If you are looking to make your first real estate investment in Florida, then you are probably aware that the majority of millionaires – about 90% of them – have one thing in common: they became millionaires because they invested in real estate.
Although putting money into real estate in Florida is easier said than done, with the right strategy and the right tools, you can start investing in Florida real estate and move closer to the million-dollar dream. In this article, you will learn how to make your first real estate investment with the help of an experienced real estate lawyer.
Step 1: know where to put your money
Realtors love to say that the location is everything, and they say that for a reason.
The key to becoming a successful real estate investor is to find the right places. To get the most out of a property’s return on investment, it needs to be sellable, and if the location is terrible, it will be hard to sell.
Thanks to websites like Trulia and Zillow, it is easy to find the right neighborhoods. Your best places to invest will have good schools, potential for growth, low crime, easy access to amenities, and be near business parks.
As a real estate investor, you should always be on the lookout for areas with promising growth potential, as these can be excellent places to put your money to good use.
Step 2: Know what type of investment to make
Before you start looking at properties, you should figure out what type of investment plan works best for you. This will save you a lot of trouble.
The most common types of real estate investments are house flipping and renting.
House flipping essentially means buying homes that are undervalued, repairing them, and then “flipping” them for a profit. Flipping a house can be hard for people who have never done it before because it costs a lot of money to buy the house and make improvements to it. Fortunately, Fix and Flip Loans simplify the financing of first investments.
Some first-time investors think that renting is an easy way to start investing in real estate because it gives you a steady passive income every month that you can use to fund your other investments. Home Rehab loans are enormously beneficial for first-time investors, as they make it easy to upgrade homes and make them easier to rent out.
Step 3: Choose a team to help you invest
A great team is one of the most important tools you can have in the real estate world. To be a successful Florida real estate investor, you need the following five professionals on your team:
Contractor; Lender; Accountant; Realtor; and Real Estate Lawyer.
Each of these people will make it easy to invest in real estate, whether it is building, getting financing, listing, keeping the books clean, or legally protecting you along the way.
Step 4: Get money to invest
Many people who are investing for the first time do not know where to get money. In fact, most first-time real estate investors have a hard time getting the money they need to make their first investment. This is because they have to have a high credit score, proof of income, and other things to obtain a loan.
Hard money loans are a lonely yes in a sea of noes for people who want to flip houses and need money to do it. The amount of the loan is based on the property’s After Repair Value (ARV). This is also known as private money. You can use a hard money loan to pay for the property and make repairs and still make money. You can buy more properties and invest money right away without having to wait for the money.
Are You Looking to Make Your First Real Estate Investment in Florida? You Came to the Right Place
If you live in Florida and need help with your real estate investment, call Romy B. Jurado at (305) 921-0976 or send an email to Romy@juradolawfirm.com to find out how her team of expert real estate professionals can help you succeed.