It is common for investors to move in the direction of real estate only to find that it is very different than other types of investing. This can be an overwhelming experience. However, with some basic knowledge to get you started, it doesn’t need to be difficult. The goal is to minimize your risks and maximize your return. With the right steps, real estate investing can be very lucrative. Enjoy some of these real estate investing tips from Joliet IL Realtor Jeff Gregory.
It is a good idea to start with a business plan as real estate investing is a business. Determine your short-term and long-term goals. This plan should include all necessary steps to accomplish those goals, as well as, financial projections. Make sure it is practical and measurable. There are great resources on how to develop a business plan on sites like Score.com. Working with investors as a Joliet IL real estate agent has proven the necessity of this first step.
It is likely that you will need financing. If this is the case, shop around for a good mortgage broker. Seek the counsel of your real estate agent. If you are near Chicagoland, contact Joliet IL real estate agent Jeff Gregory for all your real estate investing needs. Another item on the to-do list should be getting your credit report. You will need a credit score of 700 or higher.
Seek and Find
You don’t want to only look for properties that are near you. Remember, this is a business. Look for property that is in good condition and in an area where you will likely get renters. Maintenance on the home is a factor to consider, but if you choose a property in good condition, those maintenance calls should be light. Utilizing the MLS will be your first place to find homes. However, you can also take advantage of auctions. It is this Joliet IL Realtor’s suggestion that you establish a good relationship with a real estate agent that understanding investing. You’ll want a real estate agent that can find properties with your goals in mind. They need to understand things like the need for a return on investment, net operating income, and debt service. For help with your investing needs, contact Joliet IL real estate agent Jeff Gregory today!