What’s it like if you want to become a real estate investor in Cape Coral and Lee County? We talk to investors of all sizes and different levels of experience every day. We have been doing this for over 30 years, so we have some things for you to consider when you’re entering the rental real estate market. These are the five most important things you need to think about before you become an investor.
Real Estate is a BusinessThe first thing you need to do is understand you’re starting a business. This is not a hobby or something you’re just going to try out. This is a business, and there are things you have to do to protect that business.
Real Estate Isn’t for EveryoneYou need a thick skin to be involved in the real estate industry. This has to be something you enjoy, otherwise success will be hard to find.
Be Prepared for SurprisesWhen you’re preparing for renting out your investment property, you need to know there will be surprises. There are always going to be unanticipated changes in the market, and you’ll need to know how to handle those variations. Rental real estate can be especially surprising, so be prepared for that.
Have Your Ducks in a RowWhen you’re ready to buy, make sure you’re really ready. That means having your inspectors lined up, your insurance in place, and your lender ready to sign off on a prequalification letter. If you’re paying in cash, make sure you have your proof of funds in place. Everything needs to be ready to go. You have to know the rental rates in the area. If you’re looking at a property, you need to know whether it will rent for $1,000 or $1,500. We can help you do that homework.
Work FastWhen a good deal comes along, be sure to act fast. You want to be quick and get your offer in on the first day that a desired property is available. Jump and get there before anyone else can.
If you have any questions about investment property in Cape Coral, we’d be happy to help you. We do this every day, and we can assist with all your Cape Coral property management needs. Please contact us at Cape Shore Property Management.