Winston Deloney, a Chicago-based real estate expert and entrepreneur, has paved his way to success form buying properties and flipping them as a form of investment. He also runs a successful blog that has to do with all things real estate investing.
Today we caught up with Deloney to get his advice on investment properties as well as why some landlords thrive and why some quit way too early. Let’s get started:
Tell us, why are residential real estate trends important?
I think that understanding real estate trends is beneficial for everyone. Whether you’re a renter or a homeowner, knowing about the residential real estate market can help you save money overall.
You’ll get better insight on whether to move or stay put, buy or sell, or even maybe enter investing in property. Being out of touch can really take a toll on your personal finances, especially if you’re an investor.
Where do you think the residential real estate market is heading?
I think the mortgage rates will stay low for a while, but competition for properties will increase as things head toward ‘normalcy.’ While the pandemic is still creating ripple effects economically, the market is evening about a bit.
As always, keep your head in the game and consult professionals when needed.
Why do some landlords thrive in the market?
It may seem that some people have the magic touch when it comes to being a landlord, but I’m here to tell you that that’s not necessarily true. To be a good landlord, you ultimately need to have an exceptional organizational skill and be a good communicator as well.
If you have an understanding of your surrounding market and your customers, there is no doubt you’ll be successful.
So why do some landlords quit early?
Many landlords quit early because they jump into the business without preparing themselves. To understand your market and your customers, you must do research first.
You have to know what you’re getting into and plan for any unexpected problems that may arise. Some people also quit because they don’t set up their finances properly and end up losing a lot more money than they make.
What is your biggest piece of advice to anyone who wants to become a landlord?
Investing in rental properties could build long-term wealth for anyone, if done right. My biggest piece of advice for anyone looking to become a landlord is do your research, and plan. Plan where, how, what, and why you want to be a landlord.
Plan for the unexpected. Plan for going bankrupt. Plan for everything. The better prepared you are, the greater the probability is that you’ll succeed.