Investing is all about taking calculated — and perhaps some non-calculated — risks in the hopes that the investment pays off, literally. Investing is when you take a sum of money and give it to an individual or corporation so that they are able to grow and expand, and in the process of earning more money for themselves, earning more money — what you gave them initially and then some — for you. While most investments pertain to corporations and the various endeavors they take on, you can also choose to invest in residential structures, such as apartment buildings and other multi-family units, and even single-unit dwellings as well. Common types of residential structures include apartment buildings, condominiums, retirement communities, and even mobile homes.
When you decide to invest in residential real estate and mortgages, it’s important to have the guidance or at least the advice of an expert in the industry, such as Wesley Edens and others like him. Even if you decide to go it alone, at least initially, it’s a smart idea to have a mortgage investment firm or expert you can call in case you get into trouble, or simply have a question or need some clarification. The first thing you’ll want to do is form your team of real estate investors. You’ll want to have professionals in the real estate industry available, as well as a property appraiser or inspector, a mortgage lender, and of course an accountant. Together you will be able to thoroughly assess available properties and decide whether or not they are worth investing into.
Next, you’ll want to begin the evaluation process. You should have several properties in mind so that if one doesn’t pan out, another will. A good real estate investor will be staying on track with the real estate market, and should be able to give you a good idea on the value of any particular property. Of course, more than just the worth of the property itself go into determining its value: you’ll also want to look at the land it’s on, the surrounding land, and the conditions of nearby structures and the neighborhood.
Carefully keep track of all projected and actual expenses, as you should make sure that any expenses you incur during the process of investing are paid back to you once the investment pays off. Inspections, insurance, loan fees, and closing costs are all a part of what you can expect to incur while preparing to invest in a mortgaged property.
Finally, make sure you go over everything with a fine-toothed comb. Take careful notes of everything you research and execute in the process, and make sure that everyone’s fees are accounted for. You’ll also want to make investment projections based on the current market value, and potential market values. Remember that trends change, and you need to project accordingly. Keep your fingers cross, dot your Is and cross your Ts, and hopefully the investment pays off, and your team will be ready to take on several more investments with just as much success!