All investments come with some risk. Before you dive into real estate investing make sure you are set up for success. Review these four essential steps:
- Reach out to professionals
Contact a real estate agent or a property management company to learn more about available properties and potential rental income. Westwinds can help with both of those and offer support through the process. A good partner will help you think of things that you wouldn’t think of as a first-time investor. Whether it’s maintenance or obtaining a rental permit, there are a lot of things that you might not think about unless you have an experienced team to work with.
- Sit down with a lender
It’s important to sit down with a lender. They will help you figure out what you can afford and how you can start investing. We work with several local lenders and would be happy to recommend a few that will best suit your needs.
- Understand risks
It’s important to understand the risks involved. Every month is not going to go perfectly. There might be some months of vacancy or unexpected costs. This is also why it’s beneficial to work with a team of professionals to help you manage your investment and get through tough circumstances.
- Plan for a long-term investment
It’s important to remember real estate investing is long-term. Real Estate investing in Iowa City and the surrounding area should not be your game plan to ‘get rich quick’. It takes time but in the end can turn out to be a highly profitable investment.
Looking for more information? Our team of experienced professionals is available to answer any questions you may have! Contact us today.