Top 20 ways to succeed as a real estate investor
Want to succeed as a real estate investor? Do these 20 things and your chances of being successful will skyrocket! 🚀
Never stop learning new things. Develop your skills and knowledge in the real estate industry by reading books, attending webinars and conferences, listening to podcasts, etc
Network with other investors (online, offline, wherever!)
Tell everyone what you are doing - you never know where your next deal or partner will come from
Be prepared for anything. Make sure to stay open minded and ready to take risks, but also be aware of any potential hazards that might occur and do research before taking any risks.
Have a plan - make sure you have a clear idea of your goals before anything
Get involved in your community (or the community you want to invest) and become an expert on the local housing market
Seek out mentors/coaches - they can help you get farther way faster
Become an expert in property management. It doesn't matter if you will be hiring a property manager to take care of your properties - you still need to know what goes into managing properties.
Build a dream team. This can include realtors, brokers, lenders, contractors, accountants, lawyers, etc. Members of your team should have experience and knowledge about real estate investing. Ask them if they own their own investment properties and if they work with other investors.
Don't try to do everything yourself. You can get so much farther by working with other people. Outsource the things you don't like doing or are not good at.
Learn how to use social media for marketing purposes.
Do research on the market before you buy anything. What are the house prices like (not renovated and renovated)? What are the rent prices like and how much demand is there? What kinds of job opportunities are there?
Find out what zoning laws apply to your investments.
Make sure you have enough money set aside for emergencies, repairs, and replacements.
Don't let yourself get too stressed - take care of yourself and enjoy the process.
Create some kind of record-keeping system from the very beginning. Keep track of all your investments (revenue, expenses, etc) so you don't lose track of what's going on
Keep up with technology. How can you automate parts of your business and what apps will make your life easier?
Be honest - don't be afraid to share mistakes
Know when it's time to sell. Could the equity in one of your assets be used in a better way in another investment?
Give back by volunteering, donating, or helping other investors. Don't hoard your experience to yourself - there is more than enough money and deals to go around so go ahead and share! It will 100% come back to you if you are generous with your experience and knowledge.