Smart Real Estate Investments for 2019
Owning a home is like owning a treasure! And investing on real estate is one smart way of discovering your treasure. You can live off the income from selling the house or you could put the home up for rent and expect a fixed monthly sum to help you run your expenses. Smart real estate investments guarantee one of the best returns among all other types of investments for all other industries.
Smart real estate investment is found where your skills, resources, and passions meet. The year 2019 promised to be a good year for real estate development and investments. By knowing these smart factors, you will know how smart real estate investing should be handled.
ESTABLISH YOUR ACTION PLAN.
Before making an investment, you must plan your investment strategy. This will help you narrow down your search while looking for potential properties. Will you flip the home after renovating it? Will you put it up for rent? Or will you consider turning it into a commercial space if it is zoned for that? Remember to plan your strategy based on your financial input.
IDENTIFY YOUR POTENTIALS.
If you’ve been living from paycheck to paycheck, be realistic. You can’t wake up one morning and decide to invest in commercial real estate. Know your potential and invest accordingly. The safest place to begin, as a first timer, would be residential real estate. Consider flipping a home or investing in a foreclosure to make a good profit from your first deal. Educate yourself first!
TAKE ONE STEP AT A TIME.
If you’re a beginner investor, investing in more than one property at the same time is not advisable. Take your time to look at as many potential properties; however, industry expert Jeff Adams recommends that you invest your time, money and effort into only one property – the best of the lot. This gives you ample of time to focus entirely on that one investment. Since it’s the beginning, you will have a lot of mistakes to learn from and giving yourself room to grow will benefit you in the long run.
RUN THE NUMBERS.
Consider how much money you have, the loan amount you will require for investment, whether you have enough for your days to run smoothly and how much you’re willing to spend on your first investment. A financial planner can contribute with valuable inputs and help you devise a sound financial strategy.
At present, the real estate market is still steady. The year 2019 is a good time to make an investment and this also gives you an edge as an investor. However, consult with a real estate agent or a professional to help you read trends in the market.
Remember that the best smart real estate investment is investing in the right place, at the right time and at the best price. For more information, you may call CPD Homes at 216-282-4332 and we’ll be more than willing to assist you.