With tax reform favoring landlords and high market rent, it’s no wonder many every day homeowners wonder about how to find success with real estate investing in Pinellas County. By following the best buyer, seller and investor principles, it’s possible to generate passive income with a rental home. According to a piece by forbes.com, the first step is to set “smart” goals that are specific, measurable, attainable, reasonable and timed. A good real estate agent team in Pinellas County helps investors find and close on potential investment homes. While there are fewer foreclosures and short sales on the market compared to a few years ago, most mom-and-pop landlords find profitable single-family homes that meet renters’ needs. Real estate goal-setting can lead to great success.

Making a specific goal

An important real estate investment principle is to invest in a property that will generate enough rental income to not only cover the mortgage but provide extra cash flow for property management, improvements and repairs. An example of a specific goal is to buy a single-family home within the next six months in the $200,000 to $225,000 price range in a desirable Pinellas County community. Talk to a lender to determine what you can afford.

Measuring your success

Another important step to real estate goal-setting is to set a measurable goal for real estate investing. Instead of saying you want to make a lot of money by owning rental homes, stick with a measurable goal. Find out whether a certain annual rate of return is realistic. Some investors aim for a 5 percent or higher annual rate of return. Keeping that in mind, it’s motivating to have an attainable goal. No investor controls the entire housing market. But a realistic goal is to secure a rental home that will likely appreciate in value. Ask your real estate agent about historical trends in the area for home values.

Other ways to use real estate goal-setting include making timed goals such as visiting a certain number of homes a week, finishing renovation plans by a certain date and showing the home to potential tenants by a specific date. For people who want to fix up a Florida home to flip it for a profit, research the neighborhood so you don’t spend too much money on improvements. Some experts point out 2018 is the year for landlords and real estate investors. At International Title Partners, we work with new and seasoned real estate investors. We go to your home or office for closing or invite you to our Belleair Bluffs office. For more tips on closing quickly on an investment property, please contact us today.