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Real Estate Success
from: Steve GillmanReal 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.
About the author:
Steve Gillman has invested in real estate for years. To learn
more, get a free real estate investing course, and see a photo
of a beautiful house he and his wife bought for $17,500, visit
nderFiftyThousand.com
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