Is 2017 your year to start real estate investing?

You’ve toyed with the idea for several years because you have a friend who is doing it: buying properties as an investment. So, is it your year to start?

Now is an excellent time to begin while mortgage interest rates are still low.

My husband Brian and I started investing in 1997 with the purchase of one small home. Because of my experience in residential real estate, I could identify properties that held potential as good rentals – and so began our experience as landlords. 

Over time, buying one or two homes per year, we peaked at 25 properties. With each purchase, we were only concerned about breaking even – because our long-term goal was investment for our retirement – not a monthly profit. 

Now, 20 years later, with all of those mortgages paid off, that strategy has resulted in some handsome profits when we sell them. 

But the life of a landlord is not for sissies!

Here are the questions you should ask yourself about your personality:

• Are you the kind of person who can deal with the public (tenants)?

• Are you organized? 

• Do you have the persistence to handle repairs and coordinate repairmen?

Will you have the commitment to maintain the property so the value is there when you’re ready to sell? 

If you answered yes to each of those questions, congratulations! You have the core traits necessary for success. Remember, this is not a hobby; it’s a new business. 

Stayed tuned as I continue to share tips and advice that Brian and I have learned along the way. 

2017 could be your year!