When I talk to a new real estate investor or someone who wants to be a real estate investor, they tend to be completely overwhelmed by all the resources that are out there. There are dozens and dozens of podcasts, thousands of books, and a lot of people who want to give you advice. It’s not easy to navigate at first.
Understand: both own real estate—it’s four walls and a roof. However, that is where the similarities end and the differences begin. It’s the way the business is running inside those four walls and roof that really makes the difference.
Now you have an investment property the next step is to find someone to take over its management. Do your research and list questions you want to ask when interviewing prospective property management companies. Short list a few companies that interest you.
Not everyone wants to invest in their own properties that they can see and touch or drive by on a regular basis. Whether they are local properties or not, many investors simply desire a more passive investment.
It's great to have big goals but if they're too big, too unrealistic, and too far away, they may prevent you from taking action NOW.
No two investors think alike, and that’s okay because the diversity of mindsets is what makes the real estate industry progress. But to get ahead of the drive, knowing our own identity as an investor has a key role in defining how you do business. It’s only when we recognize our own strengths that we begin to make the best possible decisions with lasting impacts.
Personal growth depends on not only physical exercise, but on mental exercise too. 20 books for 2020. Here are my choices, sorted by themes..
People purchase, and own, multi - family houses, for a variety of reasons. Some, do so, because, they feel, it is a more affordable way, to enjoy the advantages of home ownership, because the rents, collected, help to offset the costs. Others, purchase these, for strictly, investment purposes, evaluating the historic advantages, from a financial perspective, of using real estate, in an advantageous manner. In either case, however, it's important, to proceed, wisely, and in a prepared way, to discover, whether, this is the best approach, for them.
So, you just bought a rental house or small multifamily property. Congