Buying an investment property isn’t right for everyone, and it isn’t the only way to invest in real estate, either. So, before you start looking for your first investment property, take a step back and decide if it’s the right way for you to get into the exciting world of real estate investing. That is the first conversation you should have with your expert.

There are many ways to invest in real estate. Ultimately, the strategy that is right for you is the one that fits your unique needs as an investor and benefits your financial freedom.

Keeping your spare home, maintaining it well, and selling it later may yield some profit as the DC market heats up.

You may consider buying homes in poor condition, fixing them up, and then selling the property as a fix-and-flip investor.

Location is nearly always the most important aspect in real estate. When it comes to investment properties, particularly in DC where each neighborhood has a unique style of homes, surroundings and lifestyle location is even more important.

 Simply put, some communities have higher rental demand than others, so where you decide to put your property will affect who is likely to rent it. For instance, tenants with families are drawn to the neighborhoods with the best schools, just as young professionals are drawn to the areas with the liveliest nightlife.

So knowing the area, the neighborhoods, the surroundings and suburbs is extremely important when choosing where to invest.

The very last thing you want is to purchase a property without understanding how it will result in gains or income. It might be challenging to avoid being caught up in the buying frenzy during a hot real estate market or avoid jumping on a deal because of past difficulties on a cold one, but you need to step back and make a plan, including what to do if the market changes or your predictions prove to be incorrect.

You must choose an investment strategy before applying for a mortgage or putting down money.

What kind of a home are you seeking? For instance, single-family or multifamily real estate are both options. Vacation homes? Office, commercial, or mixed-use structures? Make a purchase strategy first, then look for properties that meet that strategy.

Don't skip research

Make sure to conduct thorough research on the area and the particular house you intend to purchase.

Don't go at it alone

To succeed, assemble a team of experts, such as a real estate agent, an attorney, and a handyman.

Do your Math

Make sure you can afford the property you bid on by carefully estimating the costs, such as mortgage payments, insurance, renovations, and upkeep.