Tim Sterr got his start in investing accidentally. He purchased an investment-style property back in 2014 for very cheap. He then put about $30,000 into it, got the home paid off, got married, then found another property to rehab and move into. He kept the first property and put his sister in it as a rental property. That property is all paid off now and generating income.
As an accidental investor, Tim kind of learned along the way. As he’s looking forward into his future though, having a concrete plan in place for his investments is vitally important. Without knowing where you want to go, you don’t know what the next step is.
Tim is happy to use his experiences to help others. If you are thinking about getting into real estate investing yourself, Tim says that you need to answer a few questions:
- “Do you want to live off of the income you’re generating from your properties?”
- “Do you want to build equity?”
- “What is your long-term strategy?” This is a big first step because there are a lot of different ways to go about it.
Tim’s final piece of advice is this: Talk with a real estate agent to get a better idea of what the market’s doing, where you should invest, and more. Also, he recommends that you talk to a lender in order to determine how you’re going to finance the property. Having clarity on this will really bring clarity to the entire picture.
If you have any questions for Tim about investing in real estate or anything else, feel free to reach out and give him a call at (864) 501-4363 or send him an email at tim@theharogroup.com.
If you have any other questions for me, don’t hesitate to give me a call AT 864.312.6424 OR send me an email AT INFO@THEHAROGROUP.COM.