We’ll give it to you straight. Yes, real estate IS a very good investment. It can give you the wealth you desire as well as give yourself a passive income. Not to mention, you would be kept busy until you decide you don’t want to work anymore when you’re nearing your fifties or sixties.
However, it’s not as easy as you think it is. However hard you think it is in your brain, it’s harder than THAT, okay? It just doesn’t start with you buying a property and then ending it with you getting the money back for it afterwards. No, it starts with your own money and how you even pay for the property or land that you wanted to buy. And it doesn’t end with anything as easy as you getting the money afterwards. Because you wold have to keep spending for the property you bought. You need to take care of the:
- Repairs
- Upkeep
- Utilities
- Taxes
The maintenance that is needed for this type of business is insane, even if you have renters that pay monthly for their accommodation. As big of an income you get to have by getting into this business, you also have bigger expenses to add to your plate.
We suppose it isn’t so bad for someone with experience. All the financial planning is there to keep you up all night and the negotiating, contacting companies, talking to potential clients and so on. This isn’t the kind of thing to be handed down to someone who can’t stomach a harder path of career. If you’re ambitious enough, maybe you can pull it off with minimal setbacks. If you’re both ambitious AND clever though? You have a better chance than anyone else.
Research
Nothing is ever going to happen without any research done. Research about the property, about the elements to go into this sort of business, about the possible partners, the duties, the expenses, the mortgage and many more. You can’t become someone successful without knowing what it is you are putting yourself into first.
The property you wish to claim as your own for profit needs to be researched by you yourself. Without it, you could be setting yourself for failure. Not knowing what the property is like and its surroundings is going to be your downfall. No expert would willingly buy a property without trying to know about it first. It wouldn’t be a good investment for real estate if it wasn’t done right.
Start small
You’re only just starting. No need to go in guns a-blazing, right? Get your experience points first by doing smaller stuff. Maybe get a duplex that you can live in with your tenant to get started. It’s not use starting big when you have no experience for it first. Get your feet wet by starting with smaller ideas and then work your way up. That is IF you’ve estimated this sort of investment as worth it.
