Can you believe that the global real estate industry is worth more than $3.7 trillion?
There's no denying that real estate investing can transform your finances, but many people are deterred since they're not sure how to invest. It doesn't help that there are tons of myths about real estate that cause others to make uninformed decisions.
Are you curious about investing but you're not sure where to turn? Keep reading this real estate investing guide that breaks down four of the most common myths that could cause you to never reach your greatest potential.
1. Buying Rental Real Estate Property Is Lots of Work
Buying rental property is a brilliant way to earn money each month by collecting rent. Some people think that you can't invest in real estate this way unless you have the time and energy to be a landlord.
One of the best real estate investing tips is to hire a trusted property management company that can take care of some or all of the work that you'd have to do by yourself otherwise. This flexibility gives you the freedom to take on as much responsibility as you want. The services are affordable as well, so you can continue to pocket a lot of your profit.
2. You Need to Become a Homeowner Before Doing Other Investments
Buying your home instead of renting does come with many benefits. Each rent payment is money that's lost forever while paying a mortgage is money that you can grow when you decide that it's time to sell your home.
Even though buying your home may be the most logical first step into investing, there is no rule that you have to be a homeowner before you buy a rental property. If you're not ready to tie yourself down to one place, then you can still rent out to others while you're a renter, too.
3. Real Estate Investing Is Always Profitable
The smartest real estate investing advice is to not only time the market right but to also time your finances right. The last thing you'd want to do is buy when the prices are high and sell when the prices are low.
Investing is a serious commitment, so make sure that you feel comfortable with moving your money around before you sign papers.
4. You Need to Have a Lot of Money Before You Invest
Some people are unsettled by the idea of taking on a mortgage that's worth hundreds of thousands of dollars. Keep in mind that you'll have many years to pay off this debt.
Mortgage rates tend to be quite competitive, too. It's always worth exploring your options so you can lock in the nicest deal.
Did You Believe Any of These Real Estate Investing Myths?
Real estate investing isn't as complicated as you may think. After dispelling these myths, you can start making the smartest decisions for your finances.
Have you been thinking about buying property in Atlanta, Georgia? Contact us to learn more about our incredible property management services.