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There are many options for growing your assets and making your money work for you. Stocks, bonds, and mutual funds are great to include in your portfolio, but another area you might want to consider is real estate investing. While it can take a little more time and dedication, real estate investing can prove extremely profitable in the long run. With the right research, planning and a little help from an experienced property manager, it could be the perfect way for you to diversify. Here are three top tips from experts in the industry. Choose your location This is the very first step for anyone looking to break into the real estate investing business, and it’s really the “make or break” aspect of your investment. While that might sound a little dramatic, it’s hard to overstate the importance of choosing the right location if you’re looking to rent out your property with a view to making money. One perfect example of a great location is Rochester, NY. This fast-growing, family-friendly city has plenty of box-ticking features that make it an attractive home for prospective tenants and landlords: a low unemployment rate, a lower cost of living, great infrastructure, plenty of good amenities, and, importantly, excellent properties. That being said, wherever you’re interested in buying, you should be sure to do your homework first, which means taking the time to check the market value, what competition is out there and who is most likely going to be renting from you. Know the market That brings us to the next important tip: knowing your market inside-out. Before even thinking about making an offer on a real estate investment, the advice is: research, research, research. Be sure to look into the area’s demographic, how good the infrastructure is, the demand, and what the development prospects are. It’s also good to remember that markets move in cycles, so you need to be aware of the point that your particular market is in. Rochester, NY, as our example, is ideal for real estate investment as it’s in an expansion phase. Make the most of your investment Whether you’re looking to flip your real estate investment, rent it out long-term, or aren’t quite sure yet, keep in mind that the work begins once you’ve bought your property. Keep in mind that the goal is to eventually sell your investment for more than you bought it, which means taking the time to improve it. This is where working with a good property management company can really pay off, as they will handle the hassle of managing tenants and the associated potential issues. Real estate investing can be a fantastic way to grow your investment portfolio and overall wealth. But it’s essential to keep in mind these three key aspects if you’re to succeed. A property management company can help to take the pressure off by taking away the stress of managing the paperwork and upkeep of your rental property. Because the ultimate top tip is to work smart, not hard! Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international clients for real estate investing. Providing a holistic service for both commercial and residential properties, the company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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