At Primary Residential Mortgage in Fort Myers, we’re proud to work with a wide range of different mortgage clients. While we’re happy to serve first-time buyers, those in need of a refinance and others who primarily approach a mortgage from a family living situation standpoint, we’re also here to help with those looking to enter the real estate investment world in one of a few different ways.
While there are several elements that will remain similar in a mortgage and homebuying situation no matter your eventual goals, there are many others that will vary significantly. Real estate investment is a fantastic way to build income, even among those who have other jobs and don’t spend all their time in this industry, but entering this world requires a few basic steps. This two-part blog series will go over some general approaches to take and areas to ask yourself about as you prepare to enter the realm of real estate investment.
First and foremost, you need to ask yourself how you plan to make money with your real estate investments. There is no single pathway here – there are several approaches you can take depending on your funds, level of involvement desired and more.
In most general situations, there are two approaches most strongly considered: The “buy and hold” tactic where you turn the property into a rental for profit, or the “flip” approach where you buy and improve a property before re-selling it. These both have value in many circumstances, but will require the proper research and action. A bit more detail on these and other approaches below.
To get a bit more specific, there are both passive and active forms of real estate investment. Neither is the “right” or “wrong” way to go about things, necessarily, as both have potential benefits. Some basics on each:
In part two of our series, we’ll go over some important financial and other factors to consider as you move into real estate investment. For more on this or any of our home loan or refinancing services, speak to the staff at Primary Residential Mortgage in Fort Myers today.
*PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Opinions expressed are solely my own and do not express the views of my employer.