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| 5 Easy Steps to Becoming a Successful Real Estate Investor |
By:
Alexandria Anderson |
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Many people find pleasure in being mystified. Works of art them, so they gasp with pleasure and congratulate the artist or the writer on his or her skill. Science mystifies them, so they aren't even interested in what it is that researchers are really up to. Investment in real estate mystifies them, so they make the assumption that it's just a gamble and that certain people are either lucky, or that they must have been born with a natural talent for investing.
They refuse to accept that succeeding in these three disciplines and others is simply contingent on formulating a series of steps and following through. Readers of the Rich Dad, Poor Dad series by Kiyosaki know that, in the real estate investing game, there are five important steps the serious real estate investor should take in order to achieve success. An investor should:
1.Learn how to speak in the language of real estate investment. That means that you should take in the basics of {accounting and finance and know how to read financial statements. These skills help you to determine whether a property is assets and potential drains. It is also important to learn about tax law, not onlyso that you don't make expensive mistakes, but also to know what the best tax deductions for real estate are. Understanding the basics of these subjects will give the investor the power to communicate effectively with his accountant and lawyers.
2.Keep experts close at hand. This is all about networking and studying the people who may wind up as members of the real estate investing team of experts who will help him find and evaluate real estate. The smart investor will get to know the real estate community in the city in which he plans to invest , and thereby get to know the city itself.
3.Study the markets consistently. The investor should read up on various cities and learn what the experts have to say about them, but additionally evaluate them personally. He should do this double time in his own city, if that is the he is planning on investing there. He should get to know economic factors and which areas are good news, and which are bad news. He should study what the rents in his marker and decide if a property located in that area would help him reach his financial goals. The investor should visit and walk through as many properties as he can with his team of experts, even if he is not ready to make a purchase.
4.The investor should know the right and wrong way to negotiate with a seller. Many have the wrong idea about negotiation. They think the objective of every negotiation is reach a closing by any means necessary, and to bully the seller into make sure all of the information regarding the piece of property is out in the open. If it turns out that the buyer can work the relevant numbers to his advantage, and the seller will agree to his terms of sale, then the buyer should proceed with the purchase . If not, the {purchaser should refrain from closing on the deal. “The ABCs of Real Estate Investing,” by Ken McElroy states that the investor should go into every negotiation assuming he will walk away in the end.
5. Nurture your property. This comprises just what you would think. Make the required repairs and improvements to the property and get the empty units filled. Ensure that renters' needs are taken care of.
This is a streamlined version of the process, however it is clear to see from these steps that anyone can learn how to succeed in the real estate business. Nothing about it is mysterious or magical about it.
Alex Anderson Helps MN Real Estate Investors To Purchase Moneymaking Real Estate in Minnesota. Visit Her Website For A Free Copy Of "The Investors' Rental Guide" At http://www.GreatInvestmentProperty.com |
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