If you're looking to get a fast start on building your property portfolio, download our Fast-Start Guide that covers 8 simple steps to achieve success. Covering everything from research and investigation investigation to tips for inspecting ideal properties and different ways to manage properties for sale.
Download The Better Group's Full Fast-Start Investors' Guide
Research Investigation
Start by familiarizing yourself with your market. Set aside 3-5 hours for surveying your surroundings so you get to know the nearby areas. In general, you should find sufficient investment potential that can give you wealth within 30-60 minutes of your home. Do not assume that you are already familiar with the area.
Driving the Neighbourhood
Drive through the selected neighbourhood and check how the lawns are kept and properties maintained. Look out for vacant houses, “For Sale” signs, and signs of children. Observe the condition and age of vehicles parked in the streets and driveways. Try to look for individuals with whom you can strike up conversations.
Exploring Your Farm
You need to do some homework as you prepare to inspect the homes you are interested in. Look for a property manager. They will show you simple ways of locating the property managers operating in the neighbourhoods.
Inspecting Properties for Sale
Carefully inspect and investigate all properties for sale from both FSBOs and Real Estate agents. You will find both positive and negative attributes when you visit properties, and each must be taken into account when deciding where to invest your money.
Structuring Your First Deal
This step is very important because you will present your offers for the purchase of the properties you had inspected. In order to determine the respective values of the properties, you will need to consider the information you gathered, the rental rates you got from the property managers, and the estimated cost of repairs.
Making Offers
Make your calculations, structure your offers accordingly, and then put them in writing. How many offers should you write? What is a letter of intent?
All the above topics covered and MORE in The Better Group's Fast-Start Investors' Guide!
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