Start Something Side Hustle Series: Real Estate Investing

For the Fixer Uppers and Strategic Investors –  You know HGTV, now learn how to take the leap when it comes to real estate rentals, investment, and house flipping.

#1 Check out the Iowa Association of Realtors website to view public reports that show market trends

#2 Ensure your profit covers your costs which include the risk you take when owning property, taxes, and the cost of owning real estate such as utilities, maintenance & insurance 

#3 When considering a new investment, take the location, condition of the property, price, market demand, and the property itself into consideration before buying 

#4 Develop relationships with lenders at local banks early

Meet with bankers in your area early– before you even ask for a loan to introduce yourself and show them the types of properties you’re considering and your anticipated margin. Follow up after you’ve completed a deal to show that your project was successful.

#5 In Iowa, to sell property for income, you must become a licensed realtor

But that’s not all– once you attain your license you must be represented by a brokerage. Interview with different brokerages to find the best fit!

#6 Work “backwards” from what you anticipate income being on your rental properties

Consider how much income you can realistically make on your rental property. Is this a rental with a lease agreement or an Airbnb? How will you realistically make the mortgage payment? Work backwards into what you can pay for the property and still make a profit.

#7 Check out the county assessor’s website to double-check the zoning code for a property you’re considering renting out