Do you know exactly what you want in a property?!
The first step in buying your first investment property is to DECIDE WHAT YOU WANT and WHAT PURPOSE YOU WANT TO FULFILL. You need to know what you are trying to accomplish with that property.
Do you want it to pay for your mortgage? For your monthly car bill? For your children’s daycare?
WHAT DO YOU WANT TO ACCOMPLISH WITH THE PROFIT FROM THAT PROPERTY?
Once you figure this out, then you can look for properties based on what you want to accomplish and your real estate broker can help you find the RIGHT PROPERTY!
You have to make sure that your investment is WORTH IT TO YOU!! Your purchase should take care of something in your life! MAKE SURE TO CALCULATE YOUR NET INCOME!
If you are doing a FIX and FLIP…here are some examples of where to put the money and how to sell your property quickly:
Always change the plumbing, the electrical, the HVAC and other mechanicals that may have been in the house for a long time.
Create an open concept, so the property seems bigger.
Compare your property with other properties in the nearby market that have sold quickly. Add more bedrooms on the first floor if that is what people are looking for.
Pay attention to what is happening in the real estate market. Take the information on how you priced your property, how quickly it sold, how the renovation went, etc. and then apply this information to your next FIX AND FLIP. Learn from every property you flip!
You’re one property away from your dreams!! Use real estate as your VEHICLE to get to your DESTINATION!
Click the image below to check out a FIX and FLIP that I invested in!