Hey there! Are you ready to enter the world of real estate investing? It’s a wild ride, but don’t worry – you don’t have to do it alone. You can join forces with some pals (our Crowdfunding series explains it in detail – CLICK HERE), become a wholesaler or even become a property management superstar.
Just remember, at least with traditional real estate, this game is not for the faint of heart – it’s a bit of a gamble.
(Good thing we are way different than the traditional market, huh?)
Some people think you need a fancy degree to make it in real estate, but that’s not necessarily true! Sure, some universities offer great programs, but it’s all about what you bring to the table. So, what’s the secret sauce? Here are the top 5 habits of highly effective real estate investors.
And don’t worry, we won’t leave you high and dry. We’ll walk through each one together with some jokes and good vibes. Let’s go!
1.Planning: Just like a chef needs a recipe, a real estate investor needs a business plan. It’s like a treasure map leading to all your goals and dreams! Plus, it’s a great way to stay motivated when things get tough. Remember, you’re a business pro now! So, let’s get those short-term and long-term goals written down and get ready to make those dreams a reality! Let’s do this!
When presented with a proposal for the properties you want to add to your E&H Portfolio, which ones would you choose? Of course, both our PhilanthroInvestor Consultant (PIC) and PhilanthroInvestor Service Consultant (PISC) can give you their best insights on which one you should pick. Do you want them all in the same city? Or do you prefer to start coloring the US map with the homes you own?
There’s many approaches to making a plan and we are happy to help you with it! You can view our latest available homes in our Weekly Newsletter now!
2.Finding your Niche: One of the keys to success is honing in on a niche market. You want to be the master of your domain, so to speak! Think of it as becoming a Jedi Knight of real estate! Once you’ve mastered one market, like high-end residential for example, you’ll be ready to take on the galaxy! Okay, maybe not the whole galaxy, but you get the idea. So whether it’s low-income multi-unit housing or rural farm rehabs, find your niche and let the force be with you!
With E&H, we’ve got you covered since we already found this for you: Our access to foreclosed homes and a good eye to select the best houses with a lot of potential is only the beginning, since we already know how to market and sell them to families that don’t have access to traditional mortgages or bank loans. So you’d be Luke Skywalker, the Hero in this scenario, instead of the “taking over the galaxy” type of protagonist.
3.Understand the risks: Yes, there are risks involved, but that’s true for anything that involves money, right? But don’t worry, we’ll help you understand them, both in terms of real estate deals and legal implications, plus guide you on how to minimize them. We’re here to make sure you have a safe and fun ride in this roller coaster of a market! So let’s dive in and make some money moves!
For example, we could have a family in one of your properties behind on their monthly payments. That could minimize the net returns of your portfolio, while we manage all necessary actions like evictions and resetting the house to be sold to another family that will be responsible. At this point you will receive a new downpayment and a new contract for 20 years at 12% interest.
4.Keep Learning, Keep Earning: If you want to be a successful real estate investor, you’ve got to keep up with the times! That means staying on top of the latest laws, regulations and trends in the industry. Sure it might sound boring, but trust me, it’s worth it! Falling behind could mean losing out on some sweet deals, or even worse, getting into legal trouble.
But don’t worry, it’s not all doom and gloom – staying educated also means adapting to new economic trends and finding exciting new opportunities. So keep on learning about real estate, taxes and lending laws – after all knowledge is power, and in this business, knowledge equals profit! It will help you with being aligned with your PISC on each monthly report and each new proposal.
5.An Accountant is the best investment: Yes, you read it right. You’ll want to have a qualified and reputable accountant by your side to take care of all those pesky tax laws and leave you to focus on your business. Trust me, the cost of an accountant will be worth every penny when you see the savings they can bring to your business.
So what are you waiting for? Get an accountant today and say goodbye to tax troubles or even better: Contact us so we can help you with that! After all, we have access to the best professionals in the area. Just hit that contact button and let us know!
See you next week!