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5 Tips To Make Smart Property Investments As per Bill Schantz

Tips To Make Smart Property Investments

Investing in real estate can help you achieve financial success. Doing it entirely by yourself, on the other hand, might be risky and difficult. Investing in the right property can lead to financial success through wholesaling, property management, and joint ventures, to name a few options. Furthermore, if you want to succeed in such a competitive environment, you’ll also need to be a little clever.

Knowledge, organization, talent, networking, and tenacity are all required for property or real estate investment. Understanding the hazards, getting professional assistance, and forming networks are just a few strategies that can assist you in making wise property investing decisions.

So, on that note, let’s look at a few ways to make sensible real estate investments as per Bill Schantz and, perhaps, turn them into a pot of gold!

Bill Schantz Suggests Always Having A Plan

Bill Schantz recommends that newbie property investors approach their investments as professionals to achieve short- and long-term success.

Crafting a business plan is a wise decision to make this happen. It allows you to look at the bigger picture, helping you keep your focus on your end goals instead of the many minor setbacks you’ll most definitely experience along the way. As property investing is demanding and complicated, a solid plan will allow you to stay organized and on point.

Bill Schantz suggests that the plan should include:

  • Cash inflows and outlays from rental properties
  • The number of units you own
  • Impacts of demographic changes on your property
  • When to upgrade or refurbish units

Bill Schantz Suggests Learning More About Your Target Market

Successful property investors have a thorough understanding of specific markets. It entails focusing on commercial vs. residential properties or limiting yourself to a certain location.

Furthermore, Bill Schantz suggests that staying on top of all trends allows property investors to assess the current health of the real estate and property market and plan their investments accordingly. These include unemployment rates, mortgage rates, and changing consumer purchasing habits.

Bill Schantz Recommends Hiring An Accountant

Taxes are typically a significant part of a property investor’s annual costs. Thus, understanding existing tax regulations can be a time-consuming and difficult procedure. Bill Schantz suggests that a savvy real estate investor understands the need to hire a reputable, competent accountant to handle their records and maintain track of their investments.

In the end, the expense of employing an accountant will be insignificant compared to the amount of money you can save on taxes. In addition, they will give you solid investment recommendations.

Bill Schantz Suggests Making An Exit Strategy

A person should never invest in a property without at least two exit strategies. Take, for example, flipping. If you’re new to property investing, Bill Schantz suggests purchasing a property that can also be rented to minimize your risks.

After all, if you’re buying a property to flip in the future and the market collapses, you’ll most likely lose hundreds of thousands of dollars. To address this problem, it’s a good idea to invest in starter homes that can be rented out. This will allow you to receive cash every month, and you can always sell it when the market is favorable.

Bill Schantz Suggests Understanding The Risk involved

Investors in the stock market are regularly warned about all the risks of investing in a particular company’s stock. On the other hand, property investors are usually told something entirely different: that they can easily earn returns after investing in a real estate asset.

Cautious property investors are aware of the risks associated with real estate in terms of legal repercussions and possible fraudulent and phony deals offered by a real estate broker. They can then make the required adjustments to minimize risk by seeking professional investment guidance from experienced property investors or engaging a reputable real estate brokerage agency.

Wrapping Up

Despite false claims that property investing is a simple way to increase your money, it is a difficult process that takes strategy, knowledge, and intense focus. Furthermore, because the investment process is centered around people, investors can thrive by treating everyone involved with respect and integrity. That said, follow the tips shared above Bill Schantz, and you will increase your chances of thriving in the world of property investing.