Investment loans for real estate require higher down payments than home mortgages
Real estate has long been considered by most experts a sound investment but getting started in the housing market can be intimidating.
Danetha Doe with Clever Real Estate shared four important tips for anyone looking to enter the market for the first time.
Find a real estate agent you trust in the area you plan to invest: You want someone that understands your dreams and goals while offering insight and guidance, and possibly deals not yet on the market.
Review your credit report: Look for and fix any mistakes before applying for a loan.
Look at the areas surrounding properties of interest: Proximity to schools, bars and restaurants, along with nearby amenities like parks and bike paths tend to add value.
Plan to save 25% for a down payment: Home mortgages have lower down payment requirements than business investments, so you need to be prepared to put more down.