I am aware there are a lot of real estate investors who say that they I will go it alone with their property investing; and that they know how it is done; but these people tend to make many if not all of the most common property investing mistakes which has the potential to lead them to either financial ruin or else they may be totally oblivious to the money they are losing along the way, through ignorance.
Do you want to retire early and have a fun and exciting life with lots of investment properties in your portfolio?
Just imagine what it would be like for you if at the end of your property journey you have loads of cash to live a life of freedom with no money worries.
Let’s investigate and consider the following real estate investing strategies:
STRATEGY 1: MAKE A PLAN
The first thing that is very important is that you need a plan,
In other words have a big dream, know where you are going and start mapping out where you want to be. It is so important to have a goal to work towards, therefore:
- Set goals
- Develop a plan for achieving those goals
- Remain focused and take action on implementing your plan.
With clearly defined goals you can easily devise a plan and with an end result in mind you can easily work towards your dream. This dream must be your dream and not someone else’s this will ensure you stay focused and motivated at all times even when things may not be going quite as planned.
However in order to turn your dreams into reality consistent action is required. And a plan will enable you to do so and can be achieved by following these steps:
- Set your property goals & write them down.
- Set a time-frame for your goals.
- Identify the things you need to do to achieve your goals and put these into little bite size pieces.
- Take immediate action & remember to review your plan on a regular basis to make sure you are on track.
STRATEGY 2 – GET A MENTOR
It would be a good idea not to ask family and friends unless they are expert property investors. I would recommend that when it comes to financial decisions and investment planning you need a proper coach.
Just thinks about all the famous sports stars and millionaire identities and you will realise one important thing is that one of the reasons these people are mega-rich and successful is because they all have a mentor or coach. They fully understand and live by one of the major secrets to success – which is seeking the personal guidance of those who are experts in their field of interest to assist them in getting to the next level.
A mentor is accessible to you either in person or through books and you can be in contact with them either by email and phone calls or else you can follow them around by attending their seminars or talks. Mentors use their experience and knowledge to guide and motivate you towards the goals you set yourself and generally they are happy to do so encouraging you to reach for the stars and often assist you to get out of your comfort zone and move you to the next level of success. They are happy to support you on every step you take on your journey to the top!
In order to find a mentor you need to start by keeping your eyes and ears open to identify the best people from whom you can learn professionally. Funny thing, when you seek you will find. No point in saying who will mentor me and why would they anyway? Simply be on the lookout and ask lot of questions. Find a mentor that has a good reputation and who has a proven track record a real estate investor and has built long term wealth, obviously, someone you look up to and is successful in the field.
STRATEGY 3 – FIND A REALLY GOOD PROPERTY INVESTING NETWORK
Align yourself with a property investing network or group consisting of experienced people and professionals. Here are some simple measures you might want to take to help you easily identify a good Network.
- Find out what the network objective is as this may help you establish whether you share the same core values.
- Check and ensure those professionals in the network are all registered in their field of expertise.
- Speak with other property investors to find out the reputation of the property network and get the network to provide you with testimonies from past clients.
- Make sure to conduct your own due diligence into any information the network provides you and ask them for the source and full disclosure so you can verify its accuracy.
These measures will go a long way in protecting you and help you identify the best advice and support that you can find.
STRATEGY 4 – DO NOT LISTEN TO NEGATIVE FRIENDS AND FAMILY
Although our friends and family may have our best intentions at heart the advice they give us is not always the best for achieving our personal goals and realising our dreams. Therefore you would be well advised to:
- Remember your personal and financial position will be quite different from others therefore you may want to consider this when someone gives you advice based on their own financial position.
- Think twice about taking advice from someone who has a history of making bad financial decisions.
- Be aware of the advice givers area of expertise and see how that relates to the advice they are giving.
- Only ever take advice from people who have already achieved the goals that you are aiming for, as these are the people with the experience to help you navigate the inevitable obstacles you will face.
- Refer back to your investment plan that you created to avoid mistake.
- Find yourself an experienced property investor to act as your guide and mentor and keep abreast of the current property market.
STRATEGY 5 – DO YOUR HOMEWORK
You are taking the right step in reading articles such as this one and it is safe to say that you are taking advantage of the ‘Information Age’ – an age where timely, accurate information is a highly prized & sought after commodity. As part of your due diligence too, remember that information is always changing and to be confident in all your investment decisions you need to have instant access to relevant, up-to-date, accurate and honest information obtained from reliable sources. You will always find what you are looking for therefore look for positive things about the property investment market don’t look for negative because there are always people out there with negative input and negative experiences. As with most things, information gathering and analysis is a time-consuming process. It also requires a certain level of expertise to be able to sift through all available information to find which is relevant to your requirements. In an age where we are constantly bombarded by information from all angles, this activity can become overwhelming and coupled with our everyday responsibilities such as family, jobs and social activities the tendency is to drop the ball. Therefore to learn from the experiences of others it would be recommended to:
- Always investigate every opportunity before investing.
- Ensure you have every detail of the investment thoroughly explained.
- Ensure you understand your legal documents and that they are accurate.
- Once you have secured your properties then continue to conduct your due diligence remembering that your investment is your responsibility and only yours so you will then not point the finger at others if things go wrong.
STRATEGY 6 – ENSURE YOUR REAL ESTATE INVESTING STRATEGY IS BASED ON SOUND JUDGEMENT AND NOT FROM A PERSONAL POINT OF VIEW.
In other words, investing has nothing to do with emotions and everything to do with financial returns.
For instance it does not matter if you prefer to live in a quiet country lane or in an older house away from railway stations, big malls and entertainment. You are not going to live in it – it is an investment and you have to look at it from that point of view. Good idea for instance to purchase your property when everyone else is selling and sell when everyone is buying!
Remember: it’s all about your return on investment – let the figures and supportive information do the talking and not your personal preferences.
Therefore:
- Do your due diligence.
- Obtain and assess relevant information.
- Refer to your investment plan.
- Never lose sight of the reason you are investing, to make money – preferably loads!!
Read Robert Kiyosaki’s bestselling book ‘Rich Dad, Poor Dad’ which will give you an understanding that profit is made at the time of buying and realised at the point of selling! The housing market can go up as well as down and when the market is on a downward trend you will be ok so long as you hold on to your property for the long term. Do not do what the majority of people do which is sell.
- Adopt the purchasing at below the 10% below market value mindset whenever possible.
- Look into wholesale real estate investing, e.g., direct from the developer.
- Sharpen up your negotiating skills. Read Donald Trumps’ bestseller ‘The Art of The Deal’, get good assistance with finding the ideal property and close the deal.
- Do not sell, remember this is a long term investment; use your current property as equity to purchase the next property, or else if you sell only do so to purchase another property or appreciating asset.
Right – you are now one step away from being well ahead of the pack.
Final Word:
Follow these strategies, the earlier in life the better and one day you too will have your name listed above with the mega rich and very successful real estate investors and have for yourself long term wealth.
You will find the above strategies a very good start to see you safely on your way to success so take your newly obtained knowledge and have the edge on others: ‘Knowledge is power but only when combined with action!’ Start today, right now and take the necessary actions required, go on it isn’t as hard as you think it is.
Author Elly Graham is a mentor who provides free information, support and guidance on personal development and personal empowerment for people looking into property investment advice.
