April – Rethink your strategy for finding new properties
Now that you have created the perfect routine, what is the next step? One of the keys to being successful in any industry is to keep innovating, and Real Estate isn’t the exception. To grow and prosper, it is important to find new ways to do business and to hunt for the best opportunities.
In today’s housing market, having a great offer is crucial. Here are our tips for finding the best properties to invest in:
Do a thorough inspection
Make sure the property is in the condition you need it to be, whether it is a fixer-upper or a turnkey property in prime condition. Take your time and do as many visits as you need to really be able to inspect every nook and cranny of the property. Some things to look out for are the HVAC system, the plumbing and the roof.
Don’t forget to also do some research on the area, do some rounds around the block to see local restaurants, attractions, schools, and ask questions about crime statistics, flooding risk and any other pertinent information.
Don’t rush into buying a property just because you think you’ve spent too much time looking. Patience is really important when it comes to finding a property. See as many properties as you need to, but make sure it is the perfect option for you.
Do the math
Be really thorough when it comes to how much you can invest. Don’t get in over your head with a property you can’t afford or a property that will drown you with the repair or upgrade costs. Be decisive when you choose the property, but don’t jump into it before you are 100% confident about the property.
You may need to adjust your expectations as you go along through the process, but don’t lose hope! You will find the best property that fits perfectly with your needs and finances.
Have a clear purpose
Do you want to buy the property to lease? Do you want a vacation property? How long do you want to spend fixing it up? Have a clear idea about what you want and don’t stray from it. Stay within the range of what you can afford, how big of a project you want to take on and what you want to do with the property.
If you are thinking of investing long distance, you can see our suggestions on it here.
Not sure of how to start building an investment strategy? No problem! Reach out to us and we can help you get started.