Real estate redevelopment refers to the process of transforming a property to a new or updated purpose. For instance, you can take a commercial retail property and redevelop it into an apartment complex. Getting started in this type of venture can be challenging, but as long as you know why you want to do it, how to fund it and what success looks like, you can put your best foot forward.
What Are Your Purpose and Mindset?
Your success in real estate redevelopment will largely depend on your purpose and mindset. This is because it is not a short or easy road and knowing why you want to invest in real estate, as well as knowing how difficult it is likely to be, can keep you pushing forward. It is a good idea to write these things down and keep them handy for when you need them. You can take inspiration from others in the field, like Steven Taylor Landlord, to help you cement your goals.
How Do You Fund It?
You can fund real estate projects through traditional bank loans, private lenders and much more. It is a good idea to make sure that your personal and business credit scores are in good shape before looking at financing options because these numbers will determine which options you have available to you.
How Do You Succeed?
Success depends on your goals as well as how hard you worked to meet them. If you started this adventure to make passive income from rentals, then success will look like getting out of the red on the mortgage payments. If you wanted to revitalize your historic downtown spaces, then success will look like increased foot traffic and families having fun in your space.
Real estate redevelopment is one way that you can meet your goals by updating or reusing existing properties. This can look like passive income from rental sales, revitalizing your local historic buildings and much more depending on your goals.