7 Steps to Start Investing In Property
7 Steps to Start Investing In Property
The process of investing in property is a series of steps undertaken with care and knowledge. Because property investors have gone through the process of buying their own homes and often selling one or two along the way as well, property investing seems to a natural and easier way to grow wealth and secure their financial independence than say learning how to trade shares.
Education is the key to investing in property and investors need to have a good knowledge about buying and selling property, about financing a property and the legal aspects. Although it is also important for an investor to have a good solid team of advisers, they do at least need to have a very strong knowledge about the process of selecting properties.
A property investor should surround themself with specialist people in the different fields of property investing, such as:
an accountant experienced in property investing
legal counsel
realtors with investing knowledge
property investment financing expert
insurance agent
property management team
registered builder if renovating and possibly a draftsman
maintenance and repair team
Here are 7 steps on how to start property investing:
educate yourself as much as possible about property investing, reading books and information about the different strategies of making money with property investing
build a property investment business plan, after all property investing is a business, you are doing it to make money
work out your financial situation by finding out the cash and equity you have to use
talk to your accountant about tax situations
talk to a property investment finance specialist
then start your search for a property
contract a property management team
A lot of time and effort needs to be taken at each step to ensure that you are making informed decisions in the end. When attending seminars and doing courses be wary of of the fact that they are sharing information or just trying to offload their own properties that are being developed. Always double check information for yourself to ensure what you are being told is the truth.
Whenever money, and it is big money in real estate, is involved there is always the risk of trust.
The world as it is today is very much a case of 'looking after oneself' and unfortunately this has bred some unscrupulous individuals but if you check your information from different sources and feel satisfied, then there should be nothing from stopping you going ahead.
Investing in property to grow wealth has proven to be one of the best vehicles to achieve your dream. Like any investing there are good times and bad times, and that is why it always pays to err on the side of caution by keeping a buffer in the bank, not over-committing your finances, staying educated and watching the market.
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