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Investing in real estate can be a scary process for new investors. There are so many questions and concerns that run through a new investors mind. One of the biggest hold ups a new investor can make is to over analyze a potential opportunity, waste valuable time, and lose out on a deal.
Doing your research to become the real estate market expert is an important step in the investing process, but don’t let that be the only thing you do as a real estate investor. Start your quick flip real estate investing career sooner than later. Doing your homework is important, but money won’t be made until you start to invest. Once you’ve defined your target areas, gained knowledge of absorption rates and the market’s direction, it’s time to start your quick flipping property search.
Tip #3 – Find your property
Search the Internet daily and familiarize yourself with your local real estate market. Keep a list of potential investment properties. Sub-categorize it into a list of “current deals” and “properties to watch”.
Next, drive by investment homes that are of interest to you. If it is a potential investment opportunity, make arrangements to view the interior, whether it be at an open house or through a local real estate agent.
Choose an agent
It’s always a good idea to use an agent that has knowledge of real estate investing. They can run comparables and advise you on whether or not the property is good deal. Better yet, see if you can find a local real estate agent that works closely with a licensed contractor who will provide a ball park estimate on the renovation costs.
Not only am I a Sarasota Lakewood Ranch real estate agent, but I am a quick flipper as well. My husband is a local builder (Brista Homes, Inc) and licensed contractor, so my clients have the benefit of viewing properties and receiving renovation estimates quickly, enabling them to make a decision on a property before it’s gone.
Your local real estate agent can set you up to receive email alerts for properties on your “watch list”. My last three quick flip properties were from my “watch list”. All had drastic price reductions. We previously viewed the properties and knew the estimated renovation costs, so once I received the price reduction alert, I submitted the offer within hours. This is one of the many benefits of using a real estate agent.
Real estate investing requires doing your homework, but don’t get stuck in the homework phase. The sooner you get started in your real estate investing career, the more comfortable you will become. It’s like with anything, the more you do, the more you learn.