It can be rather intimidating to walk through fast-moving waters without steady footing. The real estate market may appear just as intimidating for those thinking about investing in Columbus. However, by working with the team at Flavortown Properties, you will not be knocked over by the currents. Knowing where to start and getting help throughout the process will have you building your Columbus investment portfolio in no time.
Here are five things you should know about the crazy real estate market in Columbus if you are thinking about buying…
Location & Property Type
Location is one of the most important factors when investing in Columbus real estate. While you navigate the crazy real estate market in Columbus, always keep the location of the property at the forefront. While buildings can be improved or rebuilt, you simply cannot pick up a piece of land and move it to a better part of town. Instead of buying a great property in a bad part of Columbus, consider investing in the lowest-priced property in a better location. Diversified property types can also help to expand your real estate portfolio. If you aren’t seeing the returns you want from a single-family investment, it may be time to think about commercial property, multi-family property, or even the note business.
Be Fast and Efficient
Sleeping on a decision can cost you when investing in Columbus real estate. When a great deal comes your way, you’ll want to have your financing all lined up. Fast-paced transactions that are now possible in a world of advanced technology, twenty-four hours can mean the sale has already closed. By having financing pre-arranged, you can be ready. Always in the right place at the right time.
What The Other Guy Is Doing
As a general rule of thumb, focus on your own business and not what other buyers may or may not be doing. When navigating the real estate market in Columbus, this only serves as a distraction – keep your focus on what you can control instead. As an investor, you’ll want to know the formulas used to assess the return. If you stick to the numbers, you can’t go wrong. What other investors do isn’t your concern. It is easy for buyers to get caught up in the excitement of a bidding war or to become emotionally attached to a property for whatever reason. Avoid buying the wrong investment by creating a checklist and setting a decisive minimum return on investments so you can avoid the pitfall of emotional investment buying.
If You’re Not First… You’re Last
Because of the current real estate market in Columbus, you’ll want to get your offer in right away. It is highly likely you will not get a second chance. Now is not the time to play the game of bidding low and hope for counteroffers. You should have a fair offer in mind. As with any major purchase, it is important to run the numbers to calculate potential returns. Doing so will allow you to put in a competitive offer while staying within budget. When an opportunity comes your way, be ready to submit a tidy sum as a deposit along with your offer to show the sellers you are serious about buying. Another way to make a great impression is to bypass as many of the standard contingencies as possible. You could even offer to work with the buyers on their move-out date if they’re facing delays in moving into their next home.
Work with Pros
While many life lessons are trials we must go through on our own, the real estate market in Columbus is not the place to try to figure it all out for yourself. Professional investors understand the importance of working with the right people and performing due diligence on the property before buying. A professional will have built a team to move in on a potential deal to inspect and estimate the cost of any repairs and determine the current market value of a specific property. Flavortown Properties offers years of experience buying and selling real estate in Columbus. We can help you find and buy the investment property of your dreams. Our system will help you feel confident with your investment property purchase.
Flavortown Properties can help you through the labyrinth that is the current Columbus real estate market. With the Flavortown Properties team of real estate professionals by your side, you can rely on their quick assessment of a property before you ever make an offer. Make Flavortown Properties your team. Contact Flavortown Properties today at (614) 756-6497 to learn more about how we can help you!