Everyone seems to have a secret for success for beginning real estate investors. People toss off rules like “location, location, location” or “buy low and sell high” as if real estate investing can be summed up in just a few words. While getting off to a good start in real estate investment takes more than a few words, there are some tips that can help increase the likelihood of your success.
Before purchasing any properties, do as much research as you can. At a minimum, you should know the sale prices of comparable properties and their price history. If you will be operating the property as a rental, you should also have a strong foundation of knowledge about market vacancy rates, rental rates and lease terms. Finally, you also need to know the costs of owning the property. This includes mortgage market information and estimates of tax, utility and maintenance costs.
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