Investing in real estate is one of the more reliable (and popular) ways to create long-term wealth. However, as with other ways to invest, property owners can get burned without the right information and skills to succeed with income properties.
Avoid losing money on your rentals by taking steps to learn more about investing in real estate and maximizing your returns! Start with these Education 101 tips from our expert Bellevue property management team.
Read About It
Whether you "like" to read or not, find ways to absorb literature about investing in real estate. With audiobooks and blogs, it's easier than ever before to "read" books from expert authors in the industry. Learning from professional investors who have long, successful careers with rental properties is one of the best ways to learn various approaches to finding and managing income properties!
Choose resources from trusted and well-respected professionals, and be sure to avoid anything that reads like a "get rich quick" how-to or suggests questionable tactics to build a portfolio or manage properties. While it's okay to take advantage of the best tricks of the trade, success in the real estate investment industry requires playing by the rules and following the law in everything you do.
Talk To Industry (or Nearby) Experts
Do you know other rental property owners? Pick their brains!
However, watch out for friends or family who "own rental properties" but never seem to make any money from them. You want to build your success with income properties—not apply "strategies" that leave you in debt! Seek out networks, friends, colleagues, and family members who have a successful history with rental properties and can offer sound advice.
Be careful not to compare their success to yours. Use the resources around you, but remember that every investor's goals and path to success might be a little different from yours. Learn from them about what works well (and what doesn't), then apply it to your properties and what you want to achieve through real estate investment income.
Connect with a Bellevue property manager to get their insights, as well! These experts have local and industry experience to help investors make the most out of residential rental properties.
Consider Paid Courses
Investing in the right paid courses can be a big boost to your knowledge base. From online webinars to in-person conferences, it's worth spending a little money to access industry leaders and experts in real estate investing.
Choose these courses wisely! Like other industries, real estate is no stranger to scams and predatory courses that don't offer credible content but promise instant success. Much like researching credible books or blogs as reading resources, do your due diligence before paying money for a course or seminar that seems too good to be true (because it probably is)!
Quality real estate investments courses:
- Include reputable speakers and presenters with verifiable credentials (and success)
- Are hosted by reputable and well-known organizations in the industry
- Deliver exactly what they promote
- Have reviews from real people and attendees
- Be worth the money you spend
Beware of courses or classes that promise quick ways to make tons of money by investing in real estate rapidly. Rental property investments are a long-term strategy for future wealth. While many investors experience significant income from their real estate portfolios, it rarely happens "overnight." Avoid anything that promotes that kind of rapid wealth.
Study Your Market
Book-learning can only take you so far as a real estate investor! At some point, you need to hit the pavement and study your market.
Start your portfolio by buying rentals in an area that you know. If you're from Bellevue, it's an excellent place to invest in real estate! However, before choosing a property, drive the streets and get to know the neighborhoods outside of where you live, and interact daily. Talk to people in the community, including neighbors, small business owners, and renters.
Take a property manager with you to learn about neighborhoods that are good investments (and those that arent) from the perspective of an expert who handles rental properties every day.
If you aren't local to this area, a property manager is also a valuable resource to help you take advantage of the opportunities in this market. The right Bellevue property management company can meet with you if you travel here for a weekend or two to get to know the area before investing. They'll guide you to the best neighborhoods to maximize your returns as a long-distance investor.
Maximize Income Properties With Bellevue Property Management!
Working with a top-rated Bellevue property management company gives you the best chance of success with income properties! When you're ready to invest successfully, Real Property Associates is here to help! Choose our experienced team to help you find properties with the best potential and apply best industry practices for your success.
What does an excellent rental property ROI look like? Download our free resource, "The Biography of a Rental Property that WILL get you an ROI," and find out!