Whether you’ve just completed a real estate investment course or you have just reached a milestone and need some pointers, these real estate investment tips will help jump start your real estate career or get you back on the right track to success.
Tip #1: Joint a Real Estate Investment Club
First, consider joining a real estate investment club. These organizations will help you keep your thoughts in perspective and prove to your subconscious that you can do anything you set your mind to.
If you can’t find a real estate investment club, form a mastermind group that meets once a week. Mastermind groups can be extremely successful in helping increase your awareness with the power of multiple people meeting in a sociable environment. These groups have a common goal of helping participants attain their goals and dreams without any ulterior motives. Don’t wait until you have a problem; associate yourself with a group of people–“a team”–who has the same goals of success.
Tip #2: Build a Team
There are a few important people who will undoubtedly play a big part in your real estate investment career: your attorney, your real estate investing mentor, your accountant, and reliable contractors.
When choosing an attorney, it is suggested that you don’t choose one who invests in real estate for himself to avoid any conflict of interest. You want one who strictly provides services for others.
A real estate investing mentor will be on your team to provide advice when you hit bumps in the road.
Your accountant will handle your money, so it is extremely important that you choose one who is confident and knowledgeable about real estate investment laws, tax rules and regulations.
You should also have trustworthy and reliable contractors that you can call on when you flip homes. Several contractors who can do renovations, landscaping, electrical work, etc. should be at your disposal. Develop a relationship with credible contractors who you can trust and who are knowledgeable in remodeling and cutting corners without cutting quality.
Tip #3: Learn How to Deal with Sellers
In a perfect world, every deal would go off without a hitch, but we know that our world isn’t perfect and there will be times when you will have to deal with unmotivated sellers. This can be like pulling teeth, because even when people are under the gun and they know the outcome, they can still be resistant.
The easiest thing would be to walk away, but you have to recognize when to add a little pressure and when to throw in the towel. This skill will come in time, and after a few deals you will learn how to read a person within a few minutes.
Tip #4: Make a Strategic Plan
Wandering around aimlessly looking for deals will cost you time and money. Have a plan and stick to it. Plan on making “X” number of calls per day, handing out “X” number of business cards per day, or doing online searches “X” number of times per week. Create a budget for your promotions and advertising. In time, you will start to gain exposure, and when you get a little experience under your belt, people might even start calling you.
People are sucked into investing in real estate because of the perception that it’s fast, easy money. Don’t hold your breath, because an overnight success can take two to five years. The truth of the matter is that 80% of people who attend a seminar or two quit the business after three months. Real estate investing is not a business that you can jump into today and tomorrow you’re sitting on a bundle of cash. It takes knowledge, persistence and a positive mindset to become successful and stay successful.