Real estate success? Yes, that's right, and you can achieve this by cultivating good habits. Here are some habits to develop for your real estate investing success.
Don't just tell them your name, ask for your clients' names as well! People are your most valuable resource in 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. But there is such a thing as the "right" people to meet. Start with a real estate agent that gets many listings of the type you are interested in. Wouldn't it be nice if he called you first?
Think numbers. We don't mean action figures or ogling the opposite gender - we mean looking at the numbers after, or while meeting new people. But you have to consider the numbers, such as the income and expenses and also the cap rate if you are investigating a piece of property for rent. The best investors have a way with numbers, and using their numerical knowledge to forecast the impact of certain events on a property's value. When dealing with property, gut feel alone won't help you attain success, you have to develop some sort of affinity for the mathematical and statistical side of things, unpleasant as numbers may sound for a lot of us.
Don't go to war without weapons. 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. Mention that you invest in real estate, and sellers, buyers and other investors suddenly appear with information, opinions, and sometimes deals. Be a Boy Scout...or Girl Scout!
Think risk reduction. You want to have all your ducks in a row and make sure you get your deposit back when a sweet deal goes sour, so include all those contingency clauses in your offers. Know your exit strategy before you buy. Look at comparables, do not look at far-out hunches. Use your corporation or LLC to buy property. The less risks involved, the more confidence you can gain from your dealings.
Real Estate Success Is Found In Action
Make your goals action-oriented. Get in the habit of taking regular steps towards real estate success. Set weekly or monthly goals, such as the number of properties to look at, or the number of offers you are to write. And keep going on forward as you set definite, minimum goals for all those little actions you have to take - try about five phone calls a week, two online visits to check for new listings, etc. Action creates momentum, and repeated action creates habits. And you can't have success without good habits.
The last good habit we suggest would be to do research by reading books or magazines, listening to cassette tapes or watching VHS tapes and DVDs about investing. But once you're through reading, make it a point to do something after your research. Some of us let our fascination and enjoyment of reading about investing get in the way of actually investing, and of our real estate success.
Don't just tell them your name, ask for your clients' names as well! People are your most valuable resource in 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. But there is such a thing as the "right" people to meet. Start with a real estate agent that gets many listings of the type you are interested in. Wouldn't it be nice if he called you first?
Think numbers. We don't mean action figures or ogling the opposite gender - we mean looking at the numbers after, or while meeting new people. But you have to consider the numbers, such as the income and expenses and also the cap rate if you are investigating a piece of property for rent. The best investors have a way with numbers, and using their numerical knowledge to forecast the impact of certain events on a property's value. When dealing with property, gut feel alone won't help you attain success, you have to develop some sort of affinity for the mathematical and statistical side of things, unpleasant as numbers may sound for a lot of us.
Don't go to war without weapons. 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. Mention that you invest in real estate, and sellers, buyers and other investors suddenly appear with information, opinions, and sometimes deals. Be a Boy Scout...or Girl Scout!
Think risk reduction. You want to have all your ducks in a row and make sure you get your deposit back when a sweet deal goes sour, so include all those contingency clauses in your offers. Know your exit strategy before you buy. Look at comparables, do not look at far-out hunches. Use your corporation or LLC to buy property. The less risks involved, the more confidence you can gain from your dealings.
Real Estate Success Is Found In Action
Make your goals action-oriented. Get in the habit of taking regular steps towards real estate success. Set weekly or monthly goals, such as the number of properties to look at, or the number of offers you are to write. And keep going on forward as you set definite, minimum goals for all those little actions you have to take - try about five phone calls a week, two online visits to check for new listings, etc. Action creates momentum, and repeated action creates habits. And you can't have success without good habits.
The last good habit we suggest would be to do research by reading books or magazines, listening to cassette tapes or watching VHS tapes and DVDs about investing. But once you're through reading, make it a point to do something after your research. Some of us let our fascination and enjoyment of reading about investing get in the way of actually investing, and of our real estate success.
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