Sep 28, 2015
Investing is without a doubt the best path to financial wealth. Unfortunately, there is very little taught about this topic in our school system. Entrepreneur’s on the other hand, are always looking for different ways to achieve better results. Many of these like-minded people will end up investing in Real Estate, one of the truest and time proven investing modes available to us all.
Here are 7 tips provided by a recent Entrepreneur article:
- Do plan your financial goals
- Don’t spend a fortune on books/tapes/seminars
- Do look at plenty of properties
- Don’t postpone starting your investment for the “unicorn” property
- Do a thorough financial analysis
- Don’t try to buy property that the seller is not motivated to sell
- Do know the difference between real estate investing and the business of real estate (http://www.entrepreneur.com/article/248350)
These tips are GREAT! Every investor should practice all 7 points on a regular basis. Obviously, as the investor builds experience, all of this is done much quicker, but they should never be overlooked. All of this due diligence is essential to a successful investment. If I were to sum it up a little differently, I would suggest:
- Do IT – the hardest thing most everyone has to overcome is spending large portions of their savings on an investment property. You can read and research all you want, but just like everything in life, it all comes down to experience. Start making offers today, you’ll quickly learn that the best deals go extremely quick.
- Do build a team – having real life people to mentor you and brainstorm with is essential. The more eyes reviewing potential deals, the better. More importantly, if your investing in an area like California with very high home prices, you may need extra capital that your team members may be able to provide. Teams include:
- Realtors
- Contractors
- Lenders
- Investors
- Title/Escrow
- Property Management Companies
- Attorneys
- Insurance Agents
In the end, we all have our own ways of going about things. Start by writing down yearly goals and work backwards to how you’ll meet those goals on a daily basis. Real estate investing isn’t rocket science, it’s more of mindset that will lead to financial freedom.
