Ali Ata has spent his career in real estate investment, he began working as a real estate agent in his younger days and in the last decade he has switched his focus to the buying and selling of luxury real estate. He is then the perfect person to offer advice to beginners who are just about to embark on their real estate investment career. Real estate investment is a great way to put your money to work and it offers a stable and diverse market for investors. Before you get started, here are some tips which Ali believes you should pay attention to before you part with a single cent.
Because of the large amounts of money that are involved in real estate investment, you can’t afford to make any mistakes and that is why now is the optimum time for you to get researching. Expect to spend at least 3 months learning about this industry and how you will operate within it. You should be looking at the market in various locations, which impacts the price of houses and how the market moves. You should also focus on what trends there are at the moment and which real estate property types are the easiest to sell and rent out. The more information you gather now, the better your chances are of success once you get started.
Once you get started in real estate investment you are going to need to call upon many different services with regularity and that is why it is important that you use this time to make some contacts. For example, you will need lawyers and a solicitor on your team, you may also need workmen and construction companies and these services are going to give you much more favorable deals and prices if you have a relationship with them.
Understanding What Type of Investor You Will Be
There are many ways to make money in real estate and knowing what type of investor you plan to be is also going to be helpful once you get started. For example, you may wish to flip properties that involve buying them cheap, investing money to get them up to scratch and then selling them on for a small profit. Alternatively, you may wish to look for a long term investment and rent out the property or properties over a number of years. The choice is, of course, yours but deciding now will help you to get an idea of how to get started.
Finally, you have to align your finances and know exactly what you can afford to spend on your first property. Plan well as that cash will be tied up in an asset and you don’t want to restrict your ability to invest capital elsewhere. Make sure that you always leave money in your account as in this game there are always additional things to pay for which you may not have foreseen.