If you are searching for new hobby or profession that offers the potential for high returns and rewards on your efforts, residential real estate investing is worth considering.
Real Estate is an evergreen industry and provides people who are willing to learn the trade the opportunity to do something they love, to improve the neighborhoods they invest in and give new home buyers the chance to purchase homes that are move-in ready, which is always a great selling point!
What You Need to Know About Residential Real Estate Investing
Regardless of whether you’re already familiar with the real estate industry or you’re only thinking about getting involved in real estate, it is always a good idea to invest in a comprehensive real estate education program. By doing so, you’re taking the needed steps to assure that you understand all of the regulations and issues you’ll need to adhere to throughout your course of business.
To get the best returns on your residential real estate investing efforts, you’ll need to understand the market where you’re planning on buying. Factors to take into account include the prices of ‘comp’ or comparable homes that have recently sold in the area. These comp numbers give you a good idea of what potential homebuyers are willing to pay for a residence that has similar square footage, recent updates, as well as the number of bedrooms and bathrooms the home features.
Since you want to make a return on the time and capital you’ve put towards the home, you need to be sure that you purchase the home at a competitive price. You’ll also need to be sure that you have extra funds put aside to pay for needed repairs and renovations to make the home more marketable and give it extra curb appeal. Be sure to factor in other business overhead such as closing costs and permit fees if the home you’re making a short-term investment in requires structural work that has to get approved by the local zoning commission. All of these expenditures will ultimately affect how much profit you retain when the time comes to sell!
If you want to learn more about the intricacies of real estate investing, we are now accepting new members into our Nationwide REI Group. Our team of professionals is here to help you with the tools and training you need to succeed, regardless of what area in the United States you live.
Send us a message or call 716-839-2689 to discuss your future as a Real Estate Investor today!