There may be no question that investing in real estate is the most appealing and wise option for most who want to increase their incomes, build wealth and realize high investment returns along with great security but there is more than one way to get started. So which is right for you?
There are 3 important considerations to keep in mind when choosing your initial real estate investing strategy…
1. What are Your Goals?
Besides “I want to have a lot of money”, what are your individual goals that you want to achieve through investing in real estate? Are you just looking to subsidize your main income, realize higher returns on your investments and build up your nest egg for retirement or are you looking for a better way to generate income on a daily basis and want to enjoy more freedom now?
2. What Resources Do You Have?
Once you get going it can be great to diversify into all types of real estate investment strategies but taking time to inventory your current resources or how you can leverage others’ resources is wise for getting off to a profitable start. Do you have lots of free time but little cash or do you have plenty of savings and maybe even good credit but very little spare time at all? How much time and money are you willing to put into real estate investing?
3. Your Real Estate Knowledge & Experience
How much time and investment have you put into building your real estate education and what skills do you bring that can help you? Where might you need to invest a little more or what can you build on to better ensure your success?
3 real estate investing strategies for getting started:
1. Investing in Turnkey Rental Properties
For those who just want to cash in on all of the security, growth and passive income benefits of investing in rental properties but don’t have the time to deal with the day-to-day of hunting down deals and property management investing in turn key rental homes could be a great move which checks all the boxes.
2. Rehabbing
Perhaps you are inspired by reality TV shows like “Flip This House” and want the rewards of remodeling homes and flipping them. This is clearly one of CT Homes’ favorite strategies but make sure you have the knowledge and skills before jumping in head first or perhaps get started with another strategy before you take on one of these projects to get some more experience.
3. Wholesaling Real Estate
There are many advantages for everyone to get into wholesaling real estate but it is especially attractive to those starting with minimal resources and who are eager for the thrill of doing fast deals with sizable profits and who care about helping homeowners and neighborhoods recover from recent financial fiascos.
