You may hear someone say that you should get into real estate, but truthfully, it isn’t for everyone. While real estate investing can be a lucrative opportunity, if you don’t know what you’re facing, things can quickly get out of hand.

Why Real Estate Investing?

Ultimately, the goal is to invest in something that will give you a return, or profit. In order to be successful, you must understand the logistics and the risk. It’s sort of like Monopoly – you buy properties, improve the land to collect rent, avoid bankruptcy and buy more properties. Just because the concept is simple doesn’t mean that’s how things will flow. The consequences of making bad decisions can be brutal, so being properly prepared is key.

Here are a few tips to get started:

• Consider real estate investment trusts (REITs)

This helps get your feet wet without the physical property. Consider these like mutual funds, but they are companies that own commercial real estate. A common investment in retirement, these usually pay high dividends. If you’re new at this, it’s best sticking to publicly traded REITs, which you purchase through a brokerage firm.

• Rental property

Consider buying properties and leasing them. You may also want to consider occupying your property and renting out rooms or units in a multi-unit building. By house hacking, you can purchase a property with up to four units and still qualify for a residential loan.

• Online platform

An online real estate investing platform connects real estate developers to investors who want to finance projects through debt or equity. These usually have monthly or quarterly distributions, but you pay a fee and have a large amount of risk. You may also have to be an accredited investor, but there are alternatives, like RealtyMogul and Fundrise.

• Flipping properties

You’ve heard and seen it on TV. Purchase a property that needs repairs, fix it up and resell it for a profit. Although HGTV and DIY Network may make it look easy, it’s a lot harder than it looks. You don’t know how much the repairs will be, and you’re initially on the hook for paying a mortgage. If you live in the home while fixing it up, that could save some money.

• Renting rooms

Consider this the alternate version of Airbnb. You rent certain parts of your home (a room) and reap the benefits. This way, you don’t have to commit to someone long term and you can control how things work.

It’s important to go into this with a clear head and complete understanding of your finances and the risk it may take. Having a conversation with a real estate broker and other professionals in the industry can help point you in the right direction. The location of your investments will also play a role in how much money you will have to spend. Take your time and find out everything you need to know to make an informed decision. Good luck!

Bedrooms offer a great opportunity to create cozy and relaxing sleep environments while incorporating different style elements. The bedrooms in your home don’t need to have the same style overall, so feel free to use different designs in each one. Whether you want an airy, mostly white bedroom or a bedroom with some dramatic flair, consider the following design ideas for these parts of your home.

Light vs. Dark

Bedrooms with white or light neutral colours can provide a calming atmosphere, while bedrooms with darker tones can offer a more cozy look and feel. If you choose a lighter-coloured bedroom design, you can add colour with throw pillows, lamps and other accent pieces as desired. For a darker-coloured bedroom, you can lighten it up a bit to keep it from feeling stifling or overwhelming. For example, use white bedding in a room with dark walls and floors. When choosing darker colours for your bedrooms, consider deep blues, browns, greens, greys or similar tones.

Furniture Size

Since your bedrooms should offer a relaxing place to sleep, you don’t want them to look cluttered or crowded. Keep this in mind when choosing beds, dressers, nightstands and other furniture. You should try to keep furniture to a minimum, which can help prevent clutter from piling up on dresser tops and other surfaces. Store clothing and other items in closets and storage bins under beds, so that you won’t need to have more dressers taking up space in your bedrooms.

Lighting

Lighting in bedrooms might not seem like a priority, but it makes a big difference. Keep in mind that you might need extra lighting for tasks such as reading. If you’re choosing new overhead lighting fixtures for bedrooms, consider decorative ones that add visual appeal rather than plain fixtures. You can also add lighting with table lamps that match the rest of your decor or stylish wall sconces that provide soft lighting.

Headboard

Headboards can add style or personality to bedrooms. Instead of choosing plain or traditional headboards, you might want to choose ones that have a more unconventional style, such as a brighter colour or an unusual shape. Just make sure that the bedding you choose complements your headboard instead of clashing with it. If you enjoy reading, choose a headboard with built-in shelves that provide convenient places to store books.

Accent Wall

Accent walls can provide bedrooms with a visually interesting feature that draws the eye while also offering a soothing environment that’s ideal for sleep. Consider doing an accent wall in a slightly different colour from the other walls, such as a soft grey wall in a room with white walls. You can cover accent walls with pieces of artwork that create a calming atmosphere, such as images of the sea, woodlands or other natural settings.

Reading Nook

If you have larger bedrooms, consider setting up reading nooks. These areas provide a cozy corner or area for reading before bed or during the day. You can set up a reading nook near a window, which allows you to enjoy outdoor views and natural light. All your reading nook really needs is a comfortable chair, small side table and a lamp or other lighting nearby. You can add an area rug to define this space if desired.

When financing a home purchase, one of the most basic decisions to make is where to get your mortgage from. The basic options are whether you should go to a mortgage lender or not. Financing with a mortgage lender has both pros and cons.

Pro: Many Loan Options

If you go to a mortgage lender, you’ll find that they offer a great amount of choices. These are essentially brokers for various underwriting companies, and they offer many loan options. You’ll also have a wide variety of mortgage setups to choose from. Whether you want a 15-, 30- or 40-year fixed or some sort of variable loan, you can likely find it through a lender.

Pro: Might Be Able to Negotiate

The choices that mortgage lenders provide sometimes make it possible to negotiate with potential lenders. If you can pit multiple lenders against each other, you might be able to get a lower interest rate or complimentary points on your loan. A lender might even try to negotiate on your behalf.

Pro: Knowledgeable Guidance

At a mortgage lender, you’ll work with a loan officer whose sole job is to help homeowners find mortgages. They’ll be knowledgeable and able to provide you with informed guidance throughout the loan application and selection process.

Con: Might Not Be Local

Should you shop loans with a mortgage lender, it might not be someone local to your area who’s providing assistance. Often mortgage lenders service people across a state and even maybe in multiple states. As a result, there’s a good chance you won’t ever meet them in person.

Con: Might Sell Your Loan

Ultimately, mortgage lenders are in the business of underwriting and managing mortgages — and that’s not necessarily the customer service business. If a lender deems it financially prudent to, they’ll sell your loan to another lender. Not only will you not deal with the same person or office, but you might not even deal with the same company down the road. Since mortgages last many years, there’s a chance yours could be sold multiple times.

Finding a Mortgage is a Personal Choice

A mortgage lender may be a good option if you’re looking for a great deal on a home loan, but they don’t offer a personal touch. If you want someone in your area and prioritize personal service, a credit union or other more local institution might be a better alternative for you. The decision to go through a mortgage lender or another place ultimately depends on what type of experience you want.