Three Important Tips
Maybe you have one or more successful flips under your belt, or you purchased an apartment building and have experienced what it’s like to sit back and collect rent. Either way, if you’re hungry for more investment opportunities don’t wait! In almost all areas of the country the housing market is seeing high demand and low inventory. So, how do you select your next investment project? To help, we’ve put together this list of three things to keep in mind.
- With just a little bit of online investigating you can find lists that contain the top five, ten, twenty, etc. areas where real estate investing is at an all time high. Just make sure you’re getting your information from a reliable source. (Not Wikipedia!)
- If you’re buying a property that needs renovation the main things to check for are: the building’s structure/foundation, can walls be moved, and if the amount of money you need to sink into renovations can be recouped when you turn around and sell.
- As always, location, location, location – it’s possible to be successful even in areas that don’t make the lists mentioned in number 1. Just remember to look at recent comps in the neighborhood, to help determine average home sales or the going rate for rent. Also keep in mind things like the average income for individuals living in that area and you should possibly consider the employment/unemployment landscape.
In real estate, time is always of the essence. The faster the purchase, flip/renovation and sale the more successful your likely to be. Hard money lending is often the fastest way to achieve funding for your investment and it allows for the most flexible loan terms. Contact us for more information or to apply.