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Boomers-Bank IRA-401K-Real-Estate Investing

So now that you’ve decided to invest in real estate, a decision which will most probably rank among the best decisions you’ve ever made, you need to remember a few pointers which will help you to make the most out of your interests and expertise.

To kick start things, ask yourself what you are good at and what really fascinates you in terms of real estate. To derive answers to this question you reflect on the personal experiences that you have had as well as what literature you are familiar with. Using this information, pick only one or at maximum two categories which best apply to you and your situation. For example, if you some basic knowledge about apartment buildings or office spaces, you can consider the option of investing in commercial real estate. Hence, commercial real estate will then become one of your categories. Always restrict yourself to the two-category limit as this will allow you to focus properly without you being overwhelmed or overburdened. Also bear in mind that you always the option to invest in your own residential property if you wish to do so.

Once you have the categories decided upon, you can now begin your research on what zoning ordinances and building codes apply to your property types within your area. To speed up this process, you can secure the appropriate zoning and code books, while to verify the information gathered, it is advised to consult a real estate expert. You can also refer to zoning maps gathered during the research process to determine the applicable zoning codes. To save yourself from some added work, look to identify and then combine one or more local areas which fall under the zoning codes. You are advised to then mark all the boundaries of the said area(s) on your maps. Make sure to keep at least a few copies of all maps you acquire as you will be constantly writing and re-writing on them. Nonetheless, when choosing then areas, remember not too be too hasty with either choosing or not choosing an area. Take the required time to study each area and then determine whether it fits in with your interests and needs or not.

Once decided, you should follow up all this initial research by short-listing about 100 properties which you will review and investigate into for investment purposes. Make sure not to go overboard when making the list and restricting your list to a maximum of 200 properties as this would allow you to focus your energy and efforts efficiently and effectively.

For properties which are up for rent, you should ideally extend your research to cover various aspects. To gauge the value of such a property you should familiarize yourself with the area’s rental market so that the rental market serves as a basic guideline or reference point. You will be at agreat advantage if the property you have chosen is located within an area you are already familiar with. If that isn’t the case, you can always look towards community members and council members as there is no better way to judge the trends of an area than by networking with key figures of the area.

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Jafer Ali Shariff

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