Conventional wisdom dictates that purchasing property is a smart, safe, and surefire way of accruing wealth. And while it may be a savvy move, it’s far from a guaranteed one. Securing a return investment on real estate doesn’t happen overnight, and there’s a number of considerations that go into doing it properly.

Because not all properties are made (and for that matter, bought or sold!) equally, here are a few straightforward tips on turning a profit in real estate investment:

1. Embark for uncharted territory: Do you want to be the person who shows up late to the party, or the frontiersman who breaks new ground? Although it might be appealing to be able to say you have properties in the Manhattans of the world, it makes more financial sense to invest your money in less crowded regions. Don’t be scared off by up and coming areas or spaces with names that might not ring a recognizable bell: that’s opportunity calling. There’s more money to be made in single and multifamily projects than there are condos, so make sure you’re developing something that can be built upon in the long haul.
   
2. Buy smart: Ideally, your investment will pay dividends after a fix and adding value. But even while you’re refurbishing things, don’t cling to pipe dreams: If you’re paying a hefty sum for real estate, be certain that there’s a pragmatic plan in place and a realistic appraisal of its viability. You don’t want to be stuck with a money sink for too long, so be sensible about buying at a good price in the first place!
   
3. Do your research: It might seem obvious, but it’s surprising how many people undertake real estate endeavors oblivious to the stark realities around them. Make sure you have a meaningful understanding of the local market and can account for the past and future trends that’ll be influencing your property’s value. Middle class properties are usually the ones that will get you a bigger margin of return of investment, so make sure to consider the micro details of the surrounding area against macro developments in the market. And when the day arrives that you’ve finished fixing up your property and want to put it back up for sale, do your homework and ensure it’s done at a fair market price. While it’s great to have dream properties, they need to be constructed upon firm realities.
   
4. Choose your friends wisely: Team work makes the dream work, and yes men can only take you so far. Work with lenders that will set you up for success; vet prospective partners carefully, and scrutinize their track record for tangible projects and results.
   
5. Accidents happen: If recent events have taught us anything, it’s that nothing is set in stone and anything can change on a dime. It’ll cost extra, but good property insurance goes a long way towards securing your investment against uncertainty. So crack open the books, compare notes, and find the plan that accounts for all possibilities and conforms to your needs.