Things To Know About Real Estate Investing
1. Collaborate. Find great team members to help you pull off your overall vision. One person alone can only handle so much (and it limits your education). – Ken McElroy
2. Know your numbers. It is easy to get emotional about a deal, no matter how experienced you are. If you know your numbers and stick to them, it takes the emotion out of the equation. This can save your wallet, big-time. – Joshua Dorkin
3. Be fanatical about due diligence. Try to obtain and confirm every bit of information you can about an investment — not just the physical property but the history and potential future of revenue, operating expenses, and capital costs. – Frank Gallinelli
4. Be a Closer Not a Poser. It only takes a moment to tarnish your reputation. You can’t fake it till you make it. If you can’t close, don’t make an offer. – Mark Brian
5. Model your business after those who have already done it. There’s no need to recreate the wheel – just follow the blueprint that others have created. – Joe Fairless
6. Always put it in writing – leases, addendums, amendments, notices, and the most basic of promises, should all be put in writing. Leases are best served as a written contractual document that both parties sign, but email saves time for things like general communication and notices to enter. – Lucas Hall
Don’t try to learn everything.
7. Gain as much general knowledge as you need to discover what makes you most excited, then focus on that one thing. For example, if you like the idea of small multifamily properties, focus on that and don’t get distracted by flipping, wholesaling, and other cool strategies. – Brandon Turner
8. Understand how location relates to home values. I have seen numerous buyers purchase properties without understanding the value of various locations. They think they are paying a good price based on square footage, bedroom and bath count, etc. without having a grip on how an area can have a dramatic effect on value. – Bill Gassett
9. Have a clear vision of why you want to be a successful real estate investor, and what your investing business needs to do for you. – Steve Cook
10.Take action. We all have fear when we doing something that pushes us out of our comfort zone. The only way around fear is to take action and find out there was not much really to be afraid of. It will be uncomfortable at first, but like anything else, you will become used to it and will most likely get excited about it. I know it did. You couldn’t shut me up when it came to seeing houses and making offers. – Danny Johnson
11. Avoid penny-pinching and the scarcity mentality. But definitely set a realistic budget and add to it every chance you get. Outsource as much as possible to maximize your time. Always shoot for a high return on your investment, but please don’t ever expect something for nothing (…ain’t gonna happen). – Jerry Puckett
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