Simply stated, low home prices and low interest rates make this a great time to become an investor in Virginia Beach VA real estate. “We haven’t seen home prices this low in so many years, coupled with the rates being so low,” says Jill Sjolin, an agent in Washington who specializes in investment properties. “When the money is cheap to borrow and the houses are cheap to buy, it’s absolutely the best time to invest.”
It goes without saying, of course, that the first step in acquiring investment property is to analyze your finances to make sure you can afford it without compromising the security of your other assets. Look closely at your income, savings, and spending habits. Check each of your three credit reports well before you start looking at Virginia Beach VA real estate or shopping for lenders. Consider tax implications, property taxes, and renovation costs. Online calculators can provide you with a guide to possible financial outcomes of the purchase and rental of an investment property.
The next step is to determine the goal for your purchase. Investment property can yield income two ways–through regular rents and/or capital gains. Most experts advise novices to invest for the long term rather than try for quick flips and to begin with residential Virginia Beach VA real estate rather than commercial properties. Click here for more tips, including financing options, for first-time investors.
Once you have determined the how? the why? of your investment transaction, you move on to the where? Locating the right property is easier if you work with a real-estate agent experienced in investment property deals who can help you locate promising properties. A second option is to collaborate with a more experienced real-estate investor and close a deal together. In this economy, an experienced real-estate investor may be willing to work with you in exchange for the capital you can provide, giving you the opportunity to glean investment knowledge and experience firsthand.
April Partida is a Professional, Experienced and Results Oriented, Top Virginia Beach VA Realtor committed to meeting your needs.
April has distinguished herself as a leader in the Virginia Beach Virginia real estate market. April assists buyers looking for Virginia Beach VA real estate for sale and aggressively markets Virginia Beach homes for sale. April is also a Short Sales and Foreclosures Resource Specialist (SFR). Avoid foreclosure and short sale expert, committed to helping families in financial hardship find options to foreclosure.
You can reach April at 757-227-1777 or by email, firstname.lastname@example.org.
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