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How To Invest In Real Estate In 2021 - Beginner Tips!
Posted
July 2, 2021
Views
31
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1
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July 2, 2021
31
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8:54Now PlayingAre you a first time home buyer? Wanting to learn how to invest in real estate because you’re just getting started? We’ve got that for you and more in Slidin’ In The DMs AKA #AskPhilip!
#AskPhilip is our weekly segment where our entrepreneur and real estate expert Philip Michael answers your questions on real estate investing for beginners, how to be an entrepreneur, and everything in between.
Chicago Rentals - Where Should I Invest In Real Estate?
Philip says that Chicago is a big metro market, with everything you expect like big corporations, a lot of people looking for a place to live, etc. So from looking at it that way, this could be a great place to explore and invest in real estate. If you already have 7 properties that’s an even better place to be at! Without looking at your specifics, Philip says you can look at taking equity from your properties and using that to further invest. Another option is taking out a mortgage for all of your properties when looking into Chicago real estate.
First Time Home Buyer - Why A 15% Down Payment?
Whenever a lender says you need a 10-15% down payment that can make you feel stuck. To help, Philip Michael says to make sure you have a pre-qualification letter. Then, say you want something up to 4 units, because at that point you only need to put 3% down and not a 15% down payment.
Beginner Tips On How To Invest In Real Estate
First step is you need to get enough money to make a down payment. This is the most important first step when looking for beginner tips. With job history and good credit, you can get a pre-qualification letter to find out what exactly your buying power is.
Also find out if active investing vs passive investing is right for you! There are many routes you can take when you are real estate investing.
Looking for real estate investing strategies? First time home buyer, and don’t know where to begin? Slide into Philip’s DMs or reach out to us on any social media platform and use the hashtag #AskPhilip.
Your questions just might get answered on the air!
Credits:
👇 FOLLOW PHILIP MICHAEL 👇
Instagram: @yfwtb
Twitter: @Philip_Michael
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