Whether you are BRAND NEW to real estate investing or a professional in the game, it’s crucial that you understand these Simple, Easy and Basic Steps to realty investing.
First things initially…
– Real Estate is NOT a do nothing get rich over night scheme. You must master the foundations and put them into practice, if you do so correctly you have the potential to make more than you may have realized to get any and all of your goals and dreams.
– The real estate market is going to change over time. It is cyclical in its nature and will shift –just as it always has! The ups and downs are the nature of the business, do things correctly so they don’t affect your business too much. You can’t control the overall market, it will not change for you, so you must change for it.
With that said, I think its worth reemphasizing the market WILL change and exactly what is “working” today as an investment strategy may not work forever … the fundamentals will continue to work. However, other things can and do change so you’ve got to stay on your toes.
One way to stay on top of things is to stay aware of by utilizing the power of real estate trends you can work wonders for your investment career. It will give you an awareness of what is going on in your specific market and allow you to make serious data driven situations based off of emerging trends.
When it comes to real estate development, you’ve got to make wise financial investments as the repercussions of not doing so could lead to massive loss financially. Keep in mind you probably won’t make any serious cash in pre-construction, you’ll usually make it after. You need to take into serious consideration what could happen after as well as what could happen if the marketplace shifts and there are unexpectedly 35 identical homes on the market for sale in the very same building? Could you afford to pay for a building that’s negative in cash flow, if so, how long?
What this whole post has been implying is just that you need to be experienced in the basics– the tried and real strategies, strategies and systems that have worked in the past, are STILL working and will operate in the future. You’ve got to have all the tools on your toolbelt so you can use them in the right situations. especially situations where they real estate market starts to shift. And it shifts no matter where you are whether it be Surrey, Washington, New Brunswick or Paris, the market will change and you must be able to adapt with it to survive.
Step # 1 – You don’t plan to fail, you fail to plan. Create a plan based off your long-term investment objectives whatever they may be. Just remember to start with the end game in mind so you can create goals get to that point. The goals you set will vary drastically based on what you’re after that’s why its vital to get clear on that from the start.
Action # 2 – Determine what area of real estate you want to master: It is nearly impossible to be a master of every single thing in real estate investing. There are a lot of way to make money when investing in real estate and in the real estate industry in general. You won’t be doing all of them and not certainly at once. The point is to choose one things and focus on it intently.
Step # 3 – Be relentless and consistent: The greatest returns you get come over the long haul. You’ve got to be willing to stick with the thing you chose for an extended period of time and do the necessary things consistently to see considerable returns.
Step 4 – Don’t get super anal and fall prey to ‘’analysis paralysis’’: You do not want to be too sloppy in your analysis because it could cost you greatly. Conversely you don’t want to be too slow either because misweighting can cause you to miss out on great opportunities as well and cost you a lot.
Step 5 – Understand real estate financing: There’s more than just one way to finance a deal, capital can come from a lot of places.
Step # 6 – Think like a skilled problem solver: Part of why you make the money you do has to due with your ability to solve problems. Not just your own problems, but ones that affect others as well.. Thinking outside of the box to create solutions to other people’s problems is why you will get paid, that’s what being a ‘’dealmaker’’ is about. To think like a problem solver act like one, get your hands on accurate data so you can make data driven decisions a great source of these is price water cooper. Their site will keep you up to date on real estate trends and all sorts of other financial information.
Step # 7 – Keep your finger on the pulse: Stay up to date with what is going on in the real estate industry and your local market. Invest in your education to keep your eyes on the ball and get what you want.
If you enjoy this post, you can keep your ears open for the next articles and also go ahead and check out any older posts.
Also, here’s another great real estate video to get started in real estate