How to Begin Real Estate InvestmentPosted by Kevin Hughes on Friday, August 3rd, 2012 at 8:42am.
What Type of Home?Before you start investing, decide what type of real estate in Boise would be best for you to invest in. Single-family homes can involve some work for investors, but they are one of the safest bets for real estate investment. Investing in bare ground or commercial properties is a bit more risky. There are different ways to make money with a single family home: you can buy a home, fix it up in various ways, and sell it for a profit or you can rent it out long-term and make money on rent and appreciation. What to do may depend on your individual aptitude for make repairs and working with renters. Real estate in Boise is so hot today that both are good options. Typically, investors look for homes between $100,000 and $150,000 with three or four bedrooms. However, with all the variety among renters today, investment homes don't necessarily have to be within those guidelines. Search all Boise area homes here.
Get your Finances SetHaving your finances in order is a critical part of real estate investment. Make sure that you understand the risks associated with investing, talk it over with potential lenders or your financial planner. Get rates on the same type of mortgage from multiple mortgage companies before you get a mortgage and don't be afraid to refinance if rates drop, though it seems unlikely. Have a few months of rent set aside, as you never know when there may be a vacancy or costly repair. You should be able to pay the mortgage without rent coming in. Also, even if you are planning on selling your investment home quickly, you will need to have the capital to be able to wait a bit if you need to.
Get your Realtor and Team TogetherIt would be unwise not to use a Realtor to help you find good investment property. Hughes Group Realtors will give you excellent customer service and plan on working with you again and again. They will use their internet focus and let you know the moment a house in your range goes on the market. This is absolutely necessary today where some real estate in Boise is selling the day it hits the market. They will also help you fight multiple offer battles to get desirable homes. Don't forget to also use your Realtors to make sure you are buying investment property in a good location for getting lots of good renters and having your property appreciate well. Perhaps most importantly, your Realtor should be able to suggest a good team for a mortgage lender, repairman, attorney, and more so that you have all the help around you that you need.
There are tons of renters looking for a place to live. Will you be able to use this opportunity to build your financial portfolio? Investing in real estate, when done correctly, can be as good or better than any other type of investment. Speak with a Realtor about investing in real estate in Boise today before it's too late!
Call the Hughes Group 24/7. 208.571.7145.
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