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5 Tips For New Real Estate Investors

 
5 Tips For New Real Estate Investors
 
Friends and Clients —
Real estate investing is hotter than ever, and it’s no wonder why.
Mortgage rates are low, home prices continue to grow, and demand for rentals is strong.
But if you're interested in investing in real estate, where do you start? And what do you need to know? Here are five crucial tips I've gathered from successful real estate investors to help you out:
1. Don't stick to your own backyard
Many fledgling real estate investors limit their search to neighborhoods they know well. This might cut into your potential for profit. The best deals might be a bit further away, and emerging neighborhoods might offer better growth potential and tax incentives.
2. Use the 1% rule
A good rule of thumb for real estate investing is to look for properties that will offer a monthly return that is greater than 1% of the sales price. In other words, if a home costs $100,000, you should only invest in it if you expect to get at least $1,000 a month in rent.
3. Don't over-rehab
An investment property doesn't have to look like a Pinterest photo shoot. Instead of trying to convert an investment into your dream home, go with ... more

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