Real estate investing is a journey not a destination. Reading a book, listening to a CD or attending a seminar will not equip you with the knowledge you need to create a successful investing career. The real estate environment is constantly changing and the most successful investors are learning how to change with the market. Here are a few tips on creating continued success.
(1) Smart investors realize that knowledge is the key to not loosing money. Read, Study, and absorb all the latest information. Some of the books written even last year contain information that already has a “stale date” because of the drastic changes in the market over the past months.
(2) Join your local Real Estate Investor’s Association. Network with other active investors who have current knowledge of buying and selling in the local markets, available financing options and can offer advice on the properties in most demand by buyers and sellers.
(3) Create your real estate investing team. Include a realtor knowledgeable of the market and properties in your area, a CPA, A mortgage broker and private “financial friend”, your contractor and others who can assist you in supplying the knowledge and information you need to make good decisions when buying and selling.
(4) Learn the strategies are working in today’s market. What worked a few months ago will not work today.
(5) Keep on top of new and pending legislation. Changes in laws can adversely effect your ability to invest in real estate. Today there are numerous pieces of damaging legislation that has been introduced on the local, state and federal levels.
(6) Stick with the basics. Remember the “kiss” principle? Apply it to your business. Don’t get bogged down in extreme detail.
Carry these six tips for long term success in real estate investing with you every day. Putting them to work for you will dramatically increase the balance in your bank account and also will increase your odds of being a successful investor from day one.