Are You Ready to Start Your Real Estate Career?

There are many ways people choose to get involved in real estate. Some people want to sell real estate. According to Indeed.com, becoming a real estate agent can be a lucrative career, especially if you hit your stride. On average, real estate agents make about $104,256 per year, but in a bad year, it can be as low as $19,000, and in a great year as high as $205,000. The demand for real estate agents is expected to grow between 2020 and 2030 by about 4%, so if you are considering a future as a real estate agent, you may find yourself in demand.

But there are other ways to enter the real estate marketplace. One of the most lucrative ways is to become a real estate investor.

Tips for Buying an Investment Property:

According to Redfin, investing in real estate can be an exciting and profitable adventure if you understand the complexities of the real estate industry and the time it will take to purchase your first property.

Here are some helpful tips as you traverse the real estate investment industry.

• Learn from experts: Learning from industry experts can help you with market research, learn how the industry works, and learn from the missteps taken by others so you don’t have to repeat them. Many industry experts like Kathie Russell of the North Carolina Real Estate Investors Association, Subhadip Chakrobory with Fast Cash My Home, and industry expert Patrick Carroll offer insights on their blogs and articles.
• Build a great team: Real Estate investors have close alliances with others in the industry. They need a good real estate sales agent, a knowledgeable contractor, and an investment lender. These three individuals can help guide you to great properties, determine they are built well, and help you get funding for the property. Collaborating with the best in the industry can prevent costly mistakes.
• Rely on market data: Market data doesn’t lie. You can determine risks and smart investment opportunities by studying available data. A comparative market analysis enables you to understand the state of the market. It can help you determine if your best bet is a flip or a long-term investment. Market data can be your guide by providing key information such as property prices, rental costs, vacancy rates, and real estate trends.
• Explore different loan options: As an investor, you need to know the best way to invest your money and how to get the lowest rates with the fewest fees. This is crucial if you want to continue to make investments. As you go through the loan process, compare mortgage rates, government-backed loans, and other private financing options. Research all available options and meet with experts to find out what worked for them and what didn’t. Again, you can learn from those in the industry so you don’t repeat their mistakes.

The real estate market can be very rewarding, no matter how you plan to be involved in it. As an agent, you will be thrilled with every sale you make. As an investor, you will need to conduct your research, meet and consult with experts, and align yourself with the best in the industry who can help you make the right investment decisions and meet the financial goals you have set for each property.