Blocking and Tackling - Real Estate Investment
- Pearson RE Group
- Sep 11, 2017
- 2 min read
With a seemingly endless supply of real estate gurus touting the latest in DIY magic, how-to riches, and all manner of "modern-era" investment advice; it sometimes pays to get back to basics. We need the occassional reminder that wisdom is timeless and unwaivering, no matter the current landscape . The foundations of success starts with embracing the fundamentals...
A recent Forbes article titled "Timely Tips For the New Real Estate Investor" offers some back-to-basics insight on mitigating basic risk while building your real estate foundation.
A quick summary:
1. Treat your real estate investment like a business. "...approach your real estate business casually, you will never achieve the best results. Take your business as seriously as you would any other professional undertaking..."
2. Know Your Strengths, And Your Weaknesses "...identify your strengths, and your weaknesses, before you buy..." Apply your individual skills and expertise in your business to maximize profits. But you also need to understand the impact (particularly the costs) of getting help in those areas where you may lack the required skill and expertise.
3. Start With A Plan "...map out what you hope to get from your real estate investment..." Have a near-term game plan for each property - from financing, to renovations and improvements, lease up, and [possibly] an exit strategy. Don't forget to develop a longer-term plan and vision for yourself and your business. Having that road map can keep your vision in focus and your decision making clear through the inevitable obstacles we all face.
Click here to read the full article on Forbes.com
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