What's this I hear - real estate success? Yes, that's right, and you can achieve this by cultivating good habits. And if you want to know what these habits are, then I invite YOU to read this article and make yourself some real estate investing success.
Don't just tell them your name, ask for your clients' names as well! People are the most valuable commodity in the world of real estate investing. The more you get to meet potential clients, the higher the chances of finding good properties and people interested in these properties. Get to know the right people too. If you don't, you may consult a real estate agent for some complimentary listings tailored to your target market. But it would even be more swell if the agent rung you before you did him/her.
Numbers, numbers, numbers. Think people first, but know the relevant numbers. Ideally, when you look at a rental property, for example, you should be thinking about the income, the expenses, and the cap rate. You should have a knack for forecasting how certain events can potentially raise the income, and how it would affect the value of property. If you simply rely on instinct when dealing with property, numbers be damned, the only thing you may have to predict would be how quickly you get into trouble.
Be armed with supplies. Make sure you bring a few business cards, pen and paper at the very least. You have to be prepared for that pleasant surprise upon seeing or hearing about a property for sale. 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! Be a Boy Scout...or Girl Scout!
Risk reduction helps. Your offer must be rife with fall-back stipulations on inspection, financing and the like so that way you can reduce your risks and get your deposit money back if need be. Before buying, there must be some sort of escape clause involved. Always compare values and again, don't rely on instinct alone. Use your corporation or LLC to buy property. Keep those risks to an absolute minimum at all times.
Real Estate Success - Action Speaks Louder Than Words!
Make your goals action-oriented. Make it a habit to galvanize yourself to take action in order to attain real estate success. Require yourself to look at a certain number of properties, and maybe even to write a certain number of offers each month. 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. Action creates momentum, and repeated action creates habits. And you can't have success without good habits.
Finally, learning more about investing from books, magazines and even tapes or CDs is a great idea. However, you must put your research to good use after you're done gathering data. 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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