The Do’s and Don’ts for Investing in Real Estate
Are you thinking about investing in real estate in 2021? It may be the perfect year to purchase a rental property, a vacation home, or to flip houses. I would be happy to help you find the perfect investment property, and I’ve put together this list of tips to help you get the best return on your investment.
First, consider what type of investment property is best for you and your family.
If you are thinking about a rental property, such as a vacation condo or rental home, consider how much time will be needed for things like maintenance, managing a website or rental listings, and vetting potential tenants. For rental homes, make sure the areas you are searching are attractive to tenants in terms of proximity to nearby business centers and transportation hubs, and in good school districts for family tenants.
Is a family vacation property more to your liking? Make sure you read any and all rules pertaining to owners and guests, as well as rules on renting your property out when you are not using it, if that is something you plan to do. Also be sure that your vacation property is somewhere you foresee your family wanting to travel to often enough to make it worthwhile.
For new house flippers, you want to find out what return you can expect to get in your market area and talk to contractors and suppliers to get realistic estimates on renovations, both in terms of price and time to completion.
Here are some additional Do’s and Don’ts for investing in real estate:
Do aim for at least a 15% return on investment.
Do look for homes priced in the low end of the median price range.
Do look for 3-bedroom, 2-bath single family homes for rentals or flipping.
Do focus on one neighborhood or area.
Do purchase rental properties close to your home if you plan to manage them yourself.
Do use one real estate agent to help with all your buying and selling needs.
Don’t purchase a second property until the first is earning revenue.
Don’t buy properties that you wouldn’t want to manage, even if you plan to use a property manager.
Don’t buy a home that you cannot afford to carry for several months in case of a slow market.
Don’t buy a home or condo without having inspections performed.
Don’t buy without title insurance.
Don’t buy more properties than you are able to manage.
As I said, I can help you search for investment properties. Sometimes buyers make the mistake of searching on their own and contacting the sellers or listing agents directly. Working with several different people wastes your time and increases the chances that you will miss out on a deal. Also, working with one agent allows that agent to learn your tastes, needs, and parameters, so I can be out looking for the right property while you are busy doing other things.
Room Too Dark? Here's How To Double The Light!
Not every room is blessed with good natural light.. Sometimes when a window isn’t placed well, or isn’t there at all, it can be hard to work around, while other times, the window is in a great spot but is being blocked outside by trees or other plants. If you struggle with poorly lit rooms, there’s a simple trick to try to boost the light in that spice.
The trick is to place a lamp in front of a mirror. The idea is that the mirror will bounce back any of the light the lamp gives off, easily growing your light source. One of the best uses of this trick is in the bedroom on a nightstand or dresser. If your bedroom isn’t dark in terms of sunlight, but dark in terms of decor, this trick also works well to liven up the space.
Apart from being a smart way to spread light in a darker space, symmetrical mirrors, lamps and nightstands also add the perfect touch to most rooms to help them feel cozy.. Darker shades force light up and down from the lamp, so placing the mirror in a way that catches both angles is key.