Investing in Real Estate is one of the best ways to build wealth, but as with most major investments, getting started can be intimidating .
Before purchasing your first investment property, here are a few things to consider.
- Financial situation. Are you financially able and stable? Can you afford the upfront costs of an investment property?
- Investment goals. Have you discussed your plans with a financial advisor? As with any investment, investing in real estate carries some risk.
- Time commitment. Do you have the time to manage the property? Being a landlord can be time consuming so be sure you can dedicate time for managing your property or you can hire someone who will.
- Pre-approval. As with any property purchase, you’ll need to go through the pre-qualification and pre-approval process with a reputable lender.
If you are considering purchasing your first investment property, contact me at 864 616-5368 and we can discuss some options.