Real estate investment can be an enticing endeavor, but many people shy away from the opportunity, intimidated by all the unknowns. There are countless myths and bits of fictitious information going around nowadays, especially when it comes to real estate and investment opportunities. Maybe you’ve always wanted to get into the business, but you were discouraged before you could even give it a shot. Read on for a closer look at some of the most common myths as we separate fact from fiction.
Fiction: Real estate investment is an extremely risky business.
Fact: While it is important to go into the process with your eyes open to potential risk, it’s not excessively insecure, especially when compared to other investment types. When you purchase an investment property and become a landlord, you’ll be able to generate extra income on a regular basis.
Fiction: You need to be independently wealthy with plenty of disposable income.
Fact: The truth is that you COULD spend a fortune on investment properties and become a real estate mogul. But there are plenty of opportunities available for much cheaper, and you begin to see a return on investment almost immediately. If you simply don’t have the funds, you could even invest with a partner to offset some of the upfront costs.
Fiction: It takes a long time to get started before you see any income.
Fact: Scouting and planning and purchasing the perfect rental property takes time, sometimes up to several months. You want to make sure that you invest in real estate that has growth potential and will increase in value over time. But after the initial purchase, all that’s standing between you and a passive source of income are tenants. You could be up and running in just a few short weeks!
Fiction: You have to bear the responsibilities of a landlord all on your own.
Fact: Many landlords simply don’t have the time or expertise required to manage the responsibility entirely on their own. Instead, they rely on property management companies to do the heavy lifting for a small fee.
If you’re intimidated by the prospect of managing your real estate investments on your own, let us help! Talley Properties is one of Charlotte’s best property management companies, with over 40 years of experience. Contact us today to learn more about our services and how we assist our clients.