It pays to do your research before buying an investment property. The amount of money at stake is significant, and you want the best return on your investment possible. We’ve compiled a list of tips from the real estate pros that will help you navigate the process of buying your first investment property.
Tips on Buying Your First Investment Property
Be honest about your prospects
Let’s be honest, investing in real estate is about the furthest thing from a “get rich quick” scheme there is. That’s exactly what makes investment property appealing. If you approach it right, it’s a sound, stable, and secure investment that will benefit you for decades to come.
This also means you can’t go into it expecting immediate returns. If your personal finances aren’t in order then adding a real estate investment on top of that may not be the right choice for you. The most important thing is that you take your time before you make a big investment like this and approach it from a position of brutal honesty.
Go in with a plan
Investing in property, just like any other investment, will go much better if you approach it with a sound plan. This is especially true when it’s your first investment property and you don’t have the benefit of previous experience to guide you.
You often see people who are itching to jump into the market and do so before they are truly ready, and that usually has dire consequences.
Pay attention to location
You shouldn’t consider real estate in a vacuum, as a building is so much more than what’s in between the walls. The perfect building could be a terrible investment if it’s not in a good location. A good location doesn’t just mean low crime and high income either, what’s equally important is that it’s in the “right” location.
What’s right for one person may not be right for another so this is another area where your plan will come in handy. The main takeaway here is that you should think about the building location and how that fits into the plans you have for your investment.
Don’t fly solo
Since this is your first investment property, it’s unwise to attempt to do everything yourself. Even those with prior experience in real estate investments often partner with professional real estate firms to ensure they purchase a good investment property.
The commercial real estate market is full of potholes and traps, and having the years of experience and wealth of resources possessed by a real estate firm at your disposal will be an invaluable tool in achieving your investment goals.
At Ullian Realty we’ll put our 50 plus years of combined experience, specifically in the Brevard County Space Coast commercial real estate market, to work to find you the perfect investment property. Please contact us at 321-729-9900 or firstname.lastname@example.org today for more information on investing in property in the Melbourne, Florida area. Our real estate process puts us a step ahead of the competition, and we will help you find the right investment property for your needs.