Real Estate Success
Real estate success is found in good investor habits. Here are a few of the most important.
real estate success, real estate, investing
Real estate success? It happens by way of the many things you repeatedly do right, and it is your habits that
ensure they get done. Here are some habits to develop for your real estate investing success.
Ask for people's names, and tell them yours. People are your most valuable resource in real estate investing.
The more you know, the more likely you are to find good properties, or buyers for your good properties. Get
to know the right people too. Start with a real estate agent that gets many listings of the type you are
interested in. Wouldn't it be nice if he called you first?
Think numbers. Think people first, but know the relevant numbers. Ideally, when you look at a rental
property, for example, you should be thinking about the income, the expenses, and the cap rate. You should
be imagining how certain changes would allow you to raise the income, and what that would do to the value.
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. Mention that you invest in real estate, and sellers, buyers and other
investors suddenly appear with information, opinions, and sometimes deals. Be ready.
Think risk reduction. Put those inspection, financing, and other contingency clauses in the offer, so you will
get your deposit back when a deal falls through. Know your exit strategy before you buy. Find value by
comparables, not "hunches." Buy properties through your corporation or LLC. Always look for ways to
reduce the risks.
<b>Real Estate Success Is Found In Action</b>
Set action-oriented goals. Get in the habit of taking regular steps towards real estate success. 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 creates momentum, and repeated action
creates habits. Good habits lead to success.
Finally, learning more about investing from books, magazines and even tapes or CDs is a great idea. Just be
sure to spend as much time doing something as reading about it. 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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