HOW CAN I GET STARTED AS A REAL ESTATE INVESTOR?
Getting started as a real estate investor takes planning, education, business acumen and an understanding of many related facets of the real estate business. We have the knowledge and experience in the business of finding and selling investment properties. Many new investors take classes, attend seminars, read books, and join investment groups in preparation for their first purchase. We recommend any and all due diligence that will help you prepare for this undertaking. In addition, we can sit down with you and go over the jumping off process in person.
HOW MUCH MONEY DO I NEED TO GET STARTED IN REAL ESTATE INVESTING?
Generally, depending upon your credit score, lenders require 25 percent of the purchase price of your prospective investment property as a down payment plus closing costs for 1-4 unit investments. Often times, for over 5 units, it is 20 percent of the purchase price. You should also have reserve funds to cover many different possible costs that you could incur after purchase.
HOW DOES LONGLEY-JONES FIND INVESTMENT PROPERTIES?
The short answer is… in as many ways as we possibly can. Much of this is based on networking and relationships. Other brokers and property in the area know that we specialize in investments, so we get leads that way. Wholesalers, property managers, asset managers, and previous clients are some of the other avenues. Have a property you want us to sell, or another avenue for us to find opportunities for our investors? Let us know!
WHAT IF I DON’T WANT TO DO THE REHAB ON A PROPERTY?
Many of the investment properties we find are turn-key. What we mean by that is that tenants are already in place and the property is in good condition. We facilitate the transaction through our brokerage, and then seamlessly transition over to our property management. Prior to closing, we lay out the detail of how the management works so there are no surprises.
WILL LONGLEY JONES RESIDENTIAL REAL ESTATE HELP ME FIND FINANCING?
Of course. Many banks are different in their appetite for investment properties. Our relationships in the area allow us to direct you to the right person if you so choose.