Real Estate Success

Real Estate Success
Real estate success? It happens by way of​ the​ many things you repeatedly do right, and​ it​ is​ your habits that ensure they get done .​
Here are some habits to​ develop for​ your real estate investing success.
Ask for​ people's names, and​ tell them yours .​
People are your most valuable resource in​ real estate investing .​
The more you know, the​ more likely you are to​ find good properties, or​ buyers for​ your good properties .​
Get to​ know the​ right people too .​
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 .​
Think people first, but know the​ relevant numbers .​
Ideally, when you look at​ a​ rental property, for​ example, you should be thinking about the​ income, the​ expenses, and​ the​ cap rate .​
You should be imagining how certain changes would allow you to​ raise the​ income, and​ what that would do to​ the​ value .​
Having a​ feeling about a​ property, and​ ignoring the​ numbers, gets investors into trouble.
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 .​
Mention that you invest in​ real estate, and​ sellers, buyers and​ other investors suddenly appear with information, opinions, and​ sometimes deals .​
Be ready.
Think risk reduction .​
Put those inspection, financing, and​ other contingency clauses in​ the​ offer, so you will get your deposit back when a​ deal falls through .​
Know your exit strategy before you buy .​
Find value by comparables, not hunches .​
Buy properties through your corporation or​ LLC .​
Always look for​ ways to​ reduce the​ risks.
Real Estate Success is​ Found In Action
Set action-oriented goals .​
Get in​ the​ habit of​ taking regular steps towards real estate success .​
Require yourself to​ look at​ a​ certain number of​ properties, and​ maybe even to​ write a​ certain number of​ offers each month .​
Set at​ least minimum goals for​ all sorts of​ little steps, like making five phone calls per week, checking online for​ new listings twice per week, and​ so on .​
Action creates momentum, and​ repeated action creates habits .​
Good habits lead to​ success.
Finally, learning more about investing from books, magazines and​ even tapes or​ CDs is​ a​ great idea .​
Just be sure to​ spend as​ much time doing something as​ reading about it .​
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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