The How-To Guide For Real Estate Success

by Quinn Harris on January 26, 2012

Hey, did somebody say real estate success? It happens by repeatedly indulging the right habits. And if you want to know what these habits are, then I invite YOU to read this article and make yourself some real estate investing success.

Hi, my name is John/Jane, I invest in real estate, so what’s yours – a simple question to start a conversation. People are the most valuable commodity in the world of real estate investing. The more you know, the more likely you are to find good properties, or buyers for your good properties. But the next question is, do you know who the right people are? If you don’t, you may consult a real estate agent for some complimentary listings tailored to your target market. But it would even be more swell if the agent rung you before you did him/her.

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.

Carry supplies. Always have at least business cards, pen and paper on you. You never know when you might see a property for sale, or hear about one. Once you tell people you are a real estate investor, don’t expect their jaws to drop on the floor – expect them to shower you with their opinions, advice, and in some cases, an offer you can’t refuse – but not THAT kind of Don Vito Corleone-esque offer! Don’t be caught with your “pants on the ground”, to quote the immortal Larry Platt!

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.

Take Action To Find Yourself Real Estate Success!

You want to be “where the action is” in terms of goals. Make it a habit to galvanize yourself to take action in order to attain real estate success. Try setting goals such as a set number of properties to visit each month, or a set number offers to write on a weekly or monthly basis. Even the minutiae of real estate must have some sort of goals attached to them – say, making at least five phone calls a week or one a day, visiting the Internet at least twice to check for new listing, among others. Through taking action, you develop some sort of fulcrum moving forward towards good habits. And as you may know, good habits beget success.

The last, but not the least tip, would be to do research – it can be through the Internet, or by reading a book or listening to a CD about investing or money matters. Just be sure to spend as much time doing something as reading about it. A lot of us fall into the trap of being so enchanted by the stories of real estate success we read about, that we don’t even take any sort of action to achieve that success through investing on our own.

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