Detroit area real estate investment is an excellent way to generate extra income for you and your family. In our latest post, we offer some great tips on getting started!
Have you considered investing in Detroit real estate? Many people think about it, but it can be tough to get started. The process can seem overwhelming and intimidating. After you make your first investment, you will feel much more confident in the process. Use the tips below to get prepared to get started in Detroit real estate investment!
Hit The Books
You know all of those study habits you were encouraged to use in school? Now is the time to put them to good use. Read and get your hands on as much information as possible. Learn general investment practices as well as local information. Create alerts to let you know when there is new information about real estate in your area. You can never know too much, so make it a point to learn something new every day.
Find A Mentor
Someone who has walked in your shoes can provide you with some valuable insight you won’t be able to learn in any book. Is there someone you admire who has achieved the level of success you are after? Reach out to them, let them know you want to learn, and you might be surprised at how many people will want to help. They will likely feel flattered and be happy to teach you what they know. Of course, you will want to offer to help them out with deals a few deals in exchange for their knowledge.
Develop Criteria And Strategy
Before you invest, take a critical look at what kind of property you want. How much do you want to pay? Are you flipping or renting? What neighborhoods are performing the best? Who is your target market as a tenant or for a resale? There are many things to consider and you will benefit greatly by setting your limits ahead of time. Your strategy can change as the market changes, but you should have a clear idea of what you want and what your goals are.
Build The Right Team
You can’t do it alone. It is important that you find and work with people you can trust. Your team should consist of a reliable agent, a lawyer, an accountant, a property management company, lenders, a title company that understands what you are doing and even other investors. By networking with fellow real estate investors, you can share tips, pass on deals and continue to learn more about investment. In addition, you will want to have a team of people to help you with the property such as a go-to repairman, an inspector, electrician, landscapers, painters, a general contractor, and more. Having honest, reliable, and trustworthy people on your team is imperative. You will want to know and stand behind their work as it can be a reflection of you.
Work With A Professional
When you work with a company such as Detroit Real Estate Investments, much of the legwork is done for you. We are investors like you, who are only interested in purchasing high-value, low-cost properties. We fully research the homes we buy and are able to pass along some tremendous deals to the buyers we work with. If you are just beginning to build a portfolio, working with other professionals will help you learn the ropes while making wise investment choices. As professional buyers and sellers in the Detroit area, our team can help you find the property you’ve been dreaming of!