When I was first getting started in the real estate investing game I learned that there were three main things I needed to figure out and understand before anything else.
The first thing I learned was to never stop learning… I know that doesn’t sound super practical but if your goal is to create a life-long asset for yourself your biggest and best asset is YOU! Never stop learning about how you can become a better investor. Luckily for you there are tons of ways to get information about how to improve your real estate investing skills via newsletters, websites, podcasts, video, books, seminars, etc. My recommendation is spending some quality time on YouTube watching videos and taking notes about other people’s strategies. Which leads me right into my second tip.
The second thing is to develop a strategy or a niche that you are going to execute on. This will allow you to focus and make a plan on exactly how you are going to make a return on your investment and go all in on that strategy.
What do I mean by strategy? Well, you could be flipping the house, wholesaling the house, or even using a buy-and-hold method. Any of these can be great strategies for you to get a great return on your investment if done correctly. The niche is also extremely important and might depend on what strategy you are looking at using. For example, are you buying a single-family home, commercial property, or multi-family home? Your niche is where you are going to implement your strategy to get the maximum amount of return on your investment.
The third thing is to build great relationships with companies and people who are going to be able to help you along your real estate investing journey. This includes contractors and friends from service companies who can help you improve your property and you overall investment to again, maximize your ROI. I’ll give you a great example that happened recently. I was working on one of my projects in North Spokane, WA and had a private showing with a friend of a friend who was interested in buying. When I went to the property prior to the meeting to make sure everything was ready, the garage door froze up on me when I went to open it. The timing could not have been worse! I called a friend of mine who I’ve done business with in the past at Spokane Garage Services who came out and got the problem fixed in less than 2 hours before my clients arrived which led to my closing the deal. An absolute life-saver and they do amazing work. You can check them out by clicking here.
The most successful real estate investors are the ones who never stop learning, understand their niche and match their niche with a great strategy, and build great long-term relationships. I have no doubt in my mind anyone can create a substantial income with these 3 easy principles.
That’s all I have for this one guys. Later!