Business Insider recently posted an article on Kelly and Chris Edwards, two brothers from North Carolina, and their success story on real estate investment. In a decade’s time, the Edwards brothers went from an $88,000 investment to over $8million in assets. While working in commercial banking, they recognized that the clients with the highest net worth happened to own various real estate. Thus, they found themselves investing in a house and renovating it themselves, which marked their decade journey in real estate investment.
Fortunately for us, the Edward’s brothers shared some of their tips on real estate investing with Business Insider:
Investments are like a business
The Edwards brothers recommend making a plan, or time frame, for the amount of property you plan on purchasing. Buying a property alone takes up a lot of your time, not to mention if you plan on doing renovations yourself, so recognizing how long the project may take is essential.
Find an expert on investing
Another tip from the brothers is finding someone who knows a lot about investing and learning from them prior to divulging in real estate investment. Lucky for those of you in the Florida vicinity, Cash Flow Guys are your local authority!
Invest in, not only real estate but knowledge
Much of their success is owed to books, and they couldn’t be more right! Knowledge is power! It’s so important to learn as much as you can about the industry before you start any investing.
Find your niche
The Edward brothers recommend finding a housing niche that works best for you. It’s important to figure out what kind of a house you wish to create, whether it’s a high-end home or an affordable home, and see what you’re going to be an expert in.
Don’t Expect To Get Rich Quick
Real estate investment isn’t something you set out doing and expect to make $60,000 profit in a week. It’s important you understand the length of the entire project and while you might not see a huge return on investment right away, with time you’ll get there!
To learn more about real estate investing feel free to contact me at cashflowguys.com