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Related Article: Investment Property Real Estate Brokers in Erin: Tips for Investors
Getting Started in Real Estate Investment in Erin
If you’re thinking about investing in investment property but don’t know where to start here are some helpful tips:
Get your credit reports reviewed
Many people have major credit issues and aren’t aware because lenders never reported any delinquency or late payments. Without knowing what kind of risk an investor poses for a lender, you could be precluded from purchasing investment properties altogether.
You want to make sure you’re getting the best deal on your real estate investment in Erin. Work with a broker who has experience in investment properties and ask them to send you a list of investment property deals that have closed recently in your area.
Have realistic expectations
Remember, investment properties are not going to provide rental income right away. It can often take months or even years for an investment property to start providing positive cash flow. Be patient!
Location, location, location
When investing in real estate, always remember that the three most important factors are: location, location, and location. Make sure the investment property is situated in an area with good schools, low crime rates and plenty of jobs
Get help from a pro
Like we said before, investment properties are risky. Even if you have experience with real estate investment or rental property management, it’s always best to get the guidance of a licensed investment broker who can provide objective advice on what works and what doesn’t work in your market.
Ask for help
If an experienced investment broker is offering to help you find deals at no charge – say yes. They know where all of the opportunities are hiding so take advantage of their knowledge.
Get rid of bad tenants quickly
Typically speaking, most investors only realize how much they’ve lost because someone wasn’t paying rent (or caused damage) when they were gone for vacation or away on business. Don’t let this happen to you. Always screen potential carefully before signing any paperwork.
Seek out investment properties
Find investment properties in your area by looking on Craigslist, MLS listings or any other online listing service. Get help from an investment broker who has the experience to know where all of the investment property deals are hiding.– Trust your gut – If you have a bad feeling about something after listening to what someone has said then it’s probably best not to do business with them. Go with your intuition and trust yourself!
Remember that many experienced real estate brokers claim they can save their clients as much as 20% on each transaction through utilizing their expertise and connections in the business.
Never buy without working with a good real estate brokerage if you want great returns.