One great way to get into investing is through real estate. Success in real estate investing is a proven method of having a high-paying career, but it takes time and effort to get to that point. Since the real estate market always changes, you will need to be prepared and ready for everything.

Real estate investment doesn’t have a map or an instruction guide. It takes time to reach a point of success, but that also means it isn’t impossible. With the right amount of knowledge and the dedication to learn, your first real estate investment could be big.

To help you get on the right track for buying your first real estate investment, here are 9 tips to keep in mind. Try to determine what your specific goals are, what strategies you want to implement, and how you want to invest. These tips will help you get the right footing as soon as you start your search.

What Should a First Time Real Estate Investor Know?

Real estate investing can be a complicated journey. Before taking your first step into the waters, you should be prepared. Do you know what you want and how you want to do it? These are questions that should be answered right away.

Investing can be a life-changing decision. It comes with many benefits and provides a continuous source of income. However, it also comes with disadvantages and possible risks. That’s why it’s important to know as much as you can before jumping right in.

What tips would you give someone who is buying their first investment property?

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1. What are your goals?

What do you want to get out of investing in real estate? Do you want to earn passive income or do you want fast generating capital? These are both ways you can earn money from investing, but you have to pick one before starting. Without a clear goal in mind, you might find yourself lost.

There are big risks that come with investing, even if the rewards are great. You have to be 100% sure of what you want to achieve, so that you know where you’ll go in the future.

2. Find a great real estate agent.

Investing in real estate involves plenty of factors to consider. When you’re thinking of getting into investing, it’s a great idea to consult the experts of the field you’re investing in. This ensures a higher rate of success and helps prevent you from  making common beginner mistakes.

Nancy Braun has been in real estate for more than a decade. She also invests in properties and knows the ins and the outs of what a buyer investor needs. Nancy and her team are the best choice you can get, especially if you’re looking for properties in Charlotte, NC.

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3. Pay all remaining loans you have.

Investing while you have an unpaid debt can be hard. There’s no guarantee that your first investment will grant big rewards, so it’s best to be safe. You don’t want to have another financial problem lying on top of any pre-existing debts you may have.

This includes student loans, credit card bills and medical bills. Paying these off before investing can give you room to breathe, even if you will still be wary of the risks.

4. Understand the risks of investing in rental properties.

Real estate investments do not guarantee automatic income. For example, your rental property might be  vacant for more than a few weeks or months, but you will still have to pay for its bills and maintenance.

Aside from that, there are also situations where tenants miss their rent deadlines repeatedly. Not only will you have to evict the tenant, but you’ll be the one to pay the bills for the property.

Those are only a few of the risks, but there are plenty more that come with investing.

Having said that, hiring a professional property management company like Carolina Property Management will be a game changer. The company, also owned by Nancy Braun, ensures properties are cared for, always rented so you’re consistently getting your rent, and are gaining ROI.

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5. Figure out what strategy you want to implement.

You can use different strategies to gain income when investing in properties. You can invest in a rental property, flip houses, or invest in a Real Estate Investment Trust (REIT).

You might be tempted to jump into all of them at once, but that can be tricky. Being a beginner means you’ll have to take one step at a time. Trying to follow too many investment  strategies can overwhelm you, leading to mistakes and confusion.

Picking one strategy at first and focusing on it until you’re a pro is the better decision to make.

6. Be financially ready.

With every business opportunity, you must be prepared financially. This isn’t restricted to paying off all your debts. Financial preparations also include a clear budget, an emergency fund, and safety nets just in case things aren’t successful on your  first try.

7. Understand the Real Estate market.

Understanding the market you’re planning to enter is crucial. This is not only true in real estate, but for every field of business. Get to know the market so you can evaluate prices, be educated on how much money you should be making, and learn what can go wrong in the process.

Are you planning to invest in a specific area? Research on the conditions of its housing market and how real estate is faring there. Put in time and effort to understand factors like this, and you will become aware of any possible opportunities or mistakes that might occur.

8. Research is the foundation of success.

Educate yourself in the art of real estate. It’s not just about buying or selling houses. An investment takes a lot of bravery and preparation. This means it’s essential to research the field you want to invest in. Better yet, talk with Nancy Braun — an expert investor.

Give yourself a sufficient amount of time to gain as much information as you can. Don’t rush because it can lead to mistakes and mishaps. There is plenty of help available, whether online or in person.

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9. Be ready for everything.

Research, financial reassurance, and comprehension of  the real estate market are only the fundamentals of investing in real estate. After that, there’s plenty more that you need to face. This includes difficult tenants, abrupt changes to sales and pricing, and many more.

The experience is not easy at first, and there may still be bumps and hiccups in the long run. However, the rewards do get better as you continue to learn and understand how the market works. Be prepared to do the math, be brave, and accept any risks that might come along the way.

When Investing in Real Estate, What’s the #1 Rule?

The investment experience is not the same for everyone. It may vary from person to person due to the changes that happen in the market. The number 1 rule when investing in real estate is “Be adaptable”. Things never stay the same, which is why adaptability is one of the key traits you should have as an aspiring investor.

Use these tips to start you off on your real estate investment journey. If you need assistance and are looking for an expert real estate agent and property management, Nancy Braun can provide you with a full service experience – from buying properties through Showcase Realty, to ensuring an ROI through Carolina Property Management. Call Nancy today at 704-997-3794.

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