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What to know before your first investment

Buying

First of all, not all real estate is a good investment but in general investing in real estate is almost ALWAYS a good idea. Does that make sense? Certain markets warrant making certain purchases. Right now, in the Portland Metro area, for example, the condo market is still a bit saturated. What does this mean? This means that there is an abundance of inventory. Prices have therefore dropped. Not a bad time to buy with the thought of holding onto a property when property values have dropped but you need to start with a good broker that can guide you.

There are a few things to consider before jumping into buying real estate as an investment.

Find the right agent

Hard to get good advice on owning a rental property from someone that has never owned rental property or that does not sell property that people buy to rent. Working with a broker that has flipped homes, if that is the space that you want to explore, certainly helps! Above all, you need a broker that really understands the market and what pockets are trending. You need someone that follows the statistics of the area and knows where it makes sense to purchase and when. Going back to purchasing a condo as an investment. Many condo associations have rental caps which means only a certain number of properties in the complex can be rented out. Your broker needs to know how all of that works and needs to be able to advise you on what properties make sense and which do not!

Before your first investment: Ensure that you are financially stable to make such a purchase

Before jumping into real estate as your first investment, ensure that you are financially able to do so. You need reserves to cover costs of repairs if you plan to hold and rent. If you are renovating to sell, make sure you have enough money to cover overages in expenses. 

Find a good property manager if you plan to rent the property out

Find someone who is knowledgeable about local and states landlord/tenant laws. Make sure the company that you choose has a good plan in place for tenant screening, regular property inspections, maintenance, and repairs.

Pick the right mortgage to fit your needs

Don’t get in over your head with payments and amounts you can’t afford.

Overall, investing can provide the freedom you want and desire, but it all needs to be structured correctly!

Real estate can be a great way to build financial freedom and create retirement income but like anything, it needs to be done right!

Follow along with me on Instagram for more real estate tips and listings. Peruse the blog for previous posts on real estate in Portland and more tips for navigating new homes and more.

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November 11, 2021

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