Some people have a different personality when it comes to investing and in their normal practices which are fine but to be the best real estate investor, you will have to embody certain practices that would sharpen your skills when it comes to investing seminars for real estate trainings are always available but you can actually practice your skills every day. Here are a few traits you can practice that will make you the best real estate investor:
- Punctuality and Timing
Being on time is a really good practice. Do not get used to being late or any form of delays. It is much better if others are late that way you will get to prepare yourself for your appointment. Relating this to real estate investing, this helps you prepare yourself for the market. Who knows, you might find a good deal, delay, then find it sold to another client. Being very time conscious is a good hobby because you get to be prepared all the time.
Try achieving your goal by spending the least possible amount of money you can. I am not telling you to be a cheapskate but to be on the lookout for better deals. You do not have to be generic like everyone else. In fact, it is better that you think outside the box when you are looking for good deals. Also, do not sacrifice the quality of your day, just try to spend a little less. You will be surprised how this practice will help your decision making and your diligence in looking for better deals.
When making plans, try your best to make them push through. Of course, do not push a failing plan, but the best time to motivate yourself and push yourself is when you are unmotivated. When the market is unmotivated to sell, that is when you keep on pushing. Also, do not mistake optimism with perseverance. Optimism is always looking at the bright side which is sometimes good but also bad if you tend to overlook all the possible signs that could lead you to your downfall. Perseverance is when you made a plan and anticipated possible problems but knew you could handle it and when that time comes, stand your ground. Perseverance is not getting swayed by your emotion when your emotion is getting in the way. Perseverance is a belief in your plan that you will succeed.
- Open Minded
There is always more than one way to do things. Your goal is to find the best one. The best one is the one with a reasonable risk, minimal cost, and maximum reward. Despite these factors, there are actually a lot of other factors you could put in play by being open minded. For example, buying a three-story apartment for a good deal but next to a cigarette factory. Try being open minded and think if it is a good investment and if it is, what are you going to do with it. Let your imagination run into play but always correct it with real data.
Have you ever played that game called Monopoly? Yes, that one! Remember owning property and upgrading them so that you would get even more if an opponent of yours would end on your property. Well, that is not really where to train real estate. Let us cut to the chase, there are three places to train which I will note down and explain further. Here are those three for Real Estate Investor:
- Everyday purchases
Everyday purchases are actually a great way to practice and train for real estate investing. Let us say you spend a certain amount of money per day. Now, let us try to decrease that number without sacrificing the things you need or the enjoyment you experience on a certain day. Why is this relevant? This actually teaches you to search for good deals. Let us say you always get your coffee at Starbucks but is there anywhere else you could get your cup of coffee for a cheaper price? One that you still enjoy? If there is, well, you just found yourself a good deal! This practice well helps you develop the habit of looking for even better deals even if you think you already have the best ones.
- Stock Market
Hey, you do not have to be a pro, but investing in the stock market is a really good but also very complicated practice. But who knows, you might like it and might also be a stock investor and not just a real estate investor. There are two types of people in the stock market, there are traders and there are investors. Traders rely on the perfect timing to sell despite putting their money in not so great of a company. Traders develop the habit of watching out for current events, changes in the market, and also the perfect time to purchase their stocks. For a trader, timing is everything and for everyone who is into sales, time also plays a very big role. The other type of person in the stock market is the investor. The investor puts his money in a company he believes in to grow and raise the value of his stock to a multiple way above what his stock used to be worth. Investors personally trust the company based on their performance and also their company record. Investors are not that affected by time since they would rather put their money somewhere where it passively increases. Very much like Real Estate Investing, buying a certain property knowing that the appraisal value of that property at a certain time would be worth either selling or renting out and by owning it alone would increase the value of your money.
Yes, these are important, conversations help you get an idea of what the market is like. There are a lot of people you can converse with at different social statuses which could give you an idea of what to look for in a property. Of course, you have to be able to discern the type of people you are conversing with to avoid mixing them and thus trying to sell a certain property to the wrong social class. Knowing their personal preferences would also help you develop the best sales pitch should you choose to sell a property. Knowing people is the most important factor because you are still selling your property to them in the end. Without knowing more about people and their interest, you would not be able to buy or sell at a good deal because you may factor out the “personal interest” of your possible customers.
Getting the best advice or finding the best real estate trainor is essential in your growth as a real estate investor. There are two types of people who do not improve or grow and these are because they are either unwilling to listen or they listen to the wrong people. Finding the best real estate trainer means you have to look out for these following trait:
- Walk the talk
It is easy to give an inspirational speech about this and that or share a few of your values and tricks as an investor but the harder part is actually doing them. Look for someone who does what he says and not otherwise. Their advice is the best advice because you can see the result in how they live their lives.
Earning a lot of money does not mean that you are automatically out of debt. There are a lot of people who earn a lot and live the luxurious lifestyle but are still hugely in debt. Be careful of these people because you might pick up their habit of not being responsible and dealing with your debts before you actually celebrate.
This is actually very important because some people like to brag and some people like to teach. It is so much better to learn from someone willing to teach you than someone who just wants other people to idolize them and fill them up with stories of success. Humility is like saying “Yes, I made it. I do not know everything, but I will teach you what I know” and these are very constructive in your quest for success.
