What's this I hear - real estate success? You need to foster positive habits in order to achieve it! If you don't know what those habits are, then it's about time to learn them - here are just a select few.
Ask for people's names, and tell them yours. In real estate investing, people are worth their weight in gold. You want to find good properties and successfully sell them, and for that, you need to meet people, and lots of them. Get to know the right people too. Think of the people or market you want to sell to, and ask real estate agents for as many listings as you could. It would sure be a doozy if the agent called you first, though.
Think numbers. We don't mean action figures or ogling the opposite gender - we mean looking at the numbers after, or while meeting new people. But you have to consider the numbers, such as the income and expenses and also the cap rate if you are investigating a piece of property for rent. The best investors have a way with numbers, and using their numerical knowledge to forecast the impact of certain events on a property's value. When dealing with property, gut feel alone won't help you attain success, you have to develop some sort of affinity for the mathematical and statistical side of things, unpleasant as numbers may sound for a lot of us.
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!
Risk reduction helps. Put those inspection, financing, and other contingency clauses in the offer, so you will get your deposit back when a deal falls through. Before buying, there must be some sort of escape clause involved. Find value by comparables, not "hunches." Buy properties through your corporation or LLC. Keep those risks to an absolute minimum at all times.
Take Action To Find Yourself Real Estate Success!
You want to be "where the action is" in terms of goals. Make it a habit to galvanize yourself to take action in order to attain real estate success. Try setting goals such as a set number of properties to visit each month, or a set number offers to write on a weekly or monthly basis. Even the minutiae of real estate must have some sort of goals attached to them - say, making at least five phone calls a week or one a day, visiting the Internet at least twice to check for new listing, among others. Through taking action, you develop some sort of fulcrum moving forward towards good habits. And as you may know, good habits beget success.
The last, but not the least tip, would be to do research - it can be through the Internet, or by reading a book or listening to a CD about investing or money matters. Just be sure to spend as much time doing something as reading about it. A lot of us fall into the trap of being so enchanted by the stories of real estate success we read about, that we don't even take any sort of action to achieve that success through investing on our own.
Ask for people's names, and tell them yours. In real estate investing, people are worth their weight in gold. You want to find good properties and successfully sell them, and for that, you need to meet people, and lots of them. Get to know the right people too. Think of the people or market you want to sell to, and ask real estate agents for as many listings as you could. It would sure be a doozy if the agent called you first, though.
Think numbers. We don't mean action figures or ogling the opposite gender - we mean looking at the numbers after, or while meeting new people. But you have to consider the numbers, such as the income and expenses and also the cap rate if you are investigating a piece of property for rent. The best investors have a way with numbers, and using their numerical knowledge to forecast the impact of certain events on a property's value. When dealing with property, gut feel alone won't help you attain success, you have to develop some sort of affinity for the mathematical and statistical side of things, unpleasant as numbers may sound for a lot of us.
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!
Risk reduction helps. Put those inspection, financing, and other contingency clauses in the offer, so you will get your deposit back when a deal falls through. Before buying, there must be some sort of escape clause involved. Find value by comparables, not "hunches." Buy properties through your corporation or LLC. Keep those risks to an absolute minimum at all times.
Take Action To Find Yourself Real Estate Success!
You want to be "where the action is" in terms of goals. Make it a habit to galvanize yourself to take action in order to attain real estate success. Try setting goals such as a set number of properties to visit each month, or a set number offers to write on a weekly or monthly basis. Even the minutiae of real estate must have some sort of goals attached to them - say, making at least five phone calls a week or one a day, visiting the Internet at least twice to check for new listing, among others. Through taking action, you develop some sort of fulcrum moving forward towards good habits. And as you may know, good habits beget success.
The last, but not the least tip, would be to do research - it can be through the Internet, or by reading a book or listening to a CD about investing or money matters. Just be sure to spend as much time doing something as reading about it. A lot of us fall into the trap of being so enchanted by the stories of real estate success we read about, that we don't even take any sort of action to achieve that success through investing on our own.
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