burn through the pages of the book to learn about its topic and instead, just sit down or drive while you are learning. An eBook, on the other hand, is a digital format of a book, this means no more lugging around a heavy and bulk book when you can simply access and read it through a handheld device.
- Real estate training course by Nicholas Haley
However, if everything else seemed hard or a bit inconvenient, you can always learn about real estate investment through the real estate training course by Nicholas Haley. With it, you can learn about real estate with the right mentor who knows the real way around real estate investment. With Nicholas Haley’s real estate training course, you will surely be one step closer to becoming the best real estate investor that you can be.
Selling your house or one of your property investment would not be that it can be simple. It only takes a few alterations if there are certain fixes needed to be done plus advertising and effective marketing campaigns to get it out to the market for your prospective customers to be aware of the current sale.
Here at Nicholas Haley, we will be discussing some real estate investor tips on how to effectively sell your house or your investment property so you can gain profit, enjoy the success and do it again. All of these will be part of the vital real estate sales training you need to be an official and legit real estate investor.
- De-clutter, de-personalize, decorate
If there are used and tattered pieces of furniture lying around the property just right after you move out or it has been there ever since, remove it. It is important to declutter and depersonalize the property by removing any traces of the previous owners as it may leave a bad impression on those who would have been interested in buying your property. Your prospective buyers would want to envision your space as their future home, therefore give them a blank canvas that they can fill themselves with the picture they want to project.
- Condition your property before selling it
Most landowners would sell or lease their houses for as it is, even to the extent where there are still termites experienced and suffered by the previous tenants. It is important to condition your house, that includes doing a couple of repairs in the piping system, plumbing, repainting of walls as well as changing the flooring if needed. In this manner, you will be able to sell it for a much higher price which guarantees you profit.
- Fix the exterior appeal of your property
The exterior design of your house is the first thing your prospective customers will be seeing. Therefore, take this opportunity to revamp the exterior look of your property, It may include mowing the lawn, repainting the exterior walls, planting some flowers, and fixing the curb.
- Use the internet to your advantage
The greatest advantage we have compared to the older generation is our access to the internet wherever and whenever we please. The internet has allowed us to connect with anyone in the world and with the billions of users worldwide, it has become a whole lot easier to market your products, services or property to find prospective customers who are more than willing to buy what you are selling. Use all forms of social media to connect with other users or include your property in a business listing around your neighborhood.
For more real estate sales training, be sure to keep updated on Nicholas Haley’s programs on shaping you into the best real estate investor that you can be!
Dwelling in the real investment can be simple, however, “simple” is not synonymous with being “easy”. One wrong move, you could go from being rich to bankrupt. It is important to be surrounded by people who are well-versed in real estate investment so you will have a healthier and a more conducive environment to grow better and smarter as a real estate investor.
Purchasing your first real estate investment can be done in several ways, and one of those ways is the utilization of leverage. Using leverage can attract other real estate investors because it allows them to own or assume a property that they could not afford alone without any help from you as the leverage. However, the interest can strain the financial status of the investor, which may lead them to bankruptcy and withdrawal from the deal. This is why you should be careful about what you once you thought could have been a profit will turn out as a loss.
When it comes to investing, one practice you should start to uphold as a beginner real estate investor is to always consult a lawyer who can give you helpful and important legal advice to so you will be able to navigate yourself well in the world of property investment. In this way, if ever your legal security may be at risk for an incoming lawsuit, you will remain protected and have the means to be able to secure your assets.
When you think that navigating this whole world by yourself may be a bit scary, you will always have the option of getting enough real estate training, especially from here at Nicholas Haley’s Home Hunter University wherein in-depth discussion on how to market homes to your prospective customers can be achieved. Not only that, Nicholas Haley will also give you the opportunity to experience the real-life moments of a real estate investor as you attend with him on his meetings and appointments—definitely one of a unique real estate training in the country.
For the best real estate training in the country for you to be a better real estate investor, do not hesitate to contact Nicholas Haley to guide you in the roller coaster ride of the world that is real estate investment. Sign up now at Home Hunter University!
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