For the 10th consecutive year, real estate has topped Gallup's list of America's favorite investments. In the 2024 survey, 36% of participants said it's the best long-term investment.
So, if you've always wanted to get involved in real estate property investing in St. George, UT, now is an excellent time to do so. The sooner you do so, the sooner you can generate rental income.
However, remember that property investing involves hundreds of thousands of dollars. Therefore, you must learn more about proven real estate investment property strategies.
PMI St. George has shared beginner property investment and rental property tips, so read on.
1. Buy Cheap
"Buy low, sell high" is one of, if not the most famous, adages in investing, especially in the stock market. However, it can also apply to real estate investments.
The idea is to buy or invest in an asset when it's cheap, and when the tide turns, sell it for a higher price to make a profit. In real estate, a perfect example is house flipping, which, according to ATTOM, accounted for at least 10% of all home sales in the U.S. in the first quarter of 2024.
House flipping involves purchasing a fixer-upper, a property priced low because it needs repairs. Then, you would need to fix it and sell or rent it for profit.
You can find fixer-uppers through the following:
- Multiple listing service (MLS)
- Real estate agents or realty services
- Auctions
Depending on how much work a fixer-upper needs, it can be a lengthy and labor-intensive project. So, before you dip your toes into this investing strategy, ask yourself if you can commit the necessary time, effort, and resources to a house-flipping business.
2. Consider Investing in a Turnkey Property
Do you want a less-involved way to earn rental investment income? If so, consider investing in a turnkey property. It's the complete opposite of house-flipping.
A turnkey property is a new or fully renovated and repaired property that's also occupant-ready. You can rent it as soon as you've completed the purchase.
You can make things even simpler by hiring a turnkey property management company in St. George, UT. Such firms provide full-service management solutions, from marketing to tenant placement, rent collection, and property maintenance. With one on your team, you'll have fewer worries and less landlord stress, as they'll take over most of your leasing and management responsibilities.
3. Never Skip Rental Valuations
Regardless of the type of investment property you choose, you must always get a professional rental valuation. It lets you determine a property's potential return on investment (ROI), helping you make more informed decisions. It's a proven strategy to measure whether a property you've got your eye on is worth investing in.
Real Estate Property Investing Done Right
Property investing in St. George, UT, so long as done right, can yield high returns. Conversely, it can cost you a lot if you do it incorrectly.
Our full-service real estate and property management company, PMI St. George, can help you make more informed investment decisions. Our owner/broker, LeAnn Walters, has been a well-respected real estate agent for nearly two decades. She also brings years of property management experience, construction, and business.
Speak with us today to learn more about our realty and property management services, including our complimentary property analysis!
