Real estate is one of the best options to invest money in a productive manner. But it requires knowledge, time, patience and most important cash in your hand. These considerations are very important if you are considering investing in real estate.
Follow these top tips from Hirsh Mohindra to get into the real estate investment field:
1. Make a financial strategy: cash in hand is the first requirement in real estate marketing. Before making any real estate investment, make your financial house in order.
Hirsh Mohindra: Real estate field you should have cash in your hand for down payments and most important, some reserve for bad situations. This reserve money should be separate from your emergency fund.
2.Leverage a local team: If you are really interested in real estate marketing, you need to focus on making a strong relationship with people, because real estate is all about good relationships. Initially, it can take time, but you can eventually develop a strong local team of brokers, attorneys, accountants, title companies, and property managers. They can help you to make the best deal in the local market.
3. Know about your local market: If you are planning to buy your own house. If you can stay in your neighborhood then it would be the best idea. Get an idea from the local people, local real estate investors about the property.
Try to find out who is living in that area, the demand for the property in that area and analyze recent sales and inventory. After conducting your due diligence, you’re ready for the next step.
4. Make a smooth strategy: Plan and execute according to your timelines. Start your investment with a small amount and keep your expenses low. In short, make a strategy and execute it properly.
5. Buy a single apartment and rent it out: buying a single home and renting it out is a quite easy method to generate money. But make sure about taxes, maintenance, and insurance – as these are fixed costs that will be incurred regardless of having a tenant. So its important to have some reserves to accommodate periods of time when the property may be unrented..
6. Invest your money in a good location: if you are planning to invest in the real estate field, then choose a good location. Location is key as it often generates demand. Being situated in a strong residential corridor will provide you opportunities to find tenants and buyers.
Wrapping-up: Real estate marketing is a good option to invest your money. But always remember, don’t make your decision in a hurry. The investor should have the knowledge, cash in hand, time and patience. Hirsh Mohindra suggests you invest in this field if you have all the above qualities. For more tips related to real estate investment follow my blog.