Real Estate Investing - Cedar City Utah Real Estate
As a real estate agent, while I am out and about, I meet lots of people who mention that they are real estate investors. I basically classify these people into 2 categories. We have the investors and the fakes. The investors have multiple closings under there belts and are always willing to learn new or improved techniques. Then we have the fakes. They always have a lot to say but no real action behind it. I have a built a list of a few tips for people looking to move into that investor category.
1) Carlton is great but it really isn’t as easy as it may seem on TV
Real Estate investing is HARD WORK. You need to build relationships with a multitude of people. You have to be able to recognize and react to good deals when they come about. You then have to follow through with your plan.
2) Takes money to make money
Many people want to jump into real estate investing. You really need to start out small and work your way up to the bigger investments. The old saying is “Walk before you run” This is extremely important in Real Estate investing. I know there are no money down programs or other ways to buy houses without any of your own money but realistically you will need some money in order to get into real estate investing. How much depends on how big you want to start. This is why I recommend starting small and working your way up.
3) Long Term – Like the stock market real estate should be a long term investment
There are a few different ways in which you can make money in real estate. Some are quick and some are longer term investments. From my experience in real estate I can tell you that the shorter term the investment the higher the risk. For instance if you are buying an old house, remodeling it then reselling it, there are a lot of factors and risks involved. For those risks you are rewarded with a decent gain. High Risk – Decent reward. Now if you buy income properties, where you hire a property manager and buy then forget about the property. When you sale in 10 years you will get a big reward from the appreciation of the property and you also reaped the reward of a monthly check. Low Risk – Extremely high reward.
4) Find a good realtor you trust and use them.
As a realtor I won’t go into all the benefits of using a Realtor. I will just say that as an investor a good Realtor can be the best partner you could ask for. They help you find, evaluate and sale your real estate investments.
5) Take Action
If you find that super deal you need to be ready and willing to take action. I have seen investors lose to many good deals because the hesitate or didn’t take action when they knew the property was a great deal. To be a successful real estate investor you need to balance being cautious and being willing to take action. The best way I found to accomplish this is to have your homework done in advance. Get your network of partners set up in advance so when you do find a great deal you are able to take action right away.
There is a lot of money to be made in Real Estate investing. There are also ways to lose a lot of money. I would suggest that if you are interested in investing in Real Estate you should start off by teaming up with someone else who has some experience. There are a lot of variables that you may not have thought of prior to purchasing that property and it is always good to get a second opinion. Remember real estate investing is hard work, it isn’t what you see on TV where you suddenly walk into hundreds of thousands of dollars of profit in your first deal.
If you are interested in Southern Utah real estate investing I would be happy to help you find the property you are looking for. As a Southern Utah Realtor I can help you in the process of finding and selling real estate investment properties. I have the experience and market knowledge to know what you should and shouldn’t be investing in. I will work hard to ensure we have a successful relationship. Please call me if you would like more information or would like to view potential real estate investment opportunities. You can search the MLS for Cedar City Utah Real Estate by clicking here.
