A recent article on FT.com stated that by 2015, a turn in the market should see a housing boom. The turn, as stated in the article, will owe its thanks to a combination of improving house prices, lower inventory of homes for sale, population growth, and better access to mortgage credit.
For those looking to go into the real estate business, this avenue is a great one as it not only helps generate better income, but also provides you with more freedom to manage your time. But being successful in real estate isn’t easy as pie either. You need to enter this industry with realistic expectations and plan ahead for overcoming obstacles, which will help you avoid failures later on down the road.
1. Know your location
Your clients will want to live in a safe neighborhood that has convenient access to popular places, shops and restaurants. Conduct a thorough study of the locality you will be accessing first. Location impacts the rents you can expect, the tenants you attract, and the problems you can encounter. It also impacts the appreciation of the property and the opportunities you may have in the future.