HOW TO SUCCEED AS A FIRST TIME REAL ESTATE INVESTOR IN ELDORET

Real Estate investment is one of the businesses that is very lucrative and gives long term profit. As a new investor in the market, you have to minimize risks and maximize profitability. Below are the ways you can achieve this:

1. Have a good plan.

Good planning in Real estate is the backbone of the business. This is because it helps an investor to attain both short-term and long term goals. As a Real Estate investor, it is very important to approach activities involved in Real Estate Investment in order to succeed. A solid plan in the business ensures an investor is organized and on the right track. Moreover, a business plan gives room for investors to visualize hence maintaining focus on their goals.

2.  Networking.

Build good relationships with the successful people who have been in business for quite some time. Building a network creates and provides crucial support for the new real estate investor. Joining a few local networking group and participate actively will consequently help you find the ones that have the people and topics that you're interested in. As a result, you'll get more knowledge about Real Estate.

3. Set Reasonable goals.

Real estate investment can sometimes be costly ventures and time intensively. It is therefore of great importance to set reasonable goals that can help you endure all these. Investors should know exactly what they want in the business. This greatly help them get prepared for whatever challenge that may come and handle the issue wisely.

4. Choose your market wisely.

Know your local market first because your purchase and its success will be influenced by the present factors in Real estate. Find markets that are in phase of expansion. By this we mean, where sales and prices are rising, construction is low, capital investment is rising and affordability is good.

In addition, focus on the location of your property within the market so as to be successful. Invest in neighborhoods which have high population density, have all basic amenities nearby and are developing. If housing supply meets housing demand, Real estate investors should take advantage of this opportunity.

5. Be aware of rules and regulations of Real Estate Investment.

Knowing rules and regulations that governs Real Estate Investment will help an investor to keep the right track in the business. It also minimizes on breaking of laws. If you observe all the rules and regulations in the business of Real estate, you'll have it all smooth. Thus, giving you ample time to grow as a first time investor. 

6. Maximize on the value of Real estate.

Come up with strategies you will use to maximize on the value of Real Estate and it will give you great returns as an investor. For instance, you could generate rental income from what otherwise failed to the business cash flow. You could offer trash pickup services from tenants’ door to the dumpsites at a fee per month in residential apartment.

Offer security guard(s) to the building as well. You can therefore charge higher rent for more attractive property and services offered hence generating more profit.

7. Leverage experts.

To ensure you succeed and minimize errors, it's vital you leverage experts in every area of the project. Much profit is attained in the long run and mistakes made are minimized by keeping things simple.

8. Diversify your investment.

Consider investments in other towns or cities so as to have a large pool of available investments and ultimate better opportunities. Investing across a large geographical area gives you variety of your investments and protects investor's profitability portfolio against the local markets.

Avoid limiting your profitability potential by only considering a small geographical area. Take opportunities that strike your way over geographical areas too.

9. Invest in the right phase.

Get to learn about how to invest in the right phase of the cycle. Generally, this will enable an investor to understand what is tend to happen with Real estate prices in the coming years. Research shows that investors who purchase their own investments during early stages of recovery phases, earn significant capital gains in addition to rent income.

10. Aim for the best in class

Make little changes that will out stand and will not be expensive. Avoid overbuilding a home because it is wasteful. Go for "best in class" and try not to make an office building elite product.

The above are the sure ways first time investor of Eldoret and others should apply to be successful in Real estate investment.

FIND PROPERTY IN UASIN GISHU COUNTY; BAORIAT AGENCIES CALL:    0721-554-937

By : Doreen Andisi.