As the founder of the real estate marketing company RentUp.io, Dylan Vanas knows a thing or two about sustainable real estate investing. In fact, he’s dedicated his life to helping people achieve their financial goals with real property. So, what advice does Dylan Vanas have for new real estate investors?
While there’s no secret formula to “get rich quick” with real estate, there are ways to build sustainable growth by investing in property. However, you need to develop a plan with goals, limits, and strategies for success. Here are Dylan Vanas’s top 5 tips for new real estate investors:
Do Your Research
It may sound obvious, but a lot of people dive into real estate ownership without knowing how to make a profit.
“I’ve had some clients who already invested in real estate and then think, ‘now what?’” said Dylan. “At the end of the day, you should never put your money into anything, real estate or otherwise, without doing thorough research on your investment.”
Know Your Limits
Everyone doesn’t have a nest egg that they can dump into a property, so many take on debt to invest, increasing the inherent risk of their investment.
“You should always know your own limits when it comes to real estate. In other words, you should never invest money that you can’t afford to lose. Fortunately, real estate is a much more stable investment than, say, buying up stock in a single company. Nonetheless, you have to know when to push the gas and when to slam on the breaks.” - Dylan Vanas
“If done properly, debt can be leveraged to help grow a portfolio”, said Dylan, “but you need to be able to, at a minimum, afford the debt payments without the need to depend on rental income.”
Play the Long Game
New real estate investors often get impatient when they’re encouraged to sit on their investment for a long period of time.
“While there are many ways to get your funds back at a steady pace, you should always play the long game with real estate,” said Dylan. “Everyone has this fantasy of flipping a house in a matter of weeks or months and, while that can happen, it takes a great deal of luck. Instead, you should focus on investing in property for at least 10 years.”
Look Beyond Appreciation
Many new real estate investors don’t know the full potential of their property as a source of income.
“I always tell my clients to look beyond the appreciation of their property. Sure, you can sit on a property for 30 years, sell it, and make a good profit. But why not turn your property into a source of income while it appreciates in value?” - Dylan Vanas
Get Expert Help
Real estate investment doesn’t need to be a one-person operation.
“Most of my clients come to me because they want to find new ways to make a profit,” said Dylan. “For example, if you’ve invested in a house or apartment complex, you need to find reliable renters. Unfortunately, it can be difficult to do it on your own. That’s why companies like RentUp.io exist. We help you make the most out of your property.”