With a successful career in property management and real estate, Barry Hers offers his tips to those who want to invest in real estate.
“All too often, new investors begin their interest in real estate by speculating on properties without all the facts,” explained Barry Hers. “Your first investment should always be in a property that can generate a cash flow stream, like a middle-class rental property. By starting here, a new investor instantly gets a return on their investment.”
Barry Hers receives a lot of questions about how much time an investor should put into their first property. According to Barry Hers, the biggest question you need to ask is what is the long-term goal of my first investment property? Is it for rent, will you sell? Answering these questions first will give you a good understanding of just exactly what you will need to do with repairs, upgrades, or anything else that will cost money going into the property. There will be unforeseen costs and risks involved with each property, knowing what they are upfront and understanding each of your goals will help you make the best possible decision for yourself and any of your investment partners.
Barry Hers recommends always having a plan with each property you are considering, both long term and short term. This will help with making a business decision now and in the future.
Barry Hers also recommends that first-time investors always work with experts.
“You will need to know the market inside and out, so take your time to understand it, explains Barry Hers. “You need an expert that’s local and knows the area well. It also helps to find great property managers who will be bluntly honest and offer you objective advice before moving forward. Budgets will make or break your career in investment,” explains Barry Hers. “Always establish the baseline you are willing to pay for a property, and just exactly what you are willing to invest in each one to increase its value.”
It will always be easy to get off track and spend too much or too little if you aren’t planning everything. It’s important to also pick properties that are close to you so that you are able to work on them if something ever arises that needs repair.
Barry Hers helps investors and tenants across the state of New York, with over two decades in real estate. To learn more about his many businesses and to connect with Barry Hers today, click here.
Barry Hersko offers tips on Buying Homes
Buying a home can be a daunting task, especially during busy seasons of life. With decades of real estate experience, Barry Hersko offers solutions for first time home buyers no matter where they live.
“Buying a home is a monumental life decision,” explained Barry Hersko. “You’ll want to have the right team of people around you to ensure you get the best possible home at the best possible rate.
One of the biggest mistakes first time home buyers make is not focusing on the location. You have to create a checklist and go through each area to make sure the location you choose is a good fit. Will you raise your children in this area? How good are the school zones? Are there lots of people moving to that part of town? Are there new developers?
These are just a handful of questions Barry Hersko encourages first time home buyers to ask.
It’s also incredibly important to get the opinions of friends and family who have lived in or around the area you are considering moving to. Because of the age of technology, now, more than ever, you can have the upper hand with scouting potential home locations.
Picking the Right Agent with Barry Hersko
Find the right agent can be a challenge, but it’s not impossible. Barry Hersko encourages everyone to find a realtor that knows the area you want to move to, has experience in the surrounding areas, and has a plan to use technology to find the best home for your family that can meet all of your needs. Utilizing technology can help you when it comes to creating a comparative market analysis report, that will showcase the price of homes in the area, when pricing drops, and when it might be the best time to buy. Paying attention to these trends and having a realtor to help create the reports will make you have the upper hand when and if it comes time to negotiate rates, and when to offer a price on the home or homes you are looking for.
Find an agent with the right experience, tools to move along the process, and attitude will help you as you search for your dream home.
Therefore, focusing on this and the location you want to live in is vital to the home buying experience.
In conclusion, to learn more about home buying, and to connect with Barry Hersko, click here.