Everyone dreams of making money in real estate, except for the people WE work with, because they are actually making it! Here is a very simple guide to getting what you want out of investments. First, it takes money to make money. Where are you going to get your money from? A quick meeting with us will help determine what your choices are. This is one of the three pillars of investments. You can get money from banks, friends, relatives, hard money, and even investment groups. With us guiding you, we will make sure your money makes money.
Second, you need a knowledgeable Agent. You need an agent that has participated in hundreds of investments and can identify and choose between the right ones and the wrong ones. Start with how much money you can rent the property for, subtract out holding costs such as mortgage, insurance, and upkeep costs, and what you are left with is your monthly profit. Be careful, choosing the wrong agent can result in you paying a mortgage on a house that is sitting empty for months.
Third, you should make friends. Especially friends in the trades. Plumbing, Electrical, General contracting (especially a drywall artist), HVAC, roofing, etc. These guys will be a lifesaver for you. Most investors see their profits go up in the smoke of repairs. Having a quality team of professionals you trust before you need them helps immensely.
All of this is an oversimplification, but having the right Realtor at the wheel can help you steer clear of obstacles and make renting a profitable experience. (Some choose to have property management, some take investments as an LLC, and some may combine a flip with a rental – all of these strategies and many more are what we go over in our one on one.) Check us out today at Marylandhomes.pro because who you work with matters!