These are the first three steps to know if you want to begin investing.
I’ve been speaking to a few people lately about how to get started with investing, so today I’m sharing the first three steps involved for anyone else who might be curious:
1. Find someone experienced. Whether it’s a real estate agent you trust or a family member, find someone who’s experienced in the business to assist you. They don’t necessarily have to be experienced in investing, but that would help.
2. Figure out how you’re going to pay for the property. This often means finding someone who will lend you the money, but cash is the best way to go if you have it. People usually meet with a mortgage lender to help them finance their investment. You could also meet with a private lender; they’re usually more flexible with their lending criteria. The third option is to ask a family member, which isn’t uncommon for first-time investors to do.
“Cash is the best way to buy an investment property, but getting a loan works too.”
3. Get educated. Get on the internet, do the research, and find some books on investing (there are many great ones out there). You’re looking for information about what’s going to be a great investment property. Where are these properties typically located? What type of return on investment can you expect from a good investment property? Learn all you need to know before jumping into the investing pool.
If you’d like to discuss investing further or have any questions, please reach out via phone or email. We would love to speak with you.
