We know what a person thinks not when he tells us what he thinks, but by his actions.
~Isaac Bashevis Singer (1904-1991)
I believe if you follow these successful real estate investing tips, chances are your investment will be a good one.
- The first tip would be knowing EXACTLY what “successful” means to you.
Don’t just pull a number out of your ass because the dude sitting beside you in a real estate seminar said it..
Guess how I know that one…
For the first two years of my investing career, I wanted 50 properties…
I think you know the answer –
Today a few years and some clarity exercises later, that number is only 15.
That’s a HUGE difference don’t you think?
- Invest for the RIGHT reasons.
If you’re investing “only” to make money – my guess is you’re going to be chasing money forever. You’ll never be happy – even though you think “six figures” today will be awesome…
So what are the ‘right’ reasons?
It depends on the individual.
There’s no right or wrong answer – scratch that – there IS a wrong answer…and MONEY is a wrong answer.
However “making 50k in the next 24 months to pay off my mortgage and student loans” IS a good answer.
Even though it’s still ‘money’ based, there’s a means to an end in mind.
Also, as soon as you reach that goal, I GUARANTEE you will have a clearer picture about the next few years in your real estate investing career.
Because you’ll have RELIEVED the financial pressure…
And here’s a
WARNING ABOUT Successful Real Estate Investing Tips…
…that you get from people (including me)
- Make sure you’re listening to people who are DOING what you want to do.
there are too many people following the herd who want 50 or 100 properties because some Joe-Blow investor has it…
And they don’t know WHY they want 50 (you win if you can tell me who was leading that herd in 2008 :-))
So are you following that herd?
Are THEY doing what you want to do? Are THEY at the level of success or lifestyle you want?
- Don’t Speculate – INVEST
If your model for investing is “the property will always go up in value”, time to look at a secondary route.
I know, I know…
There are a LOT of great models out there like flipping or buy, renovate, sell where investors are making money…
But it’s STILL speculation.
In my opinion (and remember, don’t believe everything you hear or read ) if you’re going to be active in the “flipping” market, it wouldn’t be a bad idea to have a few “holds” in case things don’t work out.
- NEVER BUY WITH EMOTION
This is a biggie.
Because too many investors get caught up in the emotion of the property – how it will “look better” if they put in 20k of upgrades or something like that.
Or they buy where THEY would want to live and often renovate for their taste which often pulls profits right out of their pockets.
In my model (again, don’t listen to EVERY “Joe Blow” out there) I DO “lipstick renovations” that fit my market.
That means I know what my market will bring in in terms of rent and I know what ‘renovations’ would be a waste because the tenant profile could care either way.
That leads me to the last successful real estate investing tips and hacks:
- KNOW your market – ONE market – inside and out.
Opportunities are EVERYWHERE but it’s silly (in my opinion – again, don’t listen to…ah you GET it) to spread your investments all over the place.
I’m not saying don’t have your hand in a few pots…
But I’ve seen WAYYY too many investors jump into this pool by chasing opportunitieseverywhere…
Because they are CHASING MONEY in the first place – which loops us all the way back to successful real estate tips and hacks point #2.
And if you’re still thinking “Joey, I’m IN this real estate thing to MAKE MONEY – why else would I do it?”
You’re absolutely right…
But if you’re out there buying up everything from Texas to Toronto, you’ve just added chaos to your life (most often without knowing it) as well.
And WHEN you pay off those loans and make your ‘six figures’…what THEN?
What sort of life are you trading for $$$$?
You’ve now created a business you maybe were not planning on creating.
Just one real estate investor dude’s opinion – don’t take my word for the RE Bible of Investing…
But DO consider that I’ve coached and worked with thousands of investors like you and have seen my share of their lives fall apart chasing someone else’s dreams.
Do it for YOU!
I am actively looking to build relationships with Real Estate Investors and Owner / Users for Phoenix – Scottsdale – Tucson – Maricopa County – Pima County – Pinal County – Cochise County – Santa Cruz County –Yavapai County – Gila County – Arizona , USA
WHY PHOENIX ARIZONA : ???
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix.
Investors and owner/users need to really know the market before making a move in commercial investment properties as the market has a lot of moving parts today. What’s going on socio-economically, what’s going on demographically, what’s going on with location, with competing businesses, with public policy in general — all of these things affect the quality of your commercial properties/investment properties. Therefore, you need a broker who understands commercial properties. Please go to my web-site and get all the newsflashes and updates in Commercial Real Estate.
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. I am also a commercial land specialist in Phoenix and a Landspecialist in Arizona. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail firstname.lastname@example.org or call me on my cell 520-975-5207 or Office:480-948-5554
Walter Unger CCIM
Associate Broker, Kasten Long Commercial Group
2821 E. Camelback Rd.
Phoenix, AZ 85016
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