As of the last available record, about 33% of Greenville residents were renters. That means one-third of people in Greenville, SC are in need of rental housing, and as the population grows, that percentage will grow as well.
If you've been considering real estate investing, now might be the time.
But how do you even get started with investing in real estate? Let's talk about it. Read on to learn more.
Do Your Research
Buying Greenville real estate is a big investment. You want to do your research first. You don't want to jump in without doing a bit of planning!
Check out property prices, rental rates, and what similar houses in the area sell for. The more you know, the smarter your decisions will be. If you know any real estate investors personally, now would be a good time to reach out to them and ask for advice or input.
You also want to research the specific area in which you plan on buying. Is that area good for families, empty nesters, or young adults? Is it up and coming, or do rental prices seem to be stagnant (or worse, falling)? What is crime like over there?
It may seem tedious to do this much research, but it will pay off in the long run.
It's okay (better, even, for most people) to start small in real estate investing. You don't need to buy a mansion or multi-unit apartment building right away!
Consider investing in a smaller property, like a single-family home or a duplex that you live in while renting out the other half. This will be far more manageable for you as a new real estate investor.
Make a Budget
How much are you able to spend on your investment property?
Too many people only consider the initial investment. They forget that there will be other costs involved, such as renovations, maintenance, and any extra help they may need (such as a property management company).
The property you buy should not take up your entire budget, in other words. You also shouldn't spend so much that you'd have to set an unreasonable rent price to justify the purchase.
Ask for Help
Don't feel obligated to do everything on your own. Use your resources.
When you're searching for a home, consider working with a realtor who has experience with purchasing rental properties. They may be able to give you helpful insights.
Once you have your property, consider investing in professional property management. A good property manager will make investing in real estate far easier. They'll take care of a lot of the hard work so you can focus on what's important.
Real Estate Investing: Are You Ready?
Real estate investing is harder than people online make it look, but it's not an unattainable goal. If you think you're ready to be a real estate investor, it's time to start doing your research so you can get started.
We want to help. At PMI, we help Greenville real estate investors succeed. Contact us for a consult today.