I recently heard a business coach introduce the 180 Theory. This theory is simply the idea of doing things when no one else is doing them, thus reaping the benefits when no one else does. In this shifting market, it might seem like it’s time to run for the hills and take cover, but I challenge you to do the opposite — charge the hills! It’s time to invest in this market and reap the rewards of investing when fewer and fewer are doing so.
Every market is different — and can be an opportunity for anyone — depending on strategy and perspective.
If you are wondering how to get started investing in real estate, here are three steps to help you begin:
- First, talk with a real estate market expert to see what specific investment opportunities exist, and determine which one best fits your desired return. For example, are you interested in a short-term rental for vacations or a long-term rental for tenants? Maybe you want a home to fix and resell? Or, do you want to own land and wait for appreciation over time? All of these opportunities reap a reward in some way; they just look different.
- Next, talk with an experienced loan officer to see what you might qualify for within the criteria you discussed with your agent. Perhaps you can take the plunge and buy a mint-condition mountain cabin for vacation rentals, or start a little smaller and buy a piece of land. Whatever the route, it’s important to know what you are working with financially. Working with a reliable and trustworthy loan officer is a major key to your success in real estate investing.
- After you’re clear on what opportunity you want, and what you qualify for financially, get with your agent to search within your criteria and monitor availability, pricing and trends. This will help you move quickly when a truly good deal comes to the surface.
Real estate investing can seem like an opportunity only for the super wealthy, or for people who have time on their hands to commit to such an endeavor. But, maybe, just maybe, it’s simpler than it seems at first glance. I encourage you to try — start the conversation. It could reap an incredible reward!
– Ursula and Associates (Jason Wilson and Ursula Butler) is a real estate team, associated with Keller Williams Realty Partners, that has specialized in Woodstock and surrounding areas since 1996.