Whether you are a new or seasoned real estate investor, you have undoubtedly come across the real estate investing “guru”. These gurus have branded themselves as the singular source for real estate investing greatness. It is THEY that have all the answers and hold the keys to your success. The guru will lure you to their weekend workshops… “Nationally recognized Joe Blow will be in town ONE DAY ONLY this Saturday at 9am”… You will hear real estate investing tips and tricks, but for the good stuff, you must purchase the full program that will set you back thousands of dollars! The guru-PROGRAM is a never-ending downward spiral of promises and upsells.
But you don’t need to go on a wild goose chase to find success as a real estate investor. To help you out, I have listed the only real estate investment tips you will ever need (really!) below. These are not fancy secrets; these are the best 4 tips for making money with real estate– tips that you can actually use.
Hire a Business Coach
As a Development Agent and real estate coach for HomeVestors®, I am a little biased. But, I hear time and time again from people across industries that business coaching is vital to their success. Coaches are especially important for real estate investors, entrepreneurs, and small business owners. A coach holds you accountable, is firm but fair, and keeps you focused on the big picture. Your coach gently nudges you towards your goals and helps you establish habits that will help you become more efficient. At HomeVestors®, we provide every franchisee with their own personal coach and mentor. This helps you establish a sound real estate investing business from the very start.
It has been said that to be successful you should surround yourself with like-minded people. Veteran real estate investors like myself know the power behind a strong network. To build your own like-minded community, I encourage you to attend industry events and reach out to real estate investors in your area. If you are unsure where to start, research local real estate investor meet-ups in your area. I started The Deal Maker Sessions to bring investors together for powerful networking and wholesale deal opportunities. You can learn more about our meet-ups on our website and search for the next meeting in your area.
When you become a real estate investor, it is important to know yourself and to set realistic goals. By “know yourself,” I mean know your budget, your limits, and your long term purpose. Too many novices get caught up in what they think they should be doing rather than what they want and need to be doing. Let your financial goals (long and short term) guide your investment. From wholesale deals to rehabs and rentals, there is an option that meets every need. Beyond your goals, you may find that you simply enjoy a certain type of real estate investment more than another. Franchisee Kip Roth explains, “I enjoy wholesaling the most. I like the fast pace of the deals. However, my retirement plan is rentals and there is no better vehicle than HomeVestors® to quickly amass a significant portfolio of great properties with a solid equity position.”
Discuss your goals frequently with your business coach and bounce ideas off your network. And never be afraid to pivot if something isn’t working out they way you had hoped– Maybe rehabs are too complicated and you hate managing contractors, or you find out that owning rentals is not for you. As you forge ahead in your real estate investment journey, remember to step back every now and then to evaluate what is working for you and what is not.
Use a Proven System
Are you still scouring the MLS listings and Craig’s List, using bandit signs, the same mailing lists or Yellow Letters as everyone else trying to find leads and land hot deals? You are not alone. If you are ready to abandon your “go it alone” approach to investing, I recommend that you start using a proven business system. Joining HomeVestors® gives you immediate access to our pervasive national branding, and in turn, access to motivated seller leads. Additionally, HomeVestors® provides funding for deals, their own proprietary software for analyzing and purchasing homes, access to a huge network of franchisees across the country, and one-on-one coaching.
Franchisee Jim Williams notes, “HomeVestors® provided everything we needed to build our business at light speed. We no longer had to worry about which list to buy, designing our direct mail letters, or even mail them out. Best of all, we didn’t have to build a business from scratch and reinvent the wheel. The national branding was really important to us.”
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