If you’re thinking of getting involved in real estate investing, then congratulations! With over 500 miles of stunning shoreline and countless recreational opportunities, the Lake Norman area is an ideal place to start your investment journey.
There are tons of rewards that come along with owning investment property, but there are also realistic risks to consider. Kick off your Lake Norman investing journey by reviewing a few crucial do’s and don’ts, and find your perfect property with the help of your local expert.
Do Plenty of Research
Investing is a serious endeavor, so you should be prepared in every way. Take some time to think about your short-term and long-term goals. Do you have money to make repairs or improvements on a property? What purpose will the property serve? Is there a specific neighborhood that would be ideal for your goals? Get to know the specific areas around Lake Norman and the benefits and disadvantages of each.
Also, be sure to set aside plenty of time to review your finances. Think about any loans you might need, how your credit score will be affected, and research your financing options.
Don’t Make Impulse Decision
You’ll likely spend a while searching the market for your ideal property. Maybe a listing comes up that looks perfect for you: the right location, a good price, top-notch features. If you’ve been waiting so long for a property like this, why not snatch it up before someone else does?
Most of the time, there’s going to be something wrong with a listing. Whether it needs a vital repair, has an unsavory feature, or notoriously rambunctious neighbors, don’t make an offer on a property without visiting it, inspecting it, and doing extra research on it. Even if it looks perfect, it’s not worth buying impulsively and regretting it later.
Do Explore the Area & Property
Even if you’re a Lake Norman Area local, knowing the details of each neighborhood — including demographics, average income, crime statistics, and average rental prices — will help you narrow down your search. Obviously no area will check off all of your boxes, but knowing where a property is lacking will help you in the long run.
Once you find a property that fits your needs, make sure you visit it at least once. You’ll want to walk through the home and give it a rigorous inspection, checking every corner and crevice for areas of concern.
Don’t Forget Landlord Duties
Now that you’ve found and purchased your investment property, you’ll need to assume landlord duties. Your first task will be finding renters, which is a little more complicated than it seems. Since you’ve just used a big portion of your money to buy the property, you want renters who you can rely on for steady income. Check employment history, credit scores, and recent pay stubs to make sure they won’t miss payments.
After you’ve secured reliable renters, you’ll need to stay on top of keeping the property in good shape. Renters will come to you with any repair or improvement needs, so try brushing up on some DIY skills (or Ask an Expert for help).
Find Your Ideal Investment Property
If you’re ready to embark on your investment journey, let your local Lake Norman area expert help. With years of experience in the region and a wide variety of professional skills, I’ll be here to answer any and all of questions along the way.
Ready to get started? Give me a call, and let’s find the right investment property for you!