Investing in real estate seems like a 'cool' thing to do.

But just like any other type of investment, if you don’t have all of your ducks in a row, you stand to lose a lot of your hard earned money. Credit has a lot to do with it. Prepare yourself to be in an exceptional position in the eyes of a mortgage banker. After all, your credit score represents the likelihood that you will pay your obligations on time.

Investigate, and read. Find out as much as you can about the type of real estate investing that interest you. Are you going to narrow your focus on condos, townhomes, duplexes, single-family homes, new construction, waterfront homes, or luxury homes?  Will you focus on pre-foreclosures and short sales, or REO and bank-owned homes for sale? You don’t need to be a residential guru if your heart is in commercial investing. Do an internet search on "your area" + investment groups. Network with other people and learn the lingo, attend seminars, and get your hands dirty. It might make sense to have a real estate deal with a partner, mentor, or coach. Ideally, someone with more experience, so that you can have hands on experience and learn how to find a good deal in Old Town, Del Ray, Kingstowne, or Manchester Lakes, and how to find people who are looking for deals. Many real estate deals are never made public, so joining an investment group can be a profitable way to learn faster and get to know other real estate investors who can teach you how to get started.

It’s always good to have cash on hand and to not quit your day job until you feel that you can support yourself financially from your profits.  As top Alexandria VA real estate agents, we're investors too, and we can help you get started in investing in real estate and expanding your portfolio.