5 Habits to Turn You into an Expert Real Estate Investor
Do you feel hesitant to start investing in real estate because you want to start on the best foot? Do you lack experience and knowing what it takes to become a successful fix-and-flipper? Well, guess what… you’re in luck! The Investor's Edge is here to help you turn into an expert real estate investor BEFORE you even start your first deal! By following these expert habits and applying them to your fix-and-flip deal, you will see a tremendous profit. You will also get a huge leg up on starting your lucrative real estate investment business.
Check out our 5 Habits to Turn You into an Expert Real Estate Investor below!
When you invest in fix-and-flip properties, you essentially start your own business. Therefore, you need to focus your attention on it just as strongly as you would your day job, if not more so. Once you decide to focus on your real estate goals, you then need to narrow your focus further. For example, if you’re just starting out in real estate investments, it’s a wise idea to focus on learning about wholesale deals. Then, once you have those types of investment deals nailed down, you can expand your focus to more lucrative endeavors, such as fix-and-flips.
The Most Important Thing: Keep your eye on the prize, whether it be getting out of debt, saving for retirement or quitting your day job for good. Remembering why you chose this path will help keep you motivated when times get rough. Stay focused on your goals and don’t let anything distract you from achieving what you want.
2. Make and Meet a Daily Goal
Taking daily action is absolutely essential to investment success. Making and meeting a daily goal will help you stay focused on your path. It will also help you achieve your ambitions far more quickly. Write up a daily to-do list and make sure the items are not too ambitious. Also, make sure they have clarity and are specific to your goals. These actions can be as simple as calling and seeing sellers, buyers, real estate agents, etc. They can also include sending out mailers, investigating neighborhoods and other finding strategies.
The Most Important Thing: Don’t put the cart before the horse. Make sure your daily action is conducive to achieving the goal at-hand.Take your actions one step at a time and go in the most logical order.
3. Soak It All In
As a successful real estate investor, it’s your job to become a sponge. Most likely, this venture is entirely new to you. As such, you need to soak up as much information as possible. To do so, join a local real estate investment club. Listen to podcasts and read up on Biggerpockets articles. Seek out as much information as possible on fix-and-flips so you will be prepared when you finally get to put your knowledge to good use.
The Most Important Thing: Don’t overwhelm yourself. There is a great deal to learn about successful fix-and-flips and you won’t learn it all overnight. Pace yourself comfortably so the information will stick. Don’t get too hard on yourself and understand that the mastery of lucrative real estate investments is a lifelong pursuit. Success will come, but it will take time.
4. Advertise and Outsource
This is a phenomenal habit of highly successful real estate investors. They are organized and use their time wisely by outsourcing some of their tasks. What you decide to outsource depends on your personal talents and what you find you don’t have time to accomplish. You can outsource such tasks as finding properties, presenting offers and advertising your property. When it comes to advertising, the best investors GO BIG. You need to constantly advertise. As you do so, collect data on the effectiveness of your advertisements so you can judge which methods work better than others.
The Most Important Thing: Keep a sharp eye on your budget. If you outsource the majority of your tasks and try every advertising strategy without stopping, you will run out of money very fast. The wisest investors pinpoint the most effective marketing strategies and then improve their processes. They also do as much work as they can themselves and then evaluate their time and budget to see which tasks they can outsource.
5. Move on Up
Many new investors look at real estate fix-and-flips as a “one and done” endeavor. You find a property, you make your profit and you get out. However, the most wealthy investors understand that real money is made in developing an investment portfolio and well-oiled REI business. Long-term profit occurs when you put a portion of the income from one deal into another, and so on. Before you know it, you’ll have your hands in many different deals, each providing a large profit within the same time frame. Successful real estate investors also constantly seek to improve their strategies and processes. As you learn, you will make mistakes and that’s okay. Aim to not make the same mistake more than once and learn the best processes as you grow your business.
The Most Important Thing: Keep a log of your real estate investing mistakes and obstacles overcome. Write down your failures and your successes each week so you can learn from the failures and continue in the successes. Objectively point out which portions of your process can be improved. Remember, investing is not about getting it right the first time. It’s about learning from your mistakes and growing in your endeavors.
There you have it! We hope that as you apply these 5 habits, you’ll discover what works best for you and find tremendous success. The Investor's Edge is here to help you learn and grow throughout the process. We can provide 1-on-1 customer support, tools, resources and funding to help build your business and open the door to financial freedom.
Learn how to make money flipping properties with us by attending our next webinar.