The hard part about some people is that when they reach the top, they run out of passion. They finished the race and they do not bother to help others get to the top. Find someone who is still passionate about what he is doing. That way, you will not only learn what to do but also how to love what you do.
Finding these traits in a certain trainer is essential if you want to reach success. It is not just about what you learn, sometimes it is also about who you learn from. Make sure you pick the best real estate trainer to learn from and save yourself from wrong advice. We at want to help you learn as much as you can to help you succeed. Read my other articles and learn as much as you can for free. If you are interested in learning more, feel free to contact us.
“Tell me and I forget, Teach me and I remember, Involve me and I learn” – Benjamin Franklin
There are three different types of real estate investment properties that each and every real estate investor probably already knows. These are Vacant Land, Residential Properties, and Commercial Properties. We probably already know these three different real estate investment properties but do we truly know everything there is about them? Or how do we know the quality of each and every type of property? Once we are able to discern which is which, we must be able to calculate or at least have an idea of the value of that specific property.
Here are some ways to know the value of these properties you as a real estate investor can go by:
- Vacant Land
Knowing the value of a vacant land can usually give you the biggest profit ever if you know what factors affect the value of the land. One of the ways to know the value of the land is the quality of the land, if you are planning to turn it into either a farm or any other business wherein you would need healthy soil, you must be able to know how good the soil is. Most lands previously owned by factories do not have that good of a soil and would, therefore, lower the value of that land. Another way to know the value of the land is to find out more about its neighbors or anything within a certain radius that could directly affect your land. Sometimes if there is a vacant land right next to a party place, trying to sell that land residentially would be a challenge as it might even affect the buyer’s decision. Or if you want to sell a vacant land right next to a cigarette factory or a nuclear factory, it would be really hard to do that. Learn the future plans of anything within a certain radius that will affect you. There are some people who buy land out of nowhere because they know that a road will be constructed through it and mind you, the value of their land will go up. Be careful in buying vacant land.
- Residential Properties
Selling residential properties is one of the most common things any real estate investor does. Knowing the value of the residential property you are either going to buy or sell is very important because one bad event happening within a certain radius might change the value of the property almost immediately. For example, what if the residential property is right next to another residential property that just caught fire? Yikes! Or what if that residence has a history of burglary or different crimes. This may affect the value of your residential property maybe to the point that nobody would want to buy it. Be very careful when buying residential properties as the surroundings could be everything.
- Commercial Properties
Commercial properties are very steady investments as they pay a bigger role by being easier to rent out or sell since commercial properties are usually in demand. Same with residential properties, you have to watch out for surroundings but for a commercial property, you should also be able to watch out for your tenants. Sometimes having the wrong tenants would make the value of your property go down drastically and you would not want that. Some tenants though would actually make the value of your property go up so it really depends on who your tenants are. For example, what if you had a complex and every tenant put up a bar but not just any kind of bar but ones where they are not able to control their customers to the point of damaging the property and maybe even lowering the value of your commercial property. You have to be able to take care of a commercial property as part of your inner circle. If you let the wrong tenants into your inner circle, it might affect the whole circle itself.
The past, present, and future of any investment has a very big effect on if certain real estate investments are the best real estate investments there is. Without the past, present and future, we would not be able to calculate if the investment would either feed us or cut off a limb or worse maybe even two limbs. Let us save ourselves from any future failures within our reach.
Here is why the past, present, and future are very important factors for any real estate investor:
The past is important, why? Because without the past, we will not be able to have any history or statistical evidence on how a certain kind of investment was performing. For example, you want to get in the car business. Without any data from the past, you will not be able to know which cars were mostly sold, which cars make you a lot of money, or even which cars performance are not that good and can put you within debt. The past also gives us not just the idea of the market but also the hard statistical data. For example, the PSP was one of the most top selling products when it came out but now, hardly anyone buys a PSP. Learning from the pasts trends, buying patterns, or even how prices appreciate or appreciate are very important especially when it comes to real estate. As a real estate investor, looking for the best real estate investments means studying from the past and learning from it is the first step you should make.
Keeping yourself updated with current events, current trends, and even existing competitors are just but a few reasons why the present is important. Look to the past, get the data, then compare your date to the present. A lot of people tend to overlook their possible competitions which is why they fail by not considering the possibility that the competition may be offering the better deals than you. Also, keep yourself updated in current events which affect the economy in a very direct way. For example, drought strikes in a certain location where crops are their primary source of income which will result to the increase of the prices of their crops because of the scarcity of the product. This also applies to real estate. As a real estate investor, try selling or buying a residential lot right in a residential place where crime is rampant and not dealt with. Not easy right? What if you were not updated with the current state of that place and bought that place with the plan to sell it again or even worse use it for yourself, it would most likely be a bad investment if the current state of that area is not dealt with.
Despite keeping an eye on the past and another on the present, keep your mind in the future. You may be able to look at the previous data and compare it to the current data but without a vision for the future, you will still not be able to make the best real estate investments. After all, an investment is not something you put your money in to make you rich on the spot. An investment is a form of trust in a certain business or property with the vision that the value of that investment will grow over time and in the future will be a fruitful business. Of course we can never tell the future, which is why we must study the past and present to look for possible patterns we can use in envisioning the future.
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