• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Sonic Boom

  • Home
  • About
  • Travel
  • Music
  • Business
  • Lifestyle
  • Health
  • Home & Garden
  • Finance
  • News
  • Blog
  • Contact

May 31, 2021 by Eddy

Expert Winston Deloney Shares Valuable Advice For New Real Estate Investors

A picture containing text, person, indoor

Description automatically generated

Winston Deloney is a real estate businessman, developer, and self-proclaimed foodie based in Chicago, Illinois. He is also passionate about educating and advising people on everything that has to do with real estate.

There is no other better person to give insights on real estate. We had an interesting conversation with him. He shared exceptional advice on real estate investing.

How can someone without experience go into real estate?

Just like every other field or industry you need to have information about real estate. What can seem to be a bewildering array of business jargon and acronyms—1031s, REI, REITs, NOI, collateral, LTV, amortization, and Cap-Ex—will all become common territory with time.

You’ll be more secure and be in a better spot to make educated decisions if you understand more about the vocabulary investors use—not just what it is, but why it matters. So, take out time to read and gather information about the industry and its terms. This will save you from putting money in the wrong or low-yielding investment.

Most people consider the amount involved to start investing in real estate and get discouraged. How can one who does not have so much to start investing?

You just have to know where to look to find cash-flowing investment assets for less than $100,000. You can buy a premium investment property that produces passive income and lets you create long-term wealth for as little as $20,000. I know that this amount is not very affordable for the average investor, but with a schedule and a strategy, you can save up for the down payment.

Another option is to take up a mortgage loan. This will require you to pay back in a couple of years with interest. Also, you can decide to partner with other people to purchase the property especially if you know that none of you will stay there. The profits earned will in term be shared.

Where is the place or area you advise people to buy properties from?

I advise you to buy the property in an area that is developing. This should be an area that is predicted to become urbanized.

The primary aim of real estate investment is to purchase a property in a hot market. You will appreciate a city beyond your wildest imagination if you can get in on it before it gentrifies.

In the future, you’ll be able to greatly increase rentals. This is because the environment surrounding your home is improving and more prosperous residents are coming in. In the long run, you will be able to recover all that you spent.

Is there a type of building that is best to go into?

I advise most people to get rental properties. Just make sure you are prepared to be a landlord should you decide to venture into rentals.

My method in buying rental properties is quite simple. After deducting expenses like property taxes, maintenance fees, and other expenses from the amount you get from your tenants, you will earn profit as far as the money received is more than the amount you spent on these expenses.

This is why researching, and due diligence is very important. You make sure that whatever you have to pay for the expenses is not higher than the income you receive from the rent.

Winston Deloney, is it compulsory to have a house before you invest?

Absolutely not. If you wait until you own a house, then you might never invest in real estate. You can start small if you do not have enough funds.

You can just get a small bungalow or duplex depending on how much you can afford. You will then lease or rent the house. This will serve as extra income. The money you make from investing can even be used to purchase your dream home.

You Might Also Like: 2021 Chicago Real Estate Investment Ideas: Winston Deloney Offers Key Insights

 

Filed Under: Business

Primary Sidebar

About Us

Hi Everyone. My name is Eddy and I'm a 28 year old American guy. I live outside the box and do things on my own terms. I quit my job a few years ago to pursue my writing passion, so here I am sharing this blog with you!

Connect with us

  • Facebook
  • Instagram
  • Twitter

Newsletter

Future Post

Strategies for nursing professionals to maintain a work-life balance

Nurses deal with medical emergencies and endure long working hours daily. Sometimes, it takes a toll on their health and productivity. Working under pressure means you don’t give the job your utmost concentration. To prevent burnout, nurses are advised to create a work-life balance. This means a harmonious way of integrating your professional and personal […]

3 Tips for Paying for Student Accommodation

College is a great time – you get to pursue a program of study that interests you taught by experts, join clubs and organizations to find like-minded people, go to concerts, sports games, and cultural festivals, live independently, and explore new ideas and perspectives through interactions with people from different backgrounds. Unfortunately, college is also […]

In-Person Marketing Strategies That Will Grow Your Business

Understandably, it’s the digital age, and many companies are relying solely on digital marketing strategies. But it’s also important to remember the power of in-person marketing. When you can meet your customers face-to-face and get real feedback, make an impression, or even just simply build relationships—it can take your business to the next level. Here […]

A couple of men sitting on a couch Description automatically generated with medium confidence

The positive impact of social work on vulnerable populations

According to a 2022 poll by West Health and Gallup, more than 112 million Americans struggle to pay for medical insurance. Homelessness statistics are also high. Nearly 600,000 Americans are classified as homeless, which means they are unhoused at night. In California alone, 40 out of every 10,000 people are homeless. Mental health issues and […]

Essential Points To Consider When Signing Up For an Installment Plan

Installment plans allow you to pay for a product or service in fixed monthly payments over a period of time. While it might seem like a convenient option, there are several factors you should consider before signing up for one. In this article, we’ll discuss the essential points to consider when signing up for an […]

What Your General Contractor Wished You Knew

Building a home is a significant life milestone for many people. It is an exciting opportunity to create a space that perfectly fits your lifestyle, preferences, and budget. Building a custom home from the ground up allows you to have complete control over the design, materials, and overall aesthetic. You can shop custom barn doors […]

Five Important Reasons One Shouldn’t Delay Foundation Repairs 

Imagine a homeowner unwinding after a busy day and suddenly noticing a crack in the wall. He thinks it is a minor issue, but this could be a significant foundation problem. Most homeowners try to cut costs and think of dealing with such issues any other day, but foundation issues are not something one should […]

What is the Role of Predictive Analytics tools in Data Science?

Predictive analytics software uses historical data to predict future outcomes. These tools can be used for various purposes, including identifying potential risks and opportunities, detecting patterns and trends, and making data-driven decisions. The advanced tools use algorithms to automatically learn from and improve on data without being explicitly programmed. Predictive analytic tools can go beyond […]

Footer

About Us

Hi Everyone. My name is Eddy and I'm a 28 year old American guy. I live outside the box and do things on my own terms. I quit my job a few years ago to pursue my writing passion, so here I am sharing this blog with you!

Latest Post

  • Strategies for nursing professionals to maintain a work-life balance
  • 3 Tips for Paying for Student Accommodation
  • In-Person Marketing Strategies That Will Grow Your Business
  • The positive impact of social work on vulnerable populations
  • Essential Points To Consider When Signing Up For an Installment Plan

Connect With Us

  • Facebook
  • Instagram
  • Twitter

Copyright © 2023 · Executive Pro on Genesis Framework · WordPress · Log in