Are you wondering if real estate investment is right for you? For many people, real estate investment opens the door to financial freedom! Learn the ins and outs so you can make the right decision for you and your family!
Real estate investment is an excellent way to make additional income. Anyone can do it no matter where you are at financially. It takes no special skills, just the drive and desire to keep learning more. Everything you need to know can be researched online or learned from a trusted mentor. Before you dive in, there are a few things you should learn about first. Use the points listed below to evaluate any investment opportunity that comes your way.
The Numbers Add Up
How much homework have you done in regards to the property? Review all financial records for the property to determine if it is really making money or simply has the potential to. Take a look at the sale price, monthly expenses and projected revenue to ensure your investment will be profitable. Make sure you have done enough analysis to know that the profit potential is there and that you aren’t throwing your money away on a poor investment.
You Know The Area
When investing in real estate, there is no rule that states you have to invest where you live. In fact, diversifying your area can help open the door to more investment deals. Take a look at cities nearby (that you can easily travel to scope out) and don’t be limited by your current geography. You can always hire a property management service to help with properties that aren’t close to home. By expanding your geographical boundaries, you will open the door to many new properties you hadn’t previously considered!
You Have The Time
Real estate investment can require time and dedication, especially when you are just starting out. Make sure you understand the amount of time everything will require. From doing the research to screening tenants to scheduling maintenance, being a real estate investor and a landlord can take up a considerable amount of time. Of course, this is exactly what some people are after… replacing their 9 to 5 with a full-time investment career! If you have the time to dedicate, real estate investment is an excellent way to make an additional income!
Your Gut Says It’s Time
So many of us get caught up in the saying we will do something one day, only to realize that day never comes. If you want to invest in Metro Detroit real estate investment, now is the time to take the leap! If you have the passion, dedication, and determination, you will not fail. Sometimes it is best to go with your gut. If your gut tells you its time to make your first investment, we are here to help!
You Have A Good Team
No matter what industry you are in, you need to have a great team of people to support you. It is no different with real estate investment. whether you are a new investor or a seasoned one, having the right team to back you up is crucial to your success. Your team should consist of an accountant, lawyer, agent and local investment companies such as Pinnell Enterprises, LLC. Like you, we are investors. We provide excellent deals to other investors and people looking to buy a house in the Metro Detroit area at a deep discount. If you are ready to buy an investment property, we are here to help!