A Durham NC Guide to Beginning in Real Estate Investing
Once you’ve decided you want to get into the real estate investing game in Durham NC, you need to do your research and know what lies ahead. Real estate investing can be a challenging business endeavor, but if you are prepared, you are in a position for success. Below are tips for getting started in real estate investing in the Durham NC area.
Learn about the Market
Take the time to learn as much as you can about the Durham market before you begin investing. Figure out what works in Durham; what type of investment will you pursue? There are several target markets in which you can get involved, such as repairs, property values, buy and hold, wholesale, and flip and sell. You should outline a clear process of how you plan to run your investment business structure. Know as much as you can about the market and how it can work to your advantage. It’s important to also have a clear exit strategy in place to close out the deal.
Be Consistent with Your Marketing
If you want to attract a large number of leads to keep your business continuously growing then you need to consistently market for success. Marketing to very motivated sellers will help you immensely and will set you on the right path. Build a marketing plan around the various types of properties that you want to invest in and go after those types of properties.
At the same time, create a checklist of what costs could and will come up during the investment process. Try to be as realistic as possible with your numbers, especially with understanding what can be spent. Don’t feel bad about a deal that you have to walk away from because it doesn’t fit your plan; it may end up being your best investment is to leave the deal.
Be Honest
If you want to be different than your competition you need to be honest and up-front with both sellers and buyers while also staying realistic. You should be honest with your sellers about your intentions with the property. If you plan to wholesale the property, tell them; if you can’t meet their closing time frame, let them know; and if they are asking too much, then you need to be fair to them and tell them. Your buyers deserve the same amount of respect and honesty. Leaving parts of the truth out will only reflect poorly on you.
When it comes to real estate investing in Durham NC, the biggest thing to remember is to have a plan in place before you get started and understand what your exit strategy will be. Consistently market yourself and know the market you’re getting into while being realistic and honest about your intentions and plans. Learn what you can and enjoy the adventure!
