New to the world of real estate investing? You’ll be amazed at how much there is to learn. Start with these absolute fundamentals and try to grow from here:
There are people who mindlessly buy real estate on the assumption it’s value will always go up — that’s so 2006. The first thing you need to do is get familiar with the market and look at which kinds of property are actually appreciating in value in your area. Don’t acquire property — invest.
Your Name Is Your Bond
When you’re investing in real estate, the number one asset you have is your good name. Maintain good relationships with fellow investors, private financiers, owners, and agents — you never know when a property will go on sale without being listed, and those backroom deals are often the best on the market, especially in Texas.
Know Your Loans
Loans for residential investment properties tend to be easier to get than loans for commercial investment properties — the percentage of down payment is smaller, the interest rates are smaller, and so forth. On the other hand, a commercial real estate loan usually doesn’t leave you personally on the hook if the deal falls through.
Be Prompt, But Thorough
When your offer to buy is accepted, the proper thing to do is get your appraisal, your inspections, and any other tests done as efficiently as possible. That does not, no matter how much pressure the other party puts on you, mean you should ever complete the formalities without having all of those tests properly performed.
The Seven-Digit Stretch
If you want to start moving seven digits worth of money at a time — which should be the goal of every real estate investor — you aren’t going to get there without financial help. Spend some time befriending the private lenders, or gathering other investors to partner with you. Once you’ve made your second million-dollar sale, the third and seventh come much more easily.
Austin Investor Mortgages – Up to 10 Per Borrower
While most Austin mortgage lenders are limited to 4 residential home loans per borrower, Max Leaman with PrimeLending received an exception from investors, allowing him to offer up to 10 residential home loans per borrower.
The Texas real estate market is one of the strongest in the country, and few days go by that someone in Texas doesn’t make their first million trading property. Start with the basics and be determined to learn voraciously from everyone willing to teach you, and the next real estate millionaire could be you.
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