The Quickest Path To Real Estate Success
Real estate success? Yes, that’s right, and you can achieve this by cultivating good habits. Here are some habits to develop for your real estate investing success.
Hi, my name is John/Jane, I invest in real estate, so what’s yours – a simple question to start a conversation. People are the most valuable commodity in the world of real estate investing. The more you know, the more likely you are to find good properties, or buyers for your good properties. But the next question is, do you know who the right people are? If you don’t, you may consult a real estate agent for some complimentary listings tailored to your target market. But it would even be more swell if the agent rung you before you did him/her.
Numbers, numbers, numbers. Think people first, but know the relevant numbers. Typically you would want to look at several statistics when investigating rental property, including the income, the expenses involved and finally the cap rate. You should have a knack for forecasting how certain events can potentially raise the income, and how it would affect the value of property. Having a “feeling” about a property, and ignoring the numbers, gets investors into trouble.
Carry supplies. Always have at least business cards, pen and paper on you. You never know when you might see a property for sale, or hear about one. Once you tell people you are a real estate investor, don’t expect their jaws to drop on the floor – expect them to shower you with their opinions, advice, and in some cases, an offer you can’t refuse – but not THAT kind of Don Vito Corleone-esque offer! Don’t be caught with your “pants on the ground”, to quote the immortal Larry Platt!
Consider risk reduction. Your offer must be rife with fall-back stipulations on inspection, financing and the like so that way you can reduce your risks and get your deposit money back if need be. Think of it as a parachute of the color green, green of course symbolizing money. Always compare values and again, don’t rely on instinct alone. Hedge your bets by buying properties through your LLC or company. Always look for ways to reduce the risks.
Real Estate Success Is Found In Action
Set action-oriented goals. Remember that real estate success does not happen if you sit on your derriere all day long. Require yourself to look at a certain number of properties, and maybe even to write a certain number of offers each month. Set at least minimum goals for all sorts of little steps, like making five phone calls per week, checking online for new listings twice per week, and so on. Action begets momentum, and momentum begets good habits. Good habits lead to success.
The last good habit we suggest would be to do research by reading books or magazines, listening to cassette tapes or watching VHS tapes and DVDs about investing. But once you’re through reading, make it a point to do something after your research. Some of us let our fascination and enjoyment of reading about investing get in the way of actually investing, and of our real estate success.
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