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5 Tips To Get It Right On Your First Real Estate Investment

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5 Tips To Get It Right On Your First Real Estate Investment

June 9, 2022

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There are numerous examples of people who have earned themselves a fortune with real estate investment. Nevertheless, real estate, like every other investment, has its own share of risks which includes bad locations, negative cash flow, high vacancies, and problem tenants. Other risks include the lack of liquidity, hidden structural problems, and the unpredictable nature of the real estate market.

Regardless of the type of property you are purchasing or whether you plan to keep, rent or resell it afterwards, a good amount of money is involved which makes it critical to take extra measures to ensure profit on your investment or at least save yourself from a huge loss especially as a first time investor. 

It is also very important that before anything else you make sure that you are prepared for such investment, be certain that you would follow through to the end.   

With this in mind, we are glad to share with you these five tips that would help guide and inform your decision.

 

Secure the proper financial resources

Before diving in headfirst, get your finances in order. Learn your budget. Understand the resources you will need and know how much you can afford; it helps keep you in line as you go house or land hunting. 

 

Get knowledge

Having your finances in place, you must ask yourself, ‘’what kind of investment suits my budget?”  This will determine what kind of knowledge you get as regards purchasing a land or an already built house, the location to buy into, mode of payment, and how the choices you make would help you achieve the highest return on your investment and which one has the best options for making a profit in the future. 

Taking a holistic view of the local housing market and factoring in any unique considerations, bearing in mind that not only are you buying the land or house, but also the neighbourhood itself are significant knowledge to possess.

 

Go firm hunting

You would not want to do a transaction with just any individual or firm who is offering to sell a land or house. The potential risk in doing that is extremely high, hence, the importance of this process. Be sure to do your own research on any potential firm. 

You may want to check their reviews on places such as Google; seek recommendations or ask them for references, especially from other investors. 

Just remember that there is no substitute for hiring a firm that not only understands the local market, but also has experience working in it and is trustworthy.

 

Hire the services of a qualified Real Estate firm

Having figured out your part in learning your budget, getting adequate knowledge and running background checks on potential clients, you are good to go in hiring a qualified real estate firm with experience in investment properties

It is in your best interest to hire a qualified real estate company who has experience with selling investment houses. However, a knowledgeable and experienced real estate company such as Ehikings can also help with many other valuable things:

  • Helping you understand your local housing market, keeping you apprised of current market trends.
  • Giving you the best properties or land options in favorable locations to choose from.
  • Ensuring that you abide by fair Housing laws and avoiding any ‘omo nile’ issues. 

You will definitely want to find a firm who will not only walk you through the various steps of the process but who will also act aggressively on your behalf and keep all omo nile issues at bay. 

 

Take the next step

You have come as far as hiring the services of a reliable company, it is definite that you are about to make that investment. So, go ahead! Everything is in place. No need for further delay.

With EhiKings Real Estate; your investment is secure!

Remember, invest with us today and smile tomorrow.



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