Real Estate Investing 101. What qualifies you to be a real estate investor?
Regardless of the business you would want to get your hands into; you must set a strategy and execute it. Bear in mind the question- what do you expect to gain? Then comes the right mindset. You may be the best, but you are likely to fail e, especially if you imbibe a pessimistic attitude toward your work without the proper perspective. It is rudimentary that you keep a positive mantra at all times. Regardless of the situation you are in, having a positive attitude will support you through anything. One of the best attitudes a person should possess is being optimistic. It is inevitable for a business to experience lows at times, but it can be replaced with highs when you have a positive outlook. Having that kind of mindset, you are always geared towards solutions and moving forward. Next, of course, is to have gratitude for everything. Always be grateful regardless of the situation or the condition you are in. It also pays to be consistent. Don’t lose grip of your consciousness and consistently take action. Then, be persistent. Nothing beats being determined– not only in mind but in action, especially in real estate, where time is of the essence.
And you have to be sure of what your objective is. In real estate investing, your primary goal is not just to make money but to help people. You have to learn how to be a problem solver because you aim to provide solutions to people who have issues in real estate. Clarity of purpose is the key.
“To be successful in real estate, you must always and consistently put your clients’ best interests first. When you do, your personal needs will be realized beyond your greatest expectations.”Anthony Hitt
How will you be able to help them? Educate yourself. Invest in real estate investing courses. Real estate is an all-encompassing industry. It isn’t just a money-making business. You need to have compassion for your clients to be able to help them. You need to have the industry’s right knowledge to come up with the correct answers to their questions. At present, there are real estate classes online via webinars and events where you can learn valuable techniques and strategies that will help you become the best in real estate investing. Continue learning and be the best problem solver.
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What is real estate to you?
“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world”. – Franklin D. Roosevelt.
There are two main types of real estate, the residential and the commercial. As the name suggests, residential properties provide residences for homeowners like apartments, duplexes, houses, and more. This is where people reside. Then there’s the commercial type designed for commerce or businesses like malls, warehouses, industrial offices, and the like.
Each of these properties has different characteristics and specifications. Most of the time, these are the basis of the clients when choosing a property.
Aside from the type, there’s the strategy. What is your purpose for the property? Do you want to buy a run-down house and do some rehabilitation before you sell it? That’s the fix and flip strategy. If you’re into buying a property, possibly doing some fixer upper project, then putting it on hold for a while, wait until the market goes high before you sell it, that’s buy and hold for you there. You can also act as a “mediator/negotiator” wherein you contract a property with a seller, mark-up the price then look for a buyer. The price difference from the original and marked up price will then be your profit. It’s basically a win-win situation for you, the buyer, and the seller. You see, there are many strategies to choose from, all with different demands and requirements, and at the same time, risk level.
It is also vital that you know your financial stage and your capabilities. Assess yourself on what you can and can’t do based on your financial stage.
Different financial stages need to be looked at to determine what extent you can go. This is also an opportunity to identify your strengths and weaknesses and establish a workaround for the two. There’s no better way to leverage than in knowing the essentials and, of course, having the right tools to back you up.
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Credits: Luke Watkins is a real estate investor with mastery of fix-and-flip and wholesale deals. His experiences include working with some of the biggest residential flipping companies in the country with a monthly average of closing 20 to 30 deals. He also has a background in construction and property management; and has invested in Salt Lake City, Utah, Indianapolis, Indiana, Albuquerque, New Mexico, and now Dallas, Texas.
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.
Excerpts: In real estate investing, your primary objective is not just to make money but to help people. You have to learn how to be a problem solver because your aim is to provide solutions to people who have problems in real estate.
Snippets: At present, there are real estate classes online via webinars and events where you can learn valuable techniques and strategies that will help you become the best in real estate investing.