Monday, July 29, 2019 / by Natasha McNealy
Real Estate investing is a smart way to invest your money, especially in the up and coming Boise area. Our city is continually growing and recognized as one of the most ideal cities to be living in, in the country. While it is smart to start investing your hard-earned money into real estate, it is important that you take your time researching your market before you start investing your money.
Here are some tips you should take into consideration when you are getting started in real estate investing.
- In order to find yourself in a profitable investment, start with the basics of finding a property that is lower cost so that you can make a profit when you sell high. However, you cannot go looking around for the lowest priced property and believe it is going to make you a profit. You still need to consider important factors like the location of the property. This is where it is key to do your research and to have an agent by your side. The smartest places to invest your time and money are near neighborhoods that are already popular and definitely ones that are up and coming. A place where you can almost guarantee growth is where you want to be.
- It is important to improve the property that you have invested in. You won’t be able to slap some paint on the walls and call it a day, but at the same time, these projects don’t have to be over the top, complete flipping either. If there are things that are broken, fix them. Consider adding in new appliances or adding in an extension to the closet or master bath, new wood or laminate flooring - things that can make your property more valuable when it comes time to sell. Modern-day home buyers love to see a clean slate on existing homes so that they will be able to make it their own. Adding in some modern touches will make your investment property more enticing to potential buyers. However, be careful and make sure to plan out what exact projects you plan on taking on before doing them. By setting a budget, you will make sure that you are not spending too much money where you won’t be able to make a profit after all of your renovations. You don’t want your income to be less than your monthly expenses.
- Finally, don’t be afraid to ask for help and advice. Things may not go in your favor during your entire investment journey, but that is just part of the process. Some things are unpredictable and you will need to make sure financially, you have a little cushion to fall back on in case things don’t go as planned. There may have been underlying issues you were unaware of or your property sits on the market longer than you anticipated. Agents With a Smile would love to help you find your next investment property and would love to share our expert knowledge and research in order to make sure your investment is a success!