5 Tips For Real Estate in Enhancing Your Personal Finance

Real Estate is an investment favorite choice for many investors. The many benefits that lure is into to this investment vehicle include, tax benefits, appreciation, tenants paying down our mortgage, etc will always be of high attraction to people wanting to expand their portfolios. However, after many years in the game and having worked with hundreds of investors and on my on projects – Here are some important tips to think about for properly managing your real estate investment.
1. The Market- Every market is slightly different. You have to pay attention to local trends, both upward trends and downward trends. If the market is declining, is there opportunity to find deals at wholesale prices? Is it a seller’s market? How do you respond to various trends and opportunities? The answers to these questions could determine your success.
2. Having your professional team in place – While there will be a tendency to want to save money and do everything yourself, don’t make this mistake. Your team will be critical to your success. The real estate agent/broker, home inspector, contractors, property management team, mortgage professional, accountant/ cpa and real estate attorney will be essential components to your long term real estate success. Find the right professionals that you click with to help you build your real estate empire.
3. Selling vs holding – Must know when to “hold em” and when to “fold em”. Knowing the right to time sell and take your profits out to re-invest is the name of the game. This is where paying attention to those market trends and having access to your team of professionals really comes into play.
4. Home Improvements – learn to use home improvements to your advantage. At our company we teach our owners to maximize the investment. A maintenance and capital improvements program for each of your investment properties will help keep your portfolio in optimum profitability. Try not to wait until things are a crisis, have a plan and stick to it. It will pay huge dividends in the long run.
5. Demographics –What are the basic components of the neighborhoods and communities you would like to buy or invest. Know what you are getting yourself into. A deal may seem wonderful from the beginning, but upon further investigation there may be conditions that are not favorable to your goals
Real estate can be an incredibly powerful way to enhance your personal finance and balance sheet. Keep these tips in mind as you think about adding real estate into your portfolio.
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Lyle Crews

Broker/ Certified Property Manager

Aspen NW Real Estate & Property Management Group, LLC.




Financial Management

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