Congratulations are in order! Assuming you’ve gone through each of the previous steps in this series, you are the new owner of a rental property. Now you have a choice—you can self-manage the property or hire a property manager to do it for you. If the property is not in your state you may have no other choice but to hire a property manager, but even if the property is down the street, you may still opt to enlist a professional resource.
Welcome back, you’ve made it to the fourth stage in this six step checklist series for new real estate investors. Leading up to this step, you have: (1) defined your investment strategy, (2) secured financing and (3) evaluated rental markets and searched investment properties—now it’s time to make the offer.
At this point, you and your real estate agent have explored the market, evaluating potential rental properties and you’ve identified the one you’d like to submit an offer on. Much like the traditional home buying process, you and your agent will put together the offer that your agent will submit to the seller’s agent. The seller and their agent will then review the offer and negotiations will begin.
You’ve defined your investment strategy and now it’s time to start thinking about how to get financing in order for your first rental property. In this step, our goal is to educate you about the various financing options out there and help you determine which solution is the best fit for your investment strategy. With multiple products to choose from, varying requirements and numerous approval phases to navigate, the financing process can often be very intimidating, particularly for newer residential property investors. In order to determine the best path forward, it’s important to understand your options.
You’ve decided to take the plunge into real estate investing and you’re probably wondering “what now?” The first thing you need to determine is your end goal. Ask yourself what it is that you ultimately want to get out of your investments? Do you want to generate enough passive income to retire early and travel the world? Have you always dreamed of entrepreneurship and being your own boss? Maybe you just want a cash-flowing investment property to supplement your income and build wealth. Point being, the more compelling your goal motivating your investment is, the stronger likelihood you’ll have of turning it into reality. Write it down to refer back to when things get tough. With a clear purpose defined, you can now begin building a road map outlining how you’ll go about achieving your ambitions.
Investability was designed to help real estate investors like you navigate the somewhat unclear and confusing realm of real estate investing. There’s no doubt investing in real estate comes with countless benefits, but many people are deterred because they don’t feel empowered to make informed decisions and of course, don’t want to waste their hard-earned money. That’s where we come in.