As I have mentioned before, real estate investing is not complicated. It offers many great opportunities, as well as grants financial freedom to those who are determined to succeed in their chosen career path. However, to succeed as a real estate investor you have to avoid making costly mistakes that can significantly affect the way you run your business. Here we discuss four tips to help you with your real estate investing enterprise:
1. Real estate education. I am a big believer of real estate education and the results in improving our skills which will translate in higher profits and greater efficiency. Applied knowledge is power, like Napoleon Hill mentions on his famous book "Think and Grow Rich". A word of caution, avoid the notorious gurus. See the article written about real estate scammers http://tinyurl.com/37sfvjy.
2. Trusted advisor. Many real estate investors fail because they don’t recognize the importance of having the guidance of a seasoned colleague. I am not talking about the real estate marketers or "gurus" that are only there to sell you their useless crap. I am talking about a seasoned real estate investor that can partner with you and you learn how to handle real estate transactions from A to Z.
3. Buy Below Market Value. I know, you are think DAH!. You will be surprised how many real estate investors buy properties at or near market value, which does not allow them to cover any costs for improvements and the rental income wont cover their mortgage. Remember, in real estate investing you make money when you purchase a property, not when you sell them.
4. Create an investment plan. Buying properties without a plan is suicide. Take time to develop your goals you want to achieve. Develop an action plan where you list how you are going to achieve your goals.
Success in real estate is possible. It requires to have a clear vision of the direction you want to take. These tips will reduce the risks of loss in real estate investing and increase your chances of profit.
No comments:
Post a Comment