If you're looking to invest in real estate in Bellevue, WA, you couldn't have picked a better time.
In August 2023, there were predictions that the local real estate market would rise due to more employment and construction, among other reasons. But if you're new to real estate investments, how do you get your foot in the door?
This guide will help you get started with real estate investing and prepare you for future success.
Here's what you should do as a beginner real estate investor.
1. Take Time With Research
While this should go without saying, new real estate investors could fall prey to making fast decisions about buying property. But whether you wish to lease or sell a home, it's got to have a high property value.
For example, you might find a beautiful mansion in a suburb. But if it's in a loud neighborhood, this will detract many potential tenants.
Likewise, there may be cases where the suffix can increase or decrease property value. It's often more attractive to live on a boulevard rather than an avenue.
Take time to find the best properties before you buy them. Don't be in a rush as a beginner. Eventually, you'll master the art of spotting a great property.
2. Get It in Professional Writing
One of the most strenuous parts of real estate investing is handling the paperwork and legalese.
Find a great real estate lawyer to help you draft contracts. These can be used for several purposes. These can range from buying a property to leasing out your home.
A real estate lawyer can also keep copies of any important documents. This can include titles, deeds, contracts, etc.
3. Build a Team
The final step is to build a team for you and your tenants. Apart from a real estate lawyer, you must hire an experienced accountant. They'll keep track of your accounts and can assess your portfolio's financial health.
You'll then need a team of home experts. They'll come in handy when you need to fix, repair, or renovate. You'll need them for both selling and leasing properties.
Your team of home experts must include the following:
- HVAC Technician
- Pest Control
- Yard Worker
As you accumulate properties, you'll realize you can't do it all by yourself. That's where you add the final key player to your team.
A property manager is great for dealing with tenants, maintaining your properties, and being your right hand. They're available when you aren't!
Become a Real Estate Investor
Now you know how to start your exciting journey as a real estate investor.
You've got to take your time researching different properties before buying them.
As a newcomer, you'll be tempted to buy any property that seems great. But research is your friend, so be patient as you learn how the market works.
Make sure to hire a lawyer to help you draft your legal paperwork. You also need to build a team to help maintain your properties.
Of course, you need to have a property manager by your side. Brink Property Management is waiting to hear from you!