Personal Advice For First Time Owners
1- Knowing Your Time Frame - For any "small scale” investors.. ask yourself whether you would like to hold on to a property for several years or if you would like to flip it. For those interested in a quick flip, renovating a fixer-upper.. that is priced at less than market value.. might make sense. For those looking for something that will appreciate over time, it helps to choose neighborhoods on the upswing.
2- NEVER buy at retail market value. If you can’t get the home at a 10-20% discount to its current market value, don’t do the deal. You want to leave the closing table with that equity as either future profit or a cushion should you have to sell before your initially planned liquidation date
3- When buying a place always look at the last year of utilities and taxes before working on a deal.
4-When you're buying an apartment, you're paying per square foot, whether it's one bedroom or five. Renters, on the other hand, pay a premium for the number of bedrooms, regardless of their size. Look for smaller square footage for bedrooms: a small two-bedroom or three-bedroom unit.
5.Experts say this can be quite common with first-time buyers. Check the emotions at the door and think with your head.
Always keep in mind the re-sale value of the home you want to purchase, and remember that in real estate it’s all about location, location, location.
6-The key to a successful rental is one that cash flows from the day it enters service. In order to do so, one must buy a house where mortgage and expenses are less than their rental income in an average market.
7-Talk to a Property Manager not just a Real Estate Agent. Top Property Managers know what type of places are renting out, where people are wanting to rent and what is in demand.
Property Management is key .. why?