We’re going to let you in on a little secret about real estate investing: there is no “best investment” overall, in any market.
Investing is not a one-size-fits-all proposition. What may be a great investment for one investor may not be the right investment for another. There are many factors to choosing the best investment property in Savannah GA.
The best strategy for achieving your investing goals is to understand the factors that influence this choice and to optimize them for your circumstances.
We at 32Homes LLC have been investing for a long time and we’ve collected together some of the most important factors to consider when choosing investment properties.
Strategies for choosing the best investment property in Savannah GA
Strategy 1: Know your investing goals
Knowing what you want to achieve from investing is paramount to your investing success. Before you invest anything, sit down and carefully think about the following: How much money do you want to make? When do you need that money by? Do you need the money in a steady stream (from cash flow) or as a windfall (from an appreciation-based sale)? Are you looking to quit your job and fund your current lifestyle or do you want money for retirement? Choosing the right investment property requires a clearly defined set of investing goals.
Strategy 2: Know yourself
Once you’ve figured out what you want, then you need to figure out how your own personality, skills, strengths, weaknesses, and risk tolerance will contribute to (or detract from) your goals. Discovering each aspect of yourself will shed light on how you can invest in a way that works for you. For example, if you want to buy real estate but don’t have the cash or credit, that’s something to think about. (It doesn’t mean you can’t invest, it simply means you have to figure out how to do it differently than if you had your own cash to use). Or here’s another example: If you are working at a full-time job and love it and don’t want to quit that job then you need to find real estate investments that are managed for you (such as turnkey real estate investments). One of the most important questions about yourself is: “What can I give in order to achieve my goals?” For some, money is the answer, for others, time or effort.
Strategy 3: Know the market
By understanding what you want and a bit about yourself, you will have a pretty good idea of what kinds of investment properties are right for you and what aren’t. If you narrow down multifamily and commercial property investments then you can start focusing your time on single-family properties. But narrow your scope even further and start to look within a geographic area, such as Savannah GA. As you review your specific type of investment (such as single-family homes) in your specific geographic market, you’ll soon develop an expertise in your market, allowing you to spot great deals and bypass bad deals. Resist the temptation to spread yourself too thin among too many markets: Focusing on just one or two markets might not provide you with as many deals as you would like, but you’ll be able to spot great deals sooner.
Let us know if you are interested in focusing on a market like Savannah GA because we’re always looking for deals there!
Strategy 4: Know your team
Next, it’s time to start thinking about your team and who needs to be on it. For some investors, this might include real estate agents, contractors, attorneys, accountants, and more. Investing in deals with 32Homes LLC has made us part of many investors’ “teams” because we help them find the right deals. Whatever team members you choose, keep in mind this: Who will be on your team will be determined by your answers to the first 3 strategies (above).