At first, the real estate investing space may seem convoluted and difficult to understand. Nonetheless, it's also a space that can prove to be incredibly rewarding. The key is following in the footsteps of those who have built success as real estate investors.
One such person is Ofir Eyal Bar
. From a young age, Ofir had an interest in real estate. Today, he is a highly successful investor that is considered to be a thought leader in the space, with properties around the world. So, how do you go about investing in real estate like Mr. Bar? Where to start
It all starts with research. Ultimately, a knowledgeable investor becomes a successful investor. While learning about the world of real estate investing in and of itself is important, it’s also important to take some time to learn about the market in which you intend on investing.
The reality is that every geographic market is going to be different. Real estate prices will vary wildly
, so too will neighborhood styles, foot traffic in strip malls, fill rates in apartments and more. With that said, it’s important to take some time to do research on the specific area in which you plan to invest. For example, look up:
- The prices that the types of properties you are interested are selling for in the area.
- The time that these properties stay on the market before they are sold.
- The rental rates to get an idea of how long it will take for your investment to generate a return on rental property investments.
- The laws surrounding real estate and rental properties in the county.
The more research you do on the area in which you want to invest, the better chance that you will have to become a successful real estate investor. Price shop
It’s never a good idea to jump at the first offer that you find. Making an investment into a real estate property is not going to be a small investment. Make sure that you get the best deal by shopping around. A few areas to check for a good deal include:
Follow the BRRR method BRRR means Buy, Rehab, Rent, Refinance
- The internet - There are plenty of owners of real estate that do not work with real estate agents. Instead, they decide to put for sale signs up and list their own properties online. Take some time search multiple websites to make sure that you don’t miss any for sale by owner listings.
- Call banks - Banks in the area will likely be a honeypot of good deals. All you have to do is call. When you call the banks, ask for a list of bank owned properties, often referred to as REOs, that are up for sale. These properties will come at a lower cost as the banks simply want to recoup their losses and are not generally looking for a premium.
. The process is simple, and can lead to incredibly fast growth in your real estate portfolio. First, buy a property that could use some work. Once you own the property, rehab it and rent it out. Once rented refinance the property at the new value.
The process leads to success as improvements are made right in the beginning. From there, when the property starts to generate income, the investor refinances, generally taking equity out of the property in the process. This equity can then be used to cover expenses in purchasing and rehab a new investment property. Final thoughts
If you’re looking to become a real estate investing success like Ofir Eyal Bar, there’s nothing in your way but you. To follow in the footsteps of this mogul, simply follow the steps outlined above. Start with research, make sure that you’re getting a good price when making an investment, and follow the BRRR method. In doing so, you’ll likely find a high level of success in the real estate investing world.