Venturing into the world of property rental can lead to a fulfilling, rewarding experience. Before you hit that sweet success point, however, you need to be prepared for what lies ahead. Contrary to most reality real estate TV shows, where houses are flipped or rehabbed in an incredibly short period of time, filling the owner’s pockets just as rapidly, it takes a lot of hard work — and often failure — to become a successful real estate investor.
Knowing what to anticipate, and potential pitfalls you might encounter along the way, can help you successfully navigate the world of real estate investment. According to landlordstation.com, 89 percent of Americans are non-investors. Of the remaining population, 3 percent (7 million) of Americans think of themselves as real estate investors and aim to buy property within the next year. Additionally, eight percent already own investment property but do not have current plans to buy more. The same source indicates that 39 percent of active investors want to increase their purchases, while 26 percent plan to buy as much real estate in the coming year as they did in the past year. Only a handful remain undecided or say that they would not buy any more investment properties.