There are still plenty of opportunities to make money in real estate. We may be in a recession, but real estate investors are still out there buying and selling.
With the help of online tools, websites and resources you’ve got a tremendous amount of the right kinds of information at your fingertips.
Whether you’re an experienced real estate investor or a part-time newbie just getting your feet wet, the following five key steps will aid you in reaching your goals.
Key #1 Define Your “Target”
Clearly list and explain what you want to accomplish with your real estate investing.
Naturally we think about what we want to accomplish with America’s #1 Millionaire- Maker business.
But did you ever list specifically in terms of money, flipped rehabs or buy and hold appreciation properties?
This principle and simple activity applies to a fixer-upper rehab, a pre-foreclosure, foreclosure, REO, or a buy and hold appreciation property.
Key#2 “Define the Cost”
You must “define the cost” in terms of tools, recourses, and people you need to reach in order to accomplish your real estate investing goals.
How much will your investments cost per hour, per day, per week, and per month?
Also, if you are a buy and hold investor, how much will it take in terms of cash flow to operate your rentals?
Sit down and put all your ideas on paper before buying a rehab or foreclosure so you won’t be taking a direct hit to your wallet.
Key #3 “Make a List”
To create your own tailor-made real estate business system, you must list off every distinct or moving part connected with your investments, from the first ideas to the profits.
Listing helps you solidify your goals so that you can flesh them out. The more realistic they become the easier it will be for you to reach them.
Key #4 “Prioritize”
Put all the items from #3 in order staring with the most important ones.
If a furniture maker is building a table, he must work in planed order or all will be chaos.
Now you’re ready for another person to look at your plan. See it your friend or mentor has any suggestions on what you may have left out.
It’s amazing how another person can zero in on some obvious crucial components you might have overlooked. A fresh perspective can often make a big difference in the success of the investment.
Key #5 “One Step at a Time”
Where do most people miss it? Why is it many would be real estate investors quit before they can actually get started?
They are trying to do too much.
You have to proceed in order and you can’t do everything yourself.
Don’t’ try to do two jobs at the same time, even though multi-tasking is all the rage.
For example, taking care of a tenant’s roach infestation on your cell phone while you’re waiting to see a banker about a loan or a REO and then attempting to do due diligence on your laptop is an overload.
Also, flipping one property while rehabbing another don’t usually mix well. It can be done but it’s not for beginners.
The best way is to get things done and out of the way before moving on to the next task.
Investing in real estate efficiently and productively is not rocket science.
The secret is to do it carefully with step-by-step planning while paying attention to details. This will greatly increase your chances for success in America’s #1 millionaire making investment.