Solid assets, that’s what many people call them. But that doesn’t matter whichever way you refer to it, rental property investment is one of the most fantastic forms of investments any entrepreneur could ever invest in.
Why It Takes Long to Get Started
But what does it take to get started on the property investment markets? A lot especially if you are new to the real estate market. The truth is that with other things to plan for especially time, money, education, and rental property investment, making the right choices in finding property, financial aid, savings plan, and the real estate agents can be a pain sticking process altogether.
By this alone, you can see that it’s really tough getting started. Personally, it took me a really long time to hit the road to be more specific, about 9 years. Getting licensed alone took me over two years or so and Yap, a license is one of those things that can really drag the whole real estate business investments.
For most people investing in real estate property is often all about great returns, tax advantages, constant property value appreciation, and the many other benefits that comes by. But for the sake of finding more, learning much, and getting exposed enough about the whole investment scheme I took my time to achieve enough capacity building process.
I wanted to make sure that I knew exactly what I was going into. From all my learning process, I found out that one of the biggest issues was saving up enough money to buy a rental property. However, there are many other ideal ways to raise the money including loans, working with agents, talking to lenders, finding an investor and going into partnership, and many other options.
What is the Biggest Obstacle when Getting Started?
Like I have said personally saving enough money was my biggest issue and so it is for many others. What this means is that you could have small money and think it’s too small to get you that dream property. Well, there are many ways to get started on a rental property with little money. This should include down payment, repairs, closing costs, carrying costs etc. The terms are often specified on free rental forms that most consultants can easily share with you too.
How Long Does it Take to Get Started in this Business?
It took me just about a decade. That’s realistic for many green guys like I was. However for serious guys and people who have tried quite a few times it could take a shorter time. When I got serious it took me only two years. My two years was spent looking for great deals, moving around with agents to locate the best property, boosting my education level, and figuring out where to begin.
Either ways time was taken differs with your needs, financial capacity, desired property, and much more. It might take you as a surprise but some investors could take as short as one month to start investing.
What You Must Know to Successfully Invest Property
There are many things you must learn before you can invest successfully in real estate property including the following.
- Know your local market, what buyers need, and what potential returns.
- Choose your best type of property to invest in too.
- Know how much money you need to start up your investment plan.
- Understand the cash flow and possible returns
- Find a team of professionals to work with.
- Have your own personal investment goals in mind.
If you have no idea on where and how to start on your rental property business, you should find a few experts to advice you accordingly and help you to create a prospective business plan too.
Educating yourself about the type of investment market that you want to join is also very important. You should read a lot, check reviews, determine how to work, and learn how to develop a practical plan.
This post is part of our contributor series. It is written and published independently of TNW.