Whether you are living in Las Vegas or from the Midwest, working towards becoming a successful investor is possible with a thorough understanding of the real estate industry. While becoming an extremely successful REALTOR or investor does not happen overnight, enough planning and preparation helps to drastically increase the number of professional opportunities you have available to you.
Invest in a Fixer Upper
Choosing to flip houses by investing in a fixer upper is one of the first steps to getting involved professionally in the real estate industry as an investor. When you choose to flip a home, you are often capable of purchasing a property at a drastically reduced value due to the repairs and updates that are necessary for future buyers. Completing the updates and repairs yourself is time-consuming and requires manual labor, but ultimately pays off by increasing the overall value of the home once you decide to place it on the market.
Flipping homes is not only financially beneficial, but it also contributes to rebuilding communities and cities that are overwhelmed with abandoned and foreclosure locations.
Consider Capitalization Rate Before Making an Investment
Keeping the capitalization rate of a property in mind anytime you have an interest in making an investment is imperative to avoid losing money due to your choices. The capitalization rate should range anywhere from 4% to more than 10% annually to help regain any funds you originally invested into the purchase of the property. If you are looking for an in-demand property in a large city such as Las Vegas, a 4% return annually is acceptable, whereas a more rural area with lower demand may only be worth your investment with a guaranteed 10% return each year.
Research Your Competition
If you prefer working out of one central location when dealing with real estate, get a bit more familiar with your top competition with adequate research. Understanding how your top competition receives new clients, referrals, and closes sales is a way to tweak your own sale and business model when moving forward. Learning more about potential obstacles and challenges you are likely to face when investing in real estate is also advisable to avoid feeling helpless or stuck in the event of a hiccup.
Attending real estate networking events is extremely beneficial whether you are new to the industry or if you are seeking opportunities that are worth your time and money. Real estate networking events help connect you with other professionals working in real estate investing, even potential partnerships depending on your current business model and professional strategy.
Taking the time to learn the ins and outs of the real estate market is optimal when you have an interest in investing. The better you understand the real estate industry and the right steps to take when investing your own money the better.
Working with a REALTOR who is knowledgeable and experienced in this area is the best way to go in order to protect your investment. If you want to make a lucrative career flipping homes or investing in rental properties it's definitely possible, especially in a hot market like Las Vegas.
Author:Amber Anderson Phone: 702-343-1424 Dated: January 31st 2018 Views: 205 About Amber: ...
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"I just completed purchase of my first home with Gafford Group. Greg Clutters our agent was unbelievably great at making sure that our needs and best interests were always taken care of and looked out for. Greg went out of his way many times to facilitate showings or just educate us on how the process works. Thank you Greg and thanks Gafford group for making the experience so pleasurable."