Many newbie investors get into real estate thinking they will instantly get rich quick. This is rarely the case.
There is a lot more work that goes into successful investment growth.
Don’t Fall For Get Rich Quick Schemes!
The trick is to look for more than just great investments but also opportunities that will provide sustainable growth. You don’t want to invest your money somewhere that could lose all of its value overnight.
In our latest post, we will explore ways to accelerate and amplify your real estate investment success. Keep reading to learn some great tips to secure sustainable investment growth!
Tip #1┃You Are Running A Business
When you venture into the world of investing you are – in reality – starting a business.
As such, you should dedicate time to your work, tackle problems logically, and deal with people in a fair and consistent manner. Focus on the job at hand and handle matters with your head, not your heart. This isn’t always an easy task for newbie investors.
However, in real estate investing, time really is money. Market prices can fluctuate at the drop of a hat. That’s why you need to grab deals as and when they happen and then flip properties the instant they’re ready. The longer you hold onto a property, the more it will cost in the long run!
Tip #2┃Have a Plan
Just like any successful business, you should have a business plan. This will help you create attainable goals along with actionable steps to get you where you need to be. Think about these questions for a moment:
- How many properties do you want to own?
- What sort of properties do you want to invest in? Single-family? Multi-family? Commercial?
- Will you need help from a property management company?
- Is there a specific location you plan to invest in?
- What is your preferred price range?
- What size property are you after?
- Do you want to buy and hold or go for the quick flip?
- What is your exit strategy?
- Are there other partners involved? If so, how will profits be divided?
Answering these questions in as much detail will help you plan out and strategize your investing business.
Tip #3┃Build Your Power Team
Once you set forth on your investing journey, you are bound to meet professionals and likeminded individuals along the way who may offer support.
You should foster and nurture these relationships so you can discover the professional YOU want to work with. Your team should consist of:
- An agent you turn to when the situation arises.
- An accountant who keeps all of your books in order.
- A lawyer whom you consult with on all deals.
- A lender who will be there with the funds when you need them.
You should surround yourself with a team of dedicated individuals you can trust and will enjoy working with. Not only will this streamline and optimize your investment process but it will make things a lot easier for you.
Tip #4┃Find A Mentor
Building a relationship with someone who’s been in your shoes can be invaluable to your success. Your mentor should help keep you motivated, provide you with advice on potential purchases, and help you avoid making costly rookie mistakes.
You will learn far more from someone with actual hands-on experience than you would from any real estate investment strategy book.
Tip #5┃Don’t Be Afraid To Stay Off The MLS
Some of the best investment deals are found OFF the MLS (multiple listing service).
For instance, many “For Sale By Owner” properties can be found at a great price outside of the MLS. Look for private owners you can work with and utilize other real estate websites in your search for motivated sellers.