Real Estate Investing Questions To Ask Yourself

Have you thought about investing in real estate and becoming the next millionaire tycoon? Before the dollar bills start flowing in, there are some questions you have to ask yourself before you make your entry into the real estate game.

1) Do you have a clear idea of what your goal is?

This is where you start to educate yourself. Do you want to wholesale, fix and flip, buy and hold properties? These are the things that you need to figure out on the front end. There are a ton of free resources available online to learn more about what Avenue you want to venture down.

2) How are you paying for the property?

Will you be dipping into your savings, borrowing from the bank, private money or hard money lender, fundraising, or creative financing such as seller financing or master lease? There are numerous ways to finance buying a property. You need to come up with what works best for you in your situation.

3) Do the numbers make sense?

This goes back to educating yourself on being successful when investing in real estate. If the numbers don’t make sense then the property might not be worth buying. For simplicity I am just going to say the key numbers to keep an ion or the income, expenses in return on investment. Educate yourself to learn what to look for.

4) Are you ready for more responsibility?

Being a landlord takes work you have to advertise vacant properties, Screen new potential tenants and answer or perform maintenance calls yourself. If you are looking the fix and flip route hiring contractors is also a part of the job as well as supervising projects, handling finances and meeting deadlines.

5) Have you built your team?

Building your team is monumental. You are going to need varied licensed professionals, especially if you are going to be repeating the process, so why not build a relationship with those you need and form a partnership that benefits everyone. You can provide work for people who would like that very much!

Many teams consist of the following professionals: