Halfway through 2022, we learned that over four-fifths of home-owning millennials have some regrets about buying a home. Many of them prefer to rent these days, and with this comes opportunities in real estate investing. You can either buy to flip, or buy to lease, although you may have heard of all sorts of stories on how this will go.
Below, we have listed some of the major real estate investing myths you might hear in Salt Lake City. You can read these and discover what is true and what is not. That way, you can ask questions like "what is real estate investing?" without worrying about false information.
Being a Landlord Will Take All Your Time
If you are new and still asking questions like "What is real estate investing?", you might get the wrong idea about how long such work takes.
While, yes, it can take a lot of time, especially if you have more than one property, it does not need to. By working with a qualified property manager, you can have the assurance that most of the work is occurring without you lifting a finger.
Such managers have both the time and experience to manage properties in a way that occurs much faster and with minimal human error. They will often have invested in the latest technology to help them process properties where it would have taken you hours, if not days.
You Need to Fix and Flip
One of the biggest real estate investing tips out there, propped up by many TV shows, is that you need to fix and flip homes. This involves buying "fixer-uppers," working on them, and then selling them for much more than the price at which you bought them.
This kind of process is not only risky, as you may find other issues in the home, but it also takes a lot of work, investment, and contacts.
Ignore the romanticized version you may have seen on television. There is nothing wrong with fixing and flipping, but do not believe it is as easy as they show.
You Need to Be Rich Already
This piece of real estate investing advice often prevents people from even trying to get involved in the real estate business. While of course, having money can help, you do not need to be rich.
Loans, mortgages, and other systems can help many people get on the housing ladder. You should talk to your local banking institute to see what they offer.
Another option is that you could work with partners to create a real estate investment group. You can then buy up a small area of land or a property to rent out, splitting the costs and profits.
Learn More About Real Estate Investing
Now that we have debunked the above real estate investing myths, you might want to know more about how to get involved in the industry. Lucky for you, we have the experts on hand to talk to you about your options when it comes to property management.
If you are in Salt Lake City, all you need to do is get in contact and we can discuss what Wolfnest is already doing for plenty of people in your area. So, call us today for more.