James Branca is a nearly thirty year veteran of the real estate investment and development business. He is based in the Hamptons on Long Island, New York, New York.
Many investors find the idea of investing in real estate very attractive, on the assumption that it can offer a quick return on an investment. But real estate can be a complex investment; it is a lot different than investing in stocks, bonds and CDs. For those new to real estate investing it can be overwhelming.
It’s important to remember that real estate investing is a business, just like any other, and should be treated as such. Always have a good business plan that spells out how the investment will begin and how it will be operated, and with realistic goals over one, three, five and ten year time frames. Make sure your credit report will allow you to invest in property. Most lenders expect a 700 or better FICO score from borrows who want to buy investment property.
If you are financing the investment, find a good bank or mortgage broker in your area. If you are able to pay cash, you will need to prove that you have the funds at hour disposal by submitting a recent bank or brokerage statement when you make an offer on the property.
It’s also a good idea to talk with other investors about the local real estate scene. You can do that by joining a real estate club. This is a great way to network with other investors, lenders, and repair service providers.
James Branca began his career in real estate development in New York City in 1988.
