Whatever form your real estate investment takes, certain strategies will stand you in good stead.

  • Be financially prepared: Real estate is a particularly expensive investment, so you need to have cash on hand for a down payment, partnership share, or to buy a property outright. You’ll also need a reserve to dip into if and when something needs fixing, which should be entirely separate from your everyday emergency fund. Before getting started, establish an emergency fund , pay off consumer debt, and automate your retirement savings.
  • Get to know the local market: There’s an old saying: “The three most important factors in real estate are location, location, location.” Start by getting to know the local market . Talk to real estate agents and locals; find out who lives in the area, who is moving to the area, and why; and analyze the history of property prices. In short: Do your research and “focus on building relationships with people – because that’s what real estate is, it’s a relationship-based business,” Dana Bull says.
  • Keep it simple: A simple strategy can go a long way in real estate investing. If your goal is to generate passive income , don’t be fooled into believing you need to go big to make it happen. It’s best to start small and keep your expenses low, says real estate investor Chad Carson of CoachCarson.com.

Cc: Business Insider


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