Today’s tip will cover “How do I invest in Real Estate?”
There are several ways for you to invest in Real estate. You can buy property which requires a down payment, money to maintain the property and the ability to cover payments in between tenants. If you are buying a rental property, property management skills are important, or you may need to budget for property management fees if you hire a professional.
There are many types of properties from residential, commercial, multifamily, retail, industrial. So specialized knowledge or finding an agent with that knowledge is essential. I would advise working with a Real Estate Professional that specializes in the type of real estate that lines up with your financial goals.
If you are not interested in getting your hands dirty, however want the benefits of investing in real estate, a REIT (also known as a Real Estate Investment Trust) maybe a good option. We will cover “What is a REIT” in the next Savvy Minute.
Catherine Magaña is a CFP® or CERTIFIED FINANCIAL PLANNER TM in Carlsbad California.
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