Michael McKenzie discusses his top 3 recommendations for an investor looking to start investing in real estate.
Listen to the interview on the Business Innovators Radio Network:
https://businessinnovatorsradio.com/interview-with-michael-mckenzie-mortgage-broker-with-big-league-approved-powered-by-edge-home-finance/
Michael explained: “For a new investor looking to start investing in real estate, there are three essential tips they should keep in mind:
First, it is important to clearly understand the investment process and what investments you’re comfortable making. Understanding how interest rates, taxes, and other variables affect your investment’s performance will help you make informed decisions about where and how to invest. Researching your options, determining goals, and creating a strategy can help guide your choices as an investor.
Second, it is essential to have sufficient capital for any real estate investment venture. You may need to secure funding from banks or other lenders to purchase the property or cover costs associated with maintaining it over time. Understanding the terms of any loan you obtain and whether they suit your goals is important.
Finally, it is critical to have a good understanding of real estate laws and regulations to make sound decisions. Investing in an area with restrictions on rental properties or other regulation-sensitive issues can be risky and costly if not properly managed. Knowing what is allowed in the location, you’re considering investing in can be crucial for success.”
These three tips will help new investors start on the right foot when investing in real estate. Anyone can become a successful real estate investor with diligent research, proper funding sources, and a clear understanding of local regulations.
Additionally, here are a few strategies that can be useful for beginning investors:
- Start with Fix and Flip Projects – Fix and flip projects involve buying a distressed or undervalued property, renovating it, and reselling it at a profit. This strategy is ideal for investors with experience with home renovation projects or who want to generate a return on their investment quickly.
- Invest in Multi-Family Properties – Multi-family properties offer an excellent opportunity for long-term returns while providing steady cash flow through rental income. Additionally, multi-family investments give investors economies of scale that single-family investments cannot offer.
- Invest in REITs – Real estate investment trusts (REITs) are professionally managed entities that own or finance income-producing real estate properties. Although these investments require very little of the investor’s time, they do not offer the potential for the same long-term returns as direct investments in real estate.
Whichever strategy the investor chooses, it is important they do their research and ensure that they have a solid plan before investing any money. Doing so will help ensure a successful experience in real estate investing.
About Michael McKenzie
Michael has been in the real estate industry for several years getting. He started as a commercial lender in 2012 and became a licensed Mortgage Banker in both the state of Virginia and North Carolina. In addition to buying and selling homes, Michael desired to get into real estate investing. Through research and practical application, Michael has built a solid foundation for syndicating deals to purchase real estate. Thus, leading to the creation of McKenzie Inc.
Michael passes on his knowledge to his investor clients, ensuring they are properly educated about how McKenzie Inc operates and helping them maximize on their return. As the leader of McKenzie Inc, Michael strives to provide an informative, stress-free service that allows all clients to reap the financial benefits of investing with McKenzie Inc.
NMLS #1683358
Learn more:
https://www.linkedin.com/in/bigleagueapproved/
https://edgehomefinance.com/team-member/michael-mckenzie/