If you have ever thought about getting into the property investing business before, 2019 may be the year to start.
The real estate market is constantly shifting, and an investment may be a great idea in an always-evolving market.
However, it’s important to understand that tactics used 15 years ago or even 5 years ago may not work anymore.
If you’re going to give this a shot, be sure to stay vigilant and don’t limit yourself to old school ways. Keep up with the times and always stay informed on the relevant changes. This is a great way to make sure you stay ahead of the competition.
Preparing for the future in 2019
So early in the year 2019, it’s a great time to study the future of the market. One thing to fully understand is that the market is always changing. At this point in the year, the industry is seeing an increase in interest rates.
This affects some price points more than others do. If that includes your Future Market Value, be sure to give yourself a nice margin to work with for offers that come in. You don’t want to sell yourself short and end up losing money because you don’t keep this in mind.
Different Ideas & Tactics You Can Use
Flipping Houses
Flipping houses on TV always looks so glamorous and simple. However, this isn’t always how it is in real life. If you are looking to get into the property investing, maybe look into some ready-to-go rental properties. Since this younger generation plans to stay in the rental market longer, it may be a great move for you to make a profit on a rental instead of a sale.
First-Time Home Buyers
Speaking of the younger generation, one thing that will greatly benefit you to focus on is the first-time homebuyer. With interest rates on the rise, current homeowners are most likely not looking to move to a better home right now. This leaves an opening for first-time homebuyers. They are still interested in owning property, and helpful tools like FHA financing and lower down payments requirements, they could be considered your perfect target audience. This gives you the perfect opportunity to flip a starter home that will be perfect for a first-time homebuyer.
Get a Contractor’s License
Another tip to think about if you are looking to get into property investing is to apply for a contractor’s license. This is a great way to cut costs and the middleman if you can handle the necessary maintenance jobs on your own. This way you can avoid spending extra money on a general contractor who does jobs that you could do on your own with the proper licensing. Having to hire someone outside can take away from your profit and setting you back.
The Last Word on Real Estate Investing for 2019
Finally, it’s important to know that your financial and personal circumstances are specific to you and there are no one-size fits all approach when investing in real estate in 2019. Make sure you are prepared for any projects or opportunities that come your way.
Remember, if you do decide to delve into the world of real estate investment, no matter how uncertain the market can be, be sure to always think outside the box and our speak with experts who can help! The Realty Medics is a full-service brokerage and we’d love to help you with your real estate investments. Contact us today!
Sources:
Forbes. “Set Up For Success in 2019: 14 Real Estate Investment Movies to Make Before 2018 Ends.” Retrieved fom:https://www.forbes.com/sites/forbesrealestatecouncil/2018/11/28/set-up-for-success-in-2019-13-real-estate-investment-moves-to-make-before-2018-ends/#1c997c596cf6. January 12, 2019.
Curbed. “The 10 Top Emerging Trends that Wil Shape Real Estate in 2019.” Retrieved from:https://www.curbed.com/2018/10/10/17959984/real-estate-trends-2019-housing-affordability-investment. January 14, 2019.
