One of the things that isn’t being made anymore is land. With land you have the power to grow things, build things and even allow people to use it. In today’s market the use of land is known as real estate and with real estate you have a lot of different options. To get into real estate you need to know how to get a real estate license, broker deals and manage your property so that you are creating a profitable portfolio.
Commercial vs Residential
When it comes to real estate the two categories that you will need to focus on are commercial and residential. Residential real estate is probably going to be the main go to for most people. With residential we have a better understanding of how it works, we get tenants, collect rent and deal with people. In commercial real estate we have a laundry list of other areas that we need to figure out such as building codes, occupancy limits and what types of businesses can be used in the real estate.
Before you jump into real estate determine your objectives. Are you looking to get a little extra income each month to fund a few other projects or are you looking to have a piece of property that others are paying the mortgage on that you will one day take over? When it comes to your objectives, they really need to be clear as to their outcome. IF you are unsure then you won’t know how to act or react.
Short term or long term
When it comes to real estate, you’re mostly going to be in it for the long term. You don’t want to buy something today and think you are going to sell it tomorrow for a profit. When it comes to real estate you will want to consider a five to ten year investment on your money. With this in mind, make sure that you are prepared to wait that long to see a return on your investments.