So you’ve got a little money saved up and now you’re ready to start investing. That’s Awesome! But, what comes next? How do you find an opportunity and how do you know if it’s a good deal? Well, that’s what we’re covering right now in Episode 2.
Hey its your favorite local Realtor, Eren Millam w/ Premiere Property Group. I specialize in all things Lewis County because it’s where I live, work, & play. If this is your first time seeing me, I do 1-2 videos a week covering the market, reacting to real estate gurus, educating and informing you to make the best financial decisions when it comes to real estate. If you’d like to learn more about me, upcoming events in the area, or check out my weekly blog, you can visit my website, LewisCountyHomes.com. Now that we got that out of the way, let’s dig in!
Real Estate Investing 101
In our last episode, we covered how much money you need realistically to get started. I’ll leave a link in the description below. However, we didn’t discuss WHAT you needed that money for – so let’s do that first! One of the most popular forms of investing right now is fix and flip so let’s follow that track. If you’re looking for a home ON the market, 50k is probably not going to cut it. You need to look for distressed home owners or sellers open to creative financing. Let’s say you find one for $200,000 and all you need is 10% down for owner financing. That’s fantastic and now you have $30,000 left over for repairs & payments. 30K is not going to get you very far, especially right now, and especially if there’s structural issues. But I digress. Let’s say everything works out in your favor and you’re able to sell the home for more than you’ve put into it. Now, you’ll have to cover liens, closing fees, escrow fees, title fees, realtor fees, and taxes.
Patience & Self-Awareness when Investing
So we have two takeaways from this lesson. As we mentioned in episode 1, investing is not free, nor is it easy. The second takeaway is that while this may be a good deal based on the numbers, it’s probably not a good deal for YOU to fix and flip. There may be other ways to make a quick buck on this deal so your hard work of finding it is not in vain, but that’s for another episode. I also mentioned we’d go through all the ways to determine if a deal is a good one or not, but as I got to thinking, I needed to slow it down a little bit before getting into the math.
So if the number one skill for an investor is patience, the number two skill for an investor is self-awareness. Just because there’s a good deal, doesn’t mean it’s good for you!
If this was helpful to you in any way, consider giving it a like so more people who have the same question can see it and consider subscribing to my channel so you don’t miss any need to know information about our current market. Again, I’m Eren Millam with Premiere Property Group, and remember, never settle for less than extraordinary!
If you’re thinking of buying or selling your home in the west Lewis County area, contact me today! I’d love to hear from you! Eren Millam – Managing Broker Premiere Property Group, LLC WA License No. 26933
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