When it comes to real estate investing, everyone has to start somewhere. It’s often a bit scary and feels like jumping off a cliff.
What property should you purchase? At what price? How much repair? What lender? How and when to sell?
Successful property investors will tell you they didn’t just make an estimate or guess when answering these questions. They did their homework. They researched, used mentors and pulled resources from everywhere. They understood the power and value of knowledge.
Gain investment knowledge by networking within the real estate industry. Align yourself with lenders, contractors, and agents who understand and are involved in property investing. Don’t be afraid to ask a successful investor for insider tips. Check out these lessons from a first-time investor.
5 Lessons from a First-Time Real Estate Investor
- Hire a good contractor. Find one you can trust and build a relationship with. You will be relying on them for guidance, good work, and quick turns on projects.
- Align yourself with a great mentor. Be ready to learn. Don’t be afraid to ask questions, whether it’s about repairs, lending, property permits or selling.
- Be patient. There’s a lot to learn and likely a lot to do. Be patient throughout the process so you ensure you are making the right moves and not just reacting to stress.
- Don’t be afraid to take risks. You want to make a smart move that makes sense financially, but you also have to be willing to just go for it.
- Have a Plan B for the property. Could you live in the property or rent it out if it doesn’t sell as planned? As you are learning the ins and outs through your first investment, it’s a good idea to have an alternative option in place for that first property.
At Catalyst Funding, we are an experienced hard money lender that has guided investors through a variety of situations, from fix and flip and foreclosures to properties that have been neglected, water damaged and more. We have witnessed how hard money lending, in the right situation, provides opportunities for many now and into the future.
For more information, call us today at 832.648.3626 or contact Catalyst Funding online to learn more.