5 Thinks to Consider Before Making Your First Investment in Property


 

Real Estate has always been a lucrative investment area for prospective investors. While a few earn themselves a fortune with investment in property or real estate, many lose money as well.  Like every other business investment in real estate is associated with certain risks. Therefore, you should do your homework before entering the market.

Mark Tencaten has effective instructions for first time investors who are considering investment in real estate:

1.     Emotions and Investment Don’t Go Together

You might hear a lot of investors saying they listen to their heart or gut feeling. For me, emotions don’t work here. You must think logically and analytically, even if you are investing small amounts. Emotions should not have any role in your decision-making while making first investment in property or real estate. It is be a business investment where it is important you negotiate logically to get the best possible price.

Remember, lower the price you are paying, higher the profit you can expect. Also, the loss will be lower if things don’t work in your favor. If you are looking for advice to invest in real estate, you can contact Mark Tencaten who has years of experience in the sector.

2.     Do Your Homework

Half baked knowledge is lethal in real estate sector. Therefore, you should do proper research and analyis before making your first investment in real estate. Properties situated in a location where there are higher chances of finding clients you hope to sell or rent to can be a good tip for new investors.

Focusing on the financial factors rather than your personal likes and dislikes can also play a conclusive role in cracking a profitable deal.

3.     Economics of Down Payment

You may have made 3 percent down payment on your own house, but it has to be at least 20 percent for buying your first investment property. This is due to the reason that mortgage insurance doesn’t apply for investment in property or real estate. In addition to requiring greater down payments, you also need to be considerate about strict approval requirements. Also, spare funds for renovation as well before you pay your down payment.

4.     Clear Your Debts Beforehand

While making your first investment in property or real estate, you can consider the investment loan options. But for that you shouldn't be carrying any debts. So make sure you have cleared all of your debts as well as medical bills and student loans etc., before debuting in real estate.

5.     If You Are Considering Partners, Choose Them Carefully

Instead of taking an investment loan, many prospective investors in property consider partnering up with their relatives or friends before starting in the real estate business. However, they need choose them carefully. You can consider factors like rapport you share with them, their financial health, and the implications of a partnership agreement.

Investment in property or real estate is a tricky street; therefore it is advisable to seek help from experts who know this sector inside out. Mark Tencaten is a trusted name that has helped many beginners strike out profitable deals in real estate.

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