It's 2014! You may be thinking of investing in real estate this year, but how difficult is it?
Use these 3 tips to make strong property investments without being overwhelmed:
1) Learn Selectively
Learning how to buy that first investment house or property can be overwhelming. If you search Google for “real estate investing” you are given 217,000,000 results!
Pick one niche and one strategy, and learn a little about those. That’s it.
For example, you might be interested in buying small multifamily properties, like duplexes or triplexes, and hanging on to them until retirement. Searching Google for “how to buy a small multifamily property” will bring you far more targeted responses.
2) Start Small
Yes, you may want to acquire millions of dollars in real estate to stock your retirement fund, but that million dollar portfolio starts with a single purchase.
Perhaps it’s your goal to buy ten single family houses over the next five years. You do not need to buy all ten this year, or next. Perhaps you can buy just one this year, while learning how the process works. The year after you might buy two. Each year, you become more and more familiar with the process and can buy more and more properties.
3) Buy Only the Best Deals
Remember these three simple words: Quality over quantity.
Having hundreds of properties does you no good if you aren’t making any money from them. When you are a multinational corporation or large hedge-fund buying up property, you can wager your bets and buy thousands of properties. However, if you are a regular person looking to stock your retirement fund, you can’t afford to buy bad deals.
Buying the best deals will allow you to spend less time managing properties, give you less stress while owning them, and help you build wealth even faster.