If you think about some of the greatest assets on earth today, one is real estate. This explains why many people want to invest in it. But then, this rush has always led to failure for so many people.
The result is people losing their hard-earned money to the investment.
This state of thing is not encouraging, and there needs to be a solution to it. To find a solution is why we have brought Winston Deloney to weigh in on the matter. In this chat, Winston Deloney will enlighten us on how to start investing in real estate in 2021.
This interview seeks to get answers that will enable us to be able to start investing in real estate this year.
In 2021, is investing in real estate a wise choice?
There can never be a time when investing is a bad choice. From my experience, what often makes the difference is what a person is investing in at a particular time.
For real estate, it is a wise choice to invest in it in 2021. Real estate has always been one of the best areas you can make your investment in. In my opinion and drawing from my experience, this hasn’t changed. So, it is still a great time to invest.
As a novice, what is your advice for me if I want to invest in real estate?
If this is your first time of investing in real estate, you have to be watchful. As a first timer, there are some boxes you need to check. This would allow you to make the right choice at every step. Some of the things you need to do include:
- Identifying your financial stage
- Deciding which real estate investment strategy you want to use
- Deciding on a target market
- Making a choice about the criteria of your investment property
- Building a team
- Lining up your financing
- Sourcing for cash for you reserve and down payment
- Strategizing on how to find deals
If you check the box for all of these, then you are on the right track to investing in real estate and getting your returns.
Do I need to possess some level of skills or education before investing?
The good thing about investing in real estate is that you don’t need a certain level of education or skills. What investing in real estate involves is common sense. If you have it, you can be sure to succeed in the industry.
However, though you don’t need formal skills or education, you still have to understand how the system works. Knowing how the system works will inform many decisions that you make with regards to your investment.
What should I look out for when investing in real estate?
There are some things that you need to look out for when planning to invest in real estate. In my experience, these factors are important and they determine a whole lot about your investment. Some of the things include:
- Property location
- Valuation of the property
- Expected cash flows
- Profit opportunities
- Investment horizon
- Investment purpose
If you are just going into real estate investment, these terms would look strange to you. So, it is better you speak with a financial or investment expert to guide you through.
Are there any risks in investing in real estate?
Yes, like every other investment, there are risks attached to investing in real estate. I can say that there are more hiccups when you’re investing in rentals.
But these common mistakes when it comes to rental properties can always be prevented. If you have the right information, you can always make the right decision at critical times and avoid these risks.
This is why it is important to follow those who have genuine knowledge about the system and are willing to share.
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