Are You Buying Your First Home OR Investment Property? If So, Read This...
Updated: Jul 2, 2020
As an award-winning real estate investor, and real estate based wealth coach I get the privilege and honor of speaking with many new real estate investors…
Unfortunately, many young real estate investors are struggling to get into the game and purchase their first investment property.
If you are finding it challenging to find a deal that delivers cash flow and is in your price range I want you to know that you are not alone…
And there is a solution for every challenge you will face!
Here are three real estate coaching tips that will help you successfully buy your first investment property:
Number three: Negotiate diligently on price, terms, and conditions that are satisfactory to you.
As a new investor you may get caught up in the excitement of buying your first property and overpay and lose thousands of dollars simply because you did not negotiate diligently upfront…
The better price you can negotiate upfront, the better your odds will be at creating wealth through real estate. You must be able to accurately calculate the return on your investment as well as understanding what the fair market value is in the area that you are buying property.
If you overpay and do not have multiple exit strategies your excitement to invest in cash flow real estate will quickly turn into stress and anxiety that could have been avoided if you took the time to educate yourself…
Do not get caught up in the instant gratification B.S.!
Success in real estate, business, and life takes consistent effort, determination, and focus!
Number two: Do not try to do everything on your own.
I see many new investors skip vital steps believing that they are saving money…
They do not pay for the proper education so they end up learning the hard way and losing even more money…
They attempt to do renovations on their own and create a health and safety risk to their property, tenants, and financial future simply because they do not want to pay for a qualified contractor that has proper insurance in place…
They will let the tenants maintain the property in exchange for reduced rent and that often results in disaster.
I could share many horror stories of costly mistakes that I had to learn the hard way when I was first starting out…
And my goal as your coach is to help you avoid the costly mistakes that I made.
By surrounding yourself with a team of professionals you will get a lot more accomplished and sleep well at night knowing that your real estate investment is safe and secure!
Number one: Invest in an affordable area that has a bright future
Many new invest that come to me seeking counsel and advice often tell me that the prices where they live are simply too high for them to qualify the deal and/or do not have any cash flow.
If you find yourself in this situation I would suggest you look at surrounding cities that have strong economic fundamentals and meet your real estate investment criteria. ( Side note: if you do not know how to determine if an area has potential book a free call with me and I will teach you)
For example: Many new investors cannot afford to invest in Hamilton so they are looking to invest in nearby cities such as St Catharines, Welland, and Niagara Falls…
And with the new GO trains it is making it much easier for people to work in Hamilton or the GTA (Greater Toronto Area) and commute to their home and investment properties.
A great strategy that many new investors implement is to buy a small multifamily property and live in one unit well the other units cover the expenses.
There are several strategies that you can use as a new investor…
And perhaps that will be a topic of conversation for another day!
So in conclusion, I hope that you have found some value in this blog post and will implement what you've learnt here today before you buy your first investment property.
As mentioned before, I love helping new real estate investors create financial independence…
So if you found value in this please share it with others you C.A.R.E. about :-)
And of course if you have any further questions you can reach out to me and I would be happy to answer them.
Until next time always remember " The More You C.A.R.E. The Less You Work"
Your real estate-based wealth coach,
Jeff Wood
P.S. When your ready here are a few ways I can help you start, scale, and manage your very own lucrative real estate investing company.
1. Join the C.A.R.E. community and connect with other real estate investors that are taking massive action. It's our new Facebook community where smart real estate investors connect, learn, and grow! Grow your wealth, Freedom, Impact, & portfolio! CLICK HERE to join today.
2. Amazing new software. If you are doing any marketing online you must check this out now! CLICK HERE BEFORE THIS OFFER ENDS.
3.C.A.R.E. tool box. This is a list of free and/or low cost resources that every real estate investor needs to build a lucrative real estate investing company that will fund your desired lifestyle. Access your resources HERE
4. Work with me and my team privately. If you would like me to help you avoid costly mistakes and grow your real state business so that you can have the finances and time to fund your desired life let's chat. CLICK HERE to grab a complimentary strategy session. This way we can chat and get to know each other better. This is not a sales call I do NOT work with everyone. I want to see if we are a good fit and help you. If you decide you want to continue to work with me and you meet my criteria we can explore what that may look like. Because I am actively running my real estate businesses and value my free time I only work privately with a small select few every year. BOOK YOUR SESSION HERE.