Ray Martin's Real Estate’s Dos and Don'ts for Investors
Ray Martin outlines important things to keep in mind and actions to take when investing.
DO: HAVE A PLAN
Before making any investment in real estate you should have a plan. Running with a well thought out investment plan better prepares you to recognize the right property when you see it. Most real estate investors make the mistake of buying a commercial property because it appears like a good deal and then try to fit it into their plan.
DON’T: GET CARRIED AWAY BY HYPED INFOMERCIALS
They promise easy and quick money. Most new real estate investors have a deep-rooted belief in the get rich overnight order of things with regards to real estate. Infomercials spread this myth for a long while and still do, but in reality, investing is a long-term business.
DON’T: GO IT ALONE
Successful real estate investors take advantage of team play. You’ll need other professionals to help in real estate deals to succeed. The Ray Martin Agency is always here to help.
New real estate investors often overpay for a commercial property, doing this locks up your funds and leaves you having less cash flow. All business fields require training, and real estate investing is no exception. Ray Martin regularly hosts investment seminars at no charge for his clients. Take advantage of these courses and elevate your knowledge on commercial real estate.
DO: KNOW YOUR PROPERTY
Ray Martin points out that many new investors sign a deal without doing enough research on a commercial property. Most real estate investors working with commercial real estate agents not only have a better insight when it comes to the property’s history but with securing established and new tenants.
DON’T: MISCALCULATE CASH FLOW
Experienced and skilled real estate investors budget income and expenses appropriately to avoid pitfalls so there is sufficient coverage for expenses like the mortgage, taxes, insurance etc.
DO: HAVE AN OPEN MIND
This is why buying versatile commercial properties that allow a number of options is a wise strategy. When the real estate market fluctuates, you’re prepared to tackle unexpected situations and you experience fewer losses.
DO: PLAN FOR THE WORST
Many new real estate investors make incorrect estimates and assumptions like the amount of time it will take to convert the space for their new tenant. Miscalculations cost commercial real estate investors a lot of money.
Remember these dos and don’ts and you will succeed!
Ray Martin Easton, CT
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