As with many other aspects of life, the
real estate business can be a real jungle to maneuver. For many of us, it’s
exceedingly easy to lose focus, make bad decisions and get sidetracked
along the way (often times, without even knowing it). The following are things you as an individual, corporate or prospective investors
need to know about real estate investment.
1.
Understand how location relates to 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 meters
without having a grip on how an area can have a dramatic effect on value. – Bill Gassett
2.
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
3.
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
4.
Do NOT start out investing with a plan you constructed on your own.
This includes deciding what/when/why/how to buy your first investment
property(s). It’s not that you don’t know the answers. It’s that you don’t
know all the questions. – Jeff
Brown
5.
Treat your real estate just as an actual business. This means
creating a plan of action, implementing those actions and growing your
portfolio over-time. Don’t forget – always track your business expenses…these
can give you big savings at tax time. – Amanda Han
6. Avoid
properties that have functional obsolescence. Don’t think you are
getting a fantastic deal because you think you bought a property under value when
in fact you didn’t because the property has some kind of major functional
defect.– Bill
Gassett
7.
Establish a successful mindset, this is what I refer to as the “rule
of the universe” – what you expect tends to become the reality you create. Keep
your head down, work hard and expect to win. If you do this long enough, one
day (sooner than you think) you will look up and the reality around you will
have changed for the better. – Chris Feltus
8.
Buy properties in great neighborhoods with good school systems and
great highway access. When you follow a blueprint of what the market wants you
will be in a much better position to make a profit. Go with what the majority
of buyers are looking for and you will be in a much more favorable position. – Bill Gassett
9.
The first thing to tackle is your own motivation. If you are not ready
to leave the rat race behind and embrace a future where your hard work allows
you to enjoy anything you really want, then maybe you are not ready to take
advantage of any kind of real estate investing. – David Lindahl
10.
“Communication, communication, communication… instead of
location, location, location… I can’t stress it enough!” This is one of the
most important components when looking to successfully invest in Real Estate.
In the end, you want to work with people who will, through good communication
and integrity, build your trust and develop a prosperous and long-term
relationship with you. – Engelo
Rumora