You now know that Charlotte’s housing market is shot, right? Of course you do! We told you so. We’ve also reminded you of some of the fundamentals of investing in real-estate and then, confirmed why Charlotte is the place to buy—if industry experts’ opinions weren’t enough. So, now that you’ve hopefully decided to start or expand your real-estate investment portfolio, it’s a good idea to get organized before calling your trusted realtor.
Time is money, and while any realtor welcomes the opportunity to assist you in your venture, they also welcome an informed buyer that is truly and completely ready for the process.
- Focus on your wants. What exactly are you looking for? You need to factor in all aspects of what each property type needs before your first call to your realtor; especially if you are not planning on using a property manager, post purchase. How much time for maintenance will be needed, and how often? What are the property taxes? Knowing what you want in a rental goes far beyond location and price.
- Funding. “I should be qualified for…” are dreaded words for a realtor, and quite frankly counterproductive. A realtor will feel that they’ve wasted their time and yours, if weeks are spent looking for a home that is outside of your financial reach. Once you know what exactly it is that you want, and know how much you want to spend, go the extra mile and get pre-approval to demonstrate to your realtor that you are ready to pull the trigger. Knowing the breakdown of mortgage costs ahead of time, for what you want and are about to spend, will also help you determine the size of your investment.
- Contractor. While your realtor may be able to eyeball and guesstimate renovation costs and/or ability (ie, tearing down walls, changing floorplans, replacing things like the roof/water heater/HVAC, etc.), having an expert along, once you’ve narrowed your search down to a couple solid options, can be a real time saver. It can also save money, in the long run.
Real-estate investing, personal or as a business, is not for the faint of heart. However, it’s not only for the business moguls of the world. Real-estate is a viable, attainable investment opportunity. With right advice, due diligence, and a plan it’s all very possible. Add to that a hot market, and the sky’s the limit. Take advantage of the opportunities around you, and call your local realtor today!
