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With over 30 billionaires who’ve made their fortune from real estate, some believe that it is one of the best ways to build wealth and financial freedom. So what do they know that we don’t? in this guide, we will discuss the top 3 tips on turning real estate into successful income.
Go Ahead and Start Small
You don’t have to jump into full dive to make a successful real estate investor. If you don’t have any experience in real estate, start small and don’t use more money than you can afford. You will need experience on how to read contracts, built your network, and develop an eye for quality and potential. The advantage of real estate is that you can learn the ins and outs while starting small. Just make sure to keep your mistakes as little as possible as well.
Don’t have enough to spend on? Consider wholesale deals. You will need to learn how to put a property under contract and low costs and sell that contract to another buyer before it expires.
Think Outside the Comfort Zone
Having a lot of money doesn’t mean you have to give up on the dream of owning real estate. Focus on the deal at hand rather than your budget. When you want to think big, go big from the start. Opt for at least 16 units and get a manager. If you decide not to get a manager, you will have to dedicate your attention to the property.
Find a Mentor Who Understands the Economy
A strong economy and high consumer confidence will give retail buyers the feeling that the deal is too good to pass rather than fear in renting. The best real estate deals are the ones that look decent and easy the find. Look for a property that already has a manager and tenants in place, join a crowdfunding website, or buy a real estate investment trust. The most profitable opportunities are the new ones that no one else knows about.
Got any tips that you would like to share with us? Comment below and share your thoughts with us!