If you want to be a successful real estate investor, there are a few things that you should start doing right now. Being a real estate investor isn’t just about buying and selling real estate (though that’s a big part of it) there are also some common habits that you should start adopting if you want to be like the pros.
1. Know Your Market
When they’re not investing in real estate, successful investors spend their time researching the market.
Buying and selling the home is the easy and glamorous part of the process but the longest and most important step is the hours and hours of research that you must do in order to be well-educated and knowledgeable on the state of the real estate market that you are planning on buying a property in.
This means learning the mortgage rates, unemployment rates, walkability, availability of public transportation, proximity to grocery stores, school systems, etc.
These factors play a big role in the overall investment. For example, you wouldn’t want to buy a property that you plan to buy and sell to a family if the school system has a bad reputation. These things matter.
When it comes to real estate investing, it’s important to know the right people and to have the right team. This is why networking is so important.
There are so many ways to find networking opportunities whether it’s with the MeetUp app or just by joining a real estate investment forum or Facebook group.
Getting to know other professionals and asking them questions is a great way to learn new things that you didn’t know before.
Many investors attribute their success to others.
It is incredibly important for you to find a mentor who will help you through the beginning stages of real estate investing and you need to find partners (real estate agents, contractors, etc.) who you can trust.
Once you do this, you’re on your way to becoming a successful investor!
3. Follow a Code
Once you lose your integrity, you’re finished which is why you should create an ethical code for yourself and stick to it. Nobody wants to work with someone who has a reputation for being greedy or crooked.
This isn’t just about working within the law (thought it is important), it’s about holding yourself up to an even higher standard. When you have a good reputation in the business, you will be rewarded.
More people will want to work with you because they trust that you won’t try to swindle them.
The most successful real estate investors understand that just because you can get away with something doesn’t mean that you should do it. The straight and narrow is always the best path to take.
4. Start Getting Up Early
Waking up early to start your day is a habit that many successful people have in common. This is a very healthy habit, especially if you get up early to exercise.
Exercising early in the morning helps to get your brain and body up to speed for your day and it will give you more energy that you can use during those long business hours.
Any successful person will tell you that waking up at noon only causes you to feel sluggish and lazy.
In order to change your habit for sleeping in, start by getting up 30 minutes earlier than you usually would for two days then set your alarm for 30 more minutes earlier and so on until you get yourself used to waking up early.
It is important to start your day with the thing that you want to do the least. Once that’s out of the way, the rest of your day will be so much smoother.
5. Treat Investments like a Business
Your real estate investments are your business now so you should treat them as such. Create a business plan for yourself that you can follow. This will help keep you on the right path.
Remember that this isn’t a hobby, it’s your job and you’re the boss. A plan will help you to see the big picture and it will keep you motivated. The road ahead is long and arduous but if you stay motivated, nothing will stop you from reaching your goals.
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Bonus Real Estate Tips From Yanni