In the latest real estate market you have to not only know more than you used to, you have to have the secrets of success. In this article I am going to go over the real estate investing tips that have made me successful in real estate.
The first tip today is you need to get organized. If you are terrible at this sort of thing, you need to hire it out. This can be as simple as someone coming through for two hours once per week and cleaning up your desk. In my case, I choose to use software to organize myself rather than assistants.
The next secret to success is momentum. When you get on a roll you have to stay on that roll. Buy a house, great, where’s the next one? How are you going to get it? When is your next appointment. Try not to relax on one victory for too long. It is the combination of successful consecutive years that will allow you to retire rich and successful.
Our next REI tip is your work ethic. You have to have the “eight to faint” mentality. You get up early, you work all day and into the night. Your first two years in any business will be this way. There is something about the two year mark where the whole world seems to open up to you. Before two years though, you will do whatever it takes to be successful and you will face rejection over and over.
My next tip for you is to “have a thick skin”. People are going to be negative with you and sometimes downright rude. You just have to accept that if you were in a situation where you had to sell your property fast you might be a little less than a happy camper when working with the person that is going to buy, and then profit from buying your home.
The next tip is to realize that nothing is ever easy, nothing. The seminars and real estate gurus out there like you to believe that it is so easy to invest in Real Estate. Well, with 5,000 students chipping in an average of $3,000 per year, investing is easy. When you are watching every penny, it will often seem like that next or even first profitable deal will ever happen. Stay strong and talk with those that are more successful than you.
My final tip for you today is to not invest in bad neighborhoods. This cost me more money than I would like to disclose but in general it is a very bad idea. Feel free to flip in bad neighborhoods. You can make the most money selling houses to would-be investors but do not keep any of them as long-term rentals. I know there are different trains of thought to this but if you are new, just don’t do it.