Get the Real Estate Investing Tips that Gives you an Unfair Business Advantage
Real Estate investing is not an easy way to make money, in fact it takes planning, good judgement and a strong business mind. However, there are many real estate investing tips that you should take advantage of when beginning your investing career.
Many investors have fallen down and experienced a hard financial lesson before they were able to achieve success, do all you can to surround yourself with experienced investors so you don’t have to learn the hard way like many of us have, instead listen and network with as many real estate investors as possible, build relationships with these folks and learn those real estate investing tips that have helped them because those tips will ultimately help you as well.
The best real estate investing tips I can give is to make sure you have systems in place before you start investing your own money. As an investor you must always have a plan of action, a specific purpose, easily defined goals and last but certainly not least a mentor/s.
If you are committed to your success you will most definitely need those components above and a large network of investors you can bounce ideas off of and ultimately learn from.
Remember, that in real estate you have peaks and valleys, do not get too high or too low and do all you can to stay positive and motivated as your mind will allow you to be successful but it can also be your biggest obstacle if you allow it to be.
To all the beginner investors, one of the best real estate investing tips I can give to you is to start off in this business by wholesaling properties; wholesaling investing allows you to learn the business without risking your own funds, in my opinion this is how all investors should start their careers as it allows you to learn the many facets of real estate investing without having “skin in the game”.
My Top 10 Real Estate Investing Tips:
There are many real estate investing tips a person can give you but I believe some are more important than others. Below are my top ten real estate investing tips:
- Real Estate investing is a business – come up with a business plan
- Determine the best areas to buy properties – these don’t have to be in your backyard
- Network with other investors – this is a relationship business, don’t try to do this alone
- There are multiple sources for buying properties – mls, auction.com, wholesalers, hudhomestore.com, hubzu.com, bandit signs, direct mailings to name a few
- Spend 1 hour a day reading about investing – Never stop learning about your trade
- Look for returns as high as possible – If I buy a home for $100,000, I will need to bring in more than $1,000 a month in rent.
- Work hard – the harder you work the more success you will have
- Find a good realtor to help you find properties – make sure they understand ROI, NOI and debt service
- Find a good real estate attorney – you will be closing a lot of properties, you need an attorney that you can trust and that will protect you.
- Find a strong lending source – realtors or attorneys can give you some recommendations; options include banks, hard money, private money, mortgage lenders, portfolio lenders etc.
Investors will have many real estate investing tips for you, my advice is to listen and ask them for tips. Remember, this business is all about relationships and while networking is not always the most fun activity it is necessary and will help you find success sooner rather than later. Happy investing and I hope my list of tips help you achieve your goals.