Are you ready to invest in real estate?
Nearly anyone can make money in real estate, but in actuality, very few do. With nearly no exception, the high failure rate has little to do with your intelligence level. No matter how smart you are (or are not) you need to be able and willing to work hard. Being ABLE to work hard is NOT the same things as being WILLING to work hard, but you need both.
According to US News, you also need to make sure you meet this checklist:
- Do you have financing in place? (Your own or via someone else)
- Are you ready and willing to learn… a lot?
- Have you researched your target market?
- Can you handle vacancies? (if you’ll be a landlord)
- Can you handle repairs to property you own? (if you’re buying and holding)
- Can you handle the rehabbing process? (if you buy a non-turnkey property)
The adage of “invest in real estate because they’re not making it anymore” has enticed more than a few people to buy property. There is money to be made in this alternative asset – and for the unwary, money to be lost.
That’s because real estate isn’t just an investment; it’s a commitment, too. “If you’re going to take on the responsibility of an investment property, you have to be prepared,” says Nancy Doyle, author of “Manage Your Financial Life.”
Even after you’ve shelled out a healthy sum to purchase an investment property, it continues to hit you with costs, whether for taxes, upkeep or refurbishment. If those costs are more than you’re prepared to take on, selling the property won’t be as easy or quick as trading a mutual fund, and as with any investment, price appreciation isn’t guaranteed.
To read more of this article in US News, you can visit https://money.usnews.com/investing/real-estate-investments/articles/2018-05-31/this-is-when-youre-ready-to-invest-in-real-estate