How to Invest in Your First Property
01
IS IT RIGHT FOR YOU? Investing in real estate requires funding. For most beginners, this means getting a mortgage. Ideally, one should strive to get preapproved before they begin seriously looking for property to purchase. This will streamline the process while allowing you to move quickly when you find the right property.
03
PROPERTY HUNTING Are you going to be the property manager? Or is hiring a property manager a better option? The latter is beneficial if you want to be hands-off, own properties outside of your area, or hand it off to someone with experience. However, remember that this will cut into the return on your investment.
Before making the big decision to invest in real estate, ask yourself if this is the right move for you. Does it make sense financially?
02
FINANCING
Two primary concerns for this part of the process would be location and budget. It is beneficial to look at different areas and research their average rental prices, as this will provide an idea of prices and returns.
04
PROPERTY MANAGEMENT
JOSEPH MCINERNEY | CHICAGO JOSEPHMCINERNEYCHICAGO.NET