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Burnsville financial planners are a logical first step if you are thinking about investing in real estate. Real estate has long been held as a sound investment. Whether you are planning on selling or renting out your real estate, visit a Burnsville financial planner first to work out a plan for investing in real estate.

Real Estate Investing in MN

There are many ways to invest in real estate in Minnesota and your Burnsville financial planner can advise you as to which will work best for you, your desired level of involvement, your budget and your portfolio. Figuring out Minnesota financing and your budget is just the beginning of the real estate investment game. Burnsville financial planners will be able to objectively look at your financial information and help to figure out what you can spend on your investment property for maximum return on your investment.

Having good financial planners on your side is crucial to the success of a real estate investor. Good financial planners in Burnsville will be able to create budgets and fiscal plans for their clients to keep their real estate investments profitable. A Burnsville financial planner can also recognize when a property is becoming more trouble than its worth and can give the investor a heads up as to when to dump the underperforming property.

Many real estate investors choose to flip properties. The investor purchases inexpensive Burnsville homes in various states of disrepair, fixes them up and then sells them for a profit. Burnsville financial planners can look over the budget for your proposed flip and make suggestions, or outright cuts, to keep you on budget and profitable.

Some investors sink their finances into commercial real estate in MN. When investing in commercial real estate, the investor then leases out space to commercial businesses. A benefit of commercial real estate investing is the longevity of your tenants.

Some real estate investors choose to buy homes or apartment buildings and hold on to them. Consulting your Burnsville financial planner about this type of investment property would be beneficial before investing as there may financial factors that were not immediately obvious. There are a whole host of factors to consider when leasing out homes, such as insurance, MN housing laws and other Minnesota state regulations regarding renting.

One aspect of real estate investing, especially when it comes to buying houses, that you should consult your Burnsville financial planner about is whether or not to tear down a home. Purchasing a distressed property is an area fraught with questions. Is it worth it to rehab the home or is it prudent to just tear it down? Building a home from the ground up is expensive but quality financial planners in Burnsville can show the numbers to decide what is the most economical option for you.

Becoming a Landlord

If you decide to hold onto your investment properties in Burnsville and rent them out, you will be the landlord to your tenants. While there are certain financial benefits to be had from having consistent, monthly, residual income, there are also several challenges associated with tenants that planners in Burnsville can help you to navigate.

As the landlord, you are responsible for keeping the tenants security deposits according to the law, keeping the properties in livable condition and making all necessary repairs in a timely manner. Maintaining apartment and commercial building may require a reserve of cash that can be quickly accessed to keep your properties running smoothly.

Once you begin managing your own properties, you may find that you do not enjoy that aspect of real estate investing. It may be wise to bring on a separate property management company to handle the day to day runnings of your rental properties. A property management company can handle the responsibilities of showing and renting apartments, collecting rent, handling repair requests from tenants and the occasional eviction.

Deciding if employing a property manager or management company is prudent for you is a conversation best had with Burnsville planners. They can assess your investment portfolio to see if bringing on separate management would be a financially sound decision. Planners lend an objective eye and opinion to issues that may hit too close to home. They are able to look at your entire business and make decisions based on the financials about the future.

Starting to invest in real estate is not for the faint of heart nor is it something that should be entered into without doing your research. While real estate is usually a sound investment, there are risks involved. Talk to Burnsville financial planners about investing in real estate before you make the leap to get all of the information you need, both good and bad, to make an informed decision.

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Financial Planners in Burnsville

Jim Reynolds
Jim Reynolds
45 South 7th Street
Suite 2000
Minneapolis, MN 55402

John Severy-Hoven, CFP, MBA
John Severy-Hoven, CFP, MBA
1595 Selby Avenue
Suite 213
Saint Paul, MN 55104

Joe Schwarz
Joe Schwarz
50 South Sixth Street
#1405
Minneapolis, MN 55402

Jonathan Pyne
Jonathan Pyne
708 North 1st Street
Suite 342
Minneapolis, MN 55401

Wealth Enhancement Group
Wealth Enhancement Group
505 North Highway 169
Suite 900
Plymouth, MN 55441

Alex Reader
Alex Reader
1960 Donegal Drive Suite 40
Woodbury, MN 55125

Nate Pribyl
Nate Pribyl
9483 Garland Lane
Maple Grove, MN 55311

This website provides information related to the subjects covered. Before making any financial or legal decisions, a professional should be consulted.