There’s a buzz going on right now, a whole movement towards empowering women to invest. Whether it’s taking the first step and buying a few shares of your favorite company or taking the plunge and purchasing your first investment property, the opportunities are limitless.
If you are new to investing, you probably want to be as safe as possible. While that’s understandable, always remember that to get a different result in life you have to do something different.
To grow your money, there will be risk involved, but there will also be reward!
But if you’re just starting out, investing in real estate might be just what you’re looking for.
change your mindset
If you haven’t purchased a property before, there will be a learning curve. Take the time to learn the industry. First up, enroll in Google & YouTube academy. Trust me most of what’s in those expensive courses, conferences, and eBooks can be found with a little research – for free! Also, be sure to follow social media accounts that provide real-life specific tips on how to be successful (Instagram accounts to follow: @blackerpockets @biggerpockets @hoodestates).
be open to different property types
You may start out focused on single family homes to purchase because that’s what most of us are most familiar with. But in real estate, you need to be flexible and open-minded. There are lucrative opportunities across the entire real estate landscape.
The first is buy-to-let. For example, you purchase a property with the express objective to rent out the property and earn residual income, while the property appreciates in value. Or you may be considering incoming producing properties that you can live in and create an additional stream of income (duplex, triplex…etc). Multi-family should definitely be on your radar if you want the potential for massive profit and leverage for other investments. Or, if you want to flip, consider homes that need improvement. Or if you want in on the sales side or real estate follow Mark Saunders lead and focus on the luxury market. There are plenty of options in real estate to find what fits you best.
get outside your comfort zone… literally
Sometimes your local real estate market won’t support your goals. This is when you need to be ready and willing to get outside your comfort zone. Research areas that are up and coming, or that are appreciating rapidly and consider properties in neighboring cities, states and even properties abroad.
The goal is to find the opportunity!
There are cities like Detroit right now that are going through tremendous growth and revitalization. Or look at market stats for your hometown or where you went to college. Why? Because these are areas that you’re already familiar with that might prove to have the perfect price point and profit margin for your investment strategy.