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Top 5 Things Every New Boise-Area Real Estate Investor Should Know
To be a successful investor, you need specific skills and knowledge. Investing shouldn’t be confusing, complicated, or intimidating. And at Boise Turnkey Properties, we know just the tips to make you a successful real estate investor. As a new investor, these are the five things you need to know when you’re thinking of investing in Boise-area real estate.
1. Start Small and Local
When you’re starting, it’s best to start small, so you’re in your comfort zone. Every transaction allows you to improve your understanding of the real estate investment business. Depending on your goals, each deal will teach you what you need to do to generate cash flow and potential profits. Deals may fluctuate based on circumstances, so be patient.
2. Grow Your Investment Portfolio Slowly
Be realistic and slowly add more projects and deals as you get more familiar with the process. Even seasoned Boise-area investors struggle with multiple projects, so be smart and start small, then add more. If you take on more than you can handle and manage, it can end up costing you money. Small projects are a great way to begin while keeping your full-time job. If you grow too quickly, you can damage your business and finances, making it hard to recover.
3. Be Ready to Work at Real Estate
Investing isn’t like it is on television. It requires work and time, more than you probably think. It’s common for investors to spend time making connections with professionals during and after hours. Or, you may have to tend to a project immediately. When you’re an investor, you’re on call all the time, so expect to work nights and weekends. But, your hard work will be rewarded! Investors who outwork everyone else will usually win more deals.
4. Understand The Real Estate Investment Process
You can’t be an expert in everything, but you should be familiar with the real estate investment process. Before even making an offer, understand what will happen next so you can prepare. This is especially important for properties that require repairs or renovation. Understand the time and effort that goes into those properties, and most importantly, the money required for the investment to make a profit. If you want to be a landlord, you’ll need to know what’s required of a landlord, especially the legalities. To avoid mistakes, continuously check on the project to monitor the progress. The better you understand the process, the better investor you’ll be.
5. Trust The Numbers
Investing can quickly get messy if you involve your emotions. That’s why listening and trusting the numbers is crucial if you want to be successful. Numbers will tell the truth of how successful the property will or won’t be. If you manipulate the data, you’re asking for trouble later on, as it can set you back. Instead, do research and make sure it all adds up.
At Boise Turnkey Properties, we do it all with you and for you! We work with each investor individually to find properties that meet their criteria and negotiate a great deal on their behalf. We oversee rehab at our client’s discretion, ensuring the equity goes into our client’s pockets, not ours. If you’re ready to start your investing journey, reach out to us! Call (208) 957-0870 or email Info@BoiseTurnkey.com.
