FIRST TIME INVESTORS GUIDE
Is real estate investing right for you? Is it your first time? Check out our exclusive first time investors guide below. Here you will find a step by step guide along with insider tips provided for your success.
01
ANALYZE YOUR CURRENT FINANCIAL PORTFOLIO
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Prepare your current budget in a clear easy to read format. Your budget should clearly show the money you have coming in every month and your reoccurring expenses. What is your goal with an investment property, a vacation home that pays for itself, strictly more income, or some other motivation? Do you know what type of property you would like to invest in? If not that is ok, different property types an locations will have different appeal. We can help you decide what best fits your goals.
02
CONTACT A REAL ESTATE AGENT SPECIALIZING IN INVESTMENT PROPERTIES
This agent will be able help you formulate an investment strategy. An experienced agent will be able to help you find financing options, identify which type of property meets your criteria, understand the laws and regulations governing the type of property you want to purchase. With your agent the path to an investment property becomes more clear and odds of your success will increase dramatically.
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SECURE FINANCING
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Your agent will be able to suggest sources of financing if needed. This step is often a roadblock for many wishful investors. There are many ways to secure financing for an investment property. Unfortunately, there are many sources online, usually via reels and posts by “influencers” who are spreading entertaining but incorrect or incomplete information. This can lead to incredible frustration and no investment property. With the proper guidance, this is not an issue.
04
PROPERTY SEARCH
Selecting a property will be determined by your criteria and budget. Your agent will help you identify properties that meet your needs. Unlike a search for your primary residence searching for an investment property will include several additional steps such as, is the property eligible to be used for the intended purpose according to local laws and other governing bodies such as an HOA?
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SUBMIT AN OFFER
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Do you know you can submit more than one offer at once? And pursue whichever property you like best? With the right to refuse after inspection being done, you can select which accepted offer you want to move forward. Take the time to speak with your CPA and organize how you will structure yourself. You are purchasing a property that will accommodate long term renters or vacation rental. This means you will be an investor, business owner, and hospitality provider! An agent will be able to suggest a CPA if you do not have one.
06
TAKE OWNERSHIP OF YOUR INVESTMENT
At this point the property is yours. During step two your agent will help you decide if self managing your investment or utilizing a a professional management company is right for you. Think of it in terms of your goals? Is this your new full time job? Or would you rather have an experienced team manage the everyday tasks such as advertising, client communication, cleaning schedules, HOA communication, legal compliance, and logistics while you focus on other tasks and receive rental income? The answer is different for different investors.
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REFINE AND REPEAT
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Many investors continue to invest. It all starts with you buy first investment property. The path to your first investment property begins with a question and the right support. Are you a future property investor? Do you have the right resources available to you? Yes and yes starts here.
