7 Superb Secrets For Turning Real Estate To A Real Fortune…
Selling high after buying low has been the recommended tip for achieving success in real estate. Though this age-held secret is true, it is not the way to make it big in the world of real estate. The real estate industry is known to have produced many multi-billionaires.
…Hence, being acclaimed as one of the easiest ways to make money and create wealth.
The real estate industry can be your way towards making a real fortune for yourself. We shall be looking at eight secrets on how you can easily turn the real estate market to your real fortune, with little or no money.
Begin on a small scale.
Many individuals enter the real estate industry as full-time real estate businessmen or as part-time real estate dealers combining it with other businesses.
I am a part-time real estate investor with interests in other business concerns.
….You can also do likewise.
All you have to do is to have and maintain a business or job that brings regular cash flow for you and you diversify some of your income into real estate investment on a part-time basis. Many individuals have practiced this and became successful in it.
If you are considering investing in real estate or you are a newcomer to real estate, it is always advisable to start on a small scale.
Begin on a small scale by using some of your money…..
Do not use all your money so as not to get your fingers burnt.
As you start small, you begin to grow big as you learn daily on how to maximize profits and take advantage of deals.
No one in real estate has ever had his first deal as being the best….
You have to learn daily on new things from building networks, reading the lines of contracts and developing a good eye for great deals. All these can be brought about through experience.
One of the beauties of real estate investment is that you can learn all that needs to be discovered as you start small.
Just advantage of cheap properties around you such as single-unit homes, multiple-unit homes, or small business properties, renovate them and flip them for sale at increased prices. Get yourself committed into this.
Anyone, especially the newcomers can easily give up on real estate investment as a result of lack of funds.
But the truth is that what matters in any real estate investment is the deal and not the budget…..It is therefore advisable that you pursue the deal and ensure you get it irrespective of how much you have.
I know of someone who had $500,000 and was chasing a deal worth $2,000,000…
It is obvious the person can’t get it, but he chased it and got it sealed…….Hence, it is important that you have a plan of growing big from the start. Do not go for anything less.
Dedicate your time and attention to real estate so that you can reap big from it.
Learn first and then earn
Education is very important….
In becoming a successful real estate investor, the importance of education cannot be over-emphasised. Nothing can take the place of right knowledge and information in the world of real estate. It is therefore important that you get yourself educated.
Before you think of investing in real estate, go for the right education and knowledge.
As important as education is in real estate industry, do not spend so much money on seminars, workshops and coaches. Do not be misled with the common notion that you should go for an expensive education.
Information is available, plentiful and inexpensive. So, why spend more than necessary on the right education? Find it online as it is readily available there or seek the expertise, knowledge and experience of someone who has been successful in real estate.
You need to understand that holding on to assets is a fundamental way of creating wealth for yourself in real estate, as the shelter is an underlying universal need.
By having a rental, you are in control of a business that will steadily bring income for you.
Many young individuals want apartments close to the cities….
It is therefore advisable that you buy houses in your cities. It is also good that you do not inflate your budget.
Majority of the projects you will embark on have surprises. See this as part of the real estate business. Expect the unexpected and lower your funds for increased returns and reduced risks.
As a beginner, it is wise you begin with one project at a time. Devise your model, modify it, and keep buying ass the opportunities avail themselves. Continue with this system until you build a portfolio for yourself.
The tip is making a success out of your real estate business is that you educate yourself… Get yourself actively involved in the industry;
Create values for clients and prospects….
Cultivate the habit of taking positive, determined actions on a daily basis towards the achievement of your set goals.
Go for meet-ups, seminars, network and learn from others. When you are ready, and it’s time to take decisive action on deals, act immediately.
There is no place for procrastination in the world of real estate….
As a smart real estate investor, you have to be quick in taking action. You act immediately on prospective good deals. In making a veritable fortune from real estate, I have personally used three strategies that have helped all along.
I will share them with you….
- Buy properties at low rates: Costs of properties can be low sometimes while demands are always consistent. When you buy properties and rent out, you create for yourself a passive income annually with returns of 10% on the worth. If you continue buying two or three cheap properties on a yearly basis, you will end up having 20 to 30 in 10 years’ time.
- Flip up: All you need do is to purchase a house that requires a little renovation at a great deal, live in it for a short time and then flip it at an increased value for sale. When you do this consistently for a space of ten years, you will generate for yourself a significant amount of money, to the tune of $150,000,000 net profits. You can then decide to buy your own house readily or re-invest in properties for rental purpose.
- Go for joint venture when necessary: You can make a joint venture deal with someone who has the money but lacks the eye to spot an opportunity in real estate. Look for a juicy deal and seal the contractual agreement while leaving the financial approval to be done a frame of 30 days. Then get an investor to partner with and split the revenue into agreed p[percentage. You can easily get a joint venture partner but ensure you get the right one.
Profit comes in the deal
The earnings in real estate only come in deals….
Strike good deals quickly after you must have done your thorough investigation, assessment monitoring.
When you take a short time to seize on potential real estate deals, you not only position yourself to get maximum profits, but you also bring to minimum possible risks and the initial amount of money invested.
Before going ahead to seal a deal, ensure that you have solidified your team of advisors.
Once you have done all necessary things according to your plan, go ahead to pull the trigger immediately….
In maximizing profits, ensure you have an exit strategy so that when the winds are against you, there won’t be much to lose in your investments.
It is essential you know the distinction between buying, selling and trading…
Your success in real estate market is not solely hinged on your buying of properties but on what you do with the property. The recommended strategy is to hold on to commercial real estate property for a very long period while you trade on small residential properties via rentals.
Have a strong understanding of the economics and dynamics of real estate.
The real estate market is one filled with mixtures. There are good and bad deals. Deals that seem to look good and worthy of investment are the most common and easy ones.
Such deals as getting a property and letting out for rentals to tenants are easy to come by but give the lowest returns on investment. You can easily find the most lucrative deals and opportunities in real estate.
They are the ones you can spot and create….
There is no better time to flip houses than now as there are low-interest rate and high level of consumer confidence.
Go for a mentor
We cannot over-flog the place of a mentor in real estate business as they play a great role in your attainment of success.
Mentors are there to teach, guide and lead you in the way towards making maximum profits in real estate. Having a good mentor in real estate business is an excellent way to go.
……Do not under look this strategy as it determines to a large extent the outcomes of your investment in real estate.
The real estate market is one with great levels of fulfillment and pitfalls….
To avoid being a victim of the misfortunes in real estate, go for the services of a mentor…..
Getting educated through researches, books, and articles will help, but they can’t take the place of a mentor as they will only provide little and limited assistance.
Times will come when you are in the heat of a good deal, and then a mentor will be your only help.
……The importance of mentors in your real estate business is invaluable.
Go for one today.