10 Tips on how to get started investing in real estate
Real estate investors love Bōde because it gives them control, transparent information and ultimately makes them more money on the investment properties.
Investing in Real Estate has never been this easy
Bōde Has Modernized Real Estate
Why investors choose Bōde
Bōde truly empowers people to buy and sell homes with full transparency and streamlined processes.
If you are a real estate investor or looking to start investing in real estate, here are some tips on making the most of your assets.
5 Tips to Maximize Value on your Real Estate Investment
1. Build up your credit score
Lenders will care about your credit score and it will determine what loan they are willing to provide and at what interest rate. The better your score is, the better loans you will be able to get. This will impact how profitable your investment might be.
This is a step you can take today to get ready to invest in the future.
2. Save your money
You will need 5-20% of the purchase price of the home ready for the downpayment.
Your income and credit score will also be considered when you look to get a mortgage with a low interest rate.
3. Prove your income
You will need proof of your income on a tax return. Unfortunately, lenders don’t consider one good month of income as repeatable so it will need to be shown on a tax return.
If you are self-employed they are likely to look at the last 2 years of tax returns and take the average.
4. Get pre-approved
Avoid disappointment by getting pre-approved for a mortgage.
It is highly encouraged to shop around for a lender that will give you the best rate. This has the added benefit of being pre-approved so you have a fall back plan as needed.
5. Do your research
Dive into Market Data to understand which neighbourhoods would be best to invest in.
Keep an eye out for neighbourhoods that are likely to appreciate in value. For example in the neighbourhood beside one that has had a lot of development or upgrades lately. This can include coffee shops, restaurants or building new or updating homes.
Go check out homes. The more homes you see, the better you will be at spotting the deal.
No need to use an agent so you can ultimately have a more attractive offer to the seller and save money too.
6. Make an offer
Making an offer on a Bōde listed home is very easy – and free! It costs nothing to you to buy with Bōde.
Make sure you are armed with Comparables data so that you don’t overpay.
Have patience! When you know your price and you know the market value of the home so wait for the right deal for you.
7. Do an inspection
Congratulations! Your offer has been accepted!
It is always smart to do an inspection so you know what condition the home is in. You are also able to go back to the seller to get some fixes taken care of or credits towards the money you will need to spend for those fixes.
8. Close the deal
You are likely going to need an assessment from your lender for their checks and balances. When you use Bōde, this is a simple checklist of items you will need to have in order before you take possession.
9. Take possession and complete small repairs
It is a good idea to complete any cosmetic re-touches that are low cost but increase value. New paint or a bathroom update ultimately lead to your investment home being able to be rented for more money.
10. Rent it out
Finding a tenant should be easy, Rent faster, Facebook Marketplace, and Kijiji are all good options.
The ultimate scenario is to rent out the home for more than your mortgage payments getting to profitability quicker.
Sell your investment property with Bōde
Why investors choose Bōde
Investors know their properties
You already know the property you invested in and what it is worth. Trust yourself to sell it. When you get all the data an agent has (and more), the smart investors sell their own homes.
Investors want control over the process
The streamlined online process makes selling your investment property straightforward.
You can sell for more and be more successful
Oh, and you can save 10s of thousands of dollars
When you sell your home with Bōde, it only costs 1% (to a ceiling of $10K) of the sale price and only when you sell.
Bōde posts your home on MLS, Zillow, and 1,000+ other listing sites as well as advertises your home to get as many buyers as possible. On average our sellers save almost 50% of the commissions when they sell.
Bōde Top Tip
Get All The Data You Need
It is more important than ever to arm yourself with transparent home data. When you are empowered by the facts (and a streamlined process), you have all the information you need to successfully sell your home.
Market Data
Now you can simply see the sales and listing trends for homes similar to your own, in your neighbourhood.
Sold Data
Did a home similar to yours sell down the street? Find out the sale price, the details, and the history on a home-by-home basis.
Comparables
You know your home better than anyone. Plug in the details and Bōde returns the data for homes with the same characteristics.
The Best of Both Worlds
Get the data you need to list and sell your home, yourself. It's time.
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