Investing in real estate is a financial strategy that can be satisfying and lucrative. Like any investment, there is an element of risk. but for those who put in the time, money, and effort, that risk could lead to great reward.
Here are some things to consider before starting your journey.
Determine the why
REALTOR® Aaron Fox with Century 21 Looking Glass has several clients who are real estate investors and he owns a few investment properties himself. He says when speaking to a new investor, his first question is always, what are your goals?
“If you’re looking for residual, long-term income, you may want to purchase a rental property,” he said. “However, if you want a quick return, flipping may be the better route. Understanding the goal is critical before moving forward because each option has a drastically different set of criteria when it comes to the property search.”