#3CentThursday | EPISODE 4
TOP 3 QUESTIONS TO ASK YOURSELF BEFORE INVESTING IN REAL ESTATE
QUESTION #1 – HOW MUCH MOOLA DO I HAVE TO INVEST?
Right? This is super important! So you want to look at only the money you can afford to specifically invest in real estate. Please don’t use ALL of the money to your name, that could put you in a very tough spot if things go south! Secondly, if you are interested in borrowing money for real estate investing, then you’re going to need to start speaking with a lender to see how much you can qualify for. After you’ve done this, you can take into account all of the money you have to invest, plus what you can qualify for, and see at the end of the day how much money exactly you have to work with to do a real estate investment.
QUESTION #2 – WHAT IS MY END GAME?
Everyone is in different stages of their life. So some people might be thinking that they want to have passive income for when they retire, which might steer them more towards rentals. Some people might want cash now, so maybe they’re going to look more into flipping homes. There’s different areas of real estate investing and different ways that you can do it. So having an idea of what you want that end result to look like will help you decide which investing direction you want to go and put yourself down the right path to achieve that goal. Because here at the Realtor Family, we’re all about helping you achieve your goals!
QUESTION #3 – WHAT SKILL SET CAN I BRING TO THE TABLE?
So for example, if you’re considering flipping and you have a construction background, you’re already a step ahead! If you don’t, that’s ok, however you might then want to consider bringing on somebody who does. Yes, bringing other people onto your team may seem like you’re netting less money because you have to work out a profit split, BUT, it should increase the amount of money you have (and/or qualify for) on a project, meaning a larger scale or number of projects you can handle. So although some people prefer to go it alone, bringing together a great team should mean more success for you in the long run. All in all, align your skill set and the goals that you have in mind, bring on any missing pieces, and make that dream happen!
Thank you so much for reading, and we hope you've found this information helpful! Please reach out if you are considering investing in real estate!