Are you currently in the market for an investment property? It’s a good time to get started! But finding the perfect property as a first time real estate investor isn’t so easy to manage.
Related: Making money in real estate: Getting the right type of mortgage to further grow your net worth
However, you didn’t quite expect the market to be so slow moving at the moment. And you’re not sure what you can do now to snap up your investment dream in the next few weeks. And that’s why this post is here. We’ve got some excellent tips on finding a property that’s just right for your investment goals below.
Get your contacts sorted
Before you invest in any properties, it’s good to build up your real estate network. From investing in a new build to securing a fixer upper, it’s hard to face the process entirely on your own. And having an experienced contractor on your side from the beginning is key. They’ll be able to tell you what repairs you should expect, and the associated costs, which will much better inform your investment decision.
Hiring an agent could be a good move here as well. You need someone who knows the market intimately on your side. And there are many estate agencies that focus specifically on matching investors with investment properties. By simply registering with an agency, you can often get the first pick of what they’ve got to sell.
Use property websites in tandem
A property website is your one stop shop for sniffing out the market. But should you really stop at just one? As you know they’re a listing of most, if not all, the properties currently for sale in your local market. They do most of the heavy lifting for you. However, it’s a good idea to use more than one real estate website when you’re looking to find an investment property.
After all, some websites have more listings than others. You can cross examine how and when these listings are hitting the market. You want to be sure you’re getting a good deal on any property you invest in. So it only follows that you’ll need more than one Real Estate Portal for monitoring purposes. Some websites may carry more estate agents than another as well, and you’ll want to get to know as many of these as possible.
Buy a rental building first
Finding your perfect investment property straight away is rare. Most people have to build up to this point, and you may be no different. So maybe it’s time to look into buying a rental investment? This is a good way to get started, as you can both live in a building like this as well as rent out all that spare space. That may even net you the chance to get a standard residential mortgage on top as well, which saves you a lot of money for investments later on.
Want to invest in real estate? Take your time and build your profile – the perfect property will soon follow.
I am a 50-something Torontonian who loves everything about my city. It’s been my home, my playground, for my entire life. I went to school here. I met my wife here. I own real estate here. I love writing about the transformation of my city on the world stage, which hasn’t been anything short of dramatic. That continues on, as I write this. I write on the real estate scene. I write on travel and fashion. I like following the world of luxury watches.
But I love writing about cars – check that, luxury cars, a level of superior, engineering sophistication, high performance and style, that transports you not just from one destination to another but also out of whatever you are going through on a particular day, whatever mood you are in, all to another head space. It’s complete and total exhilaration, head to toe.
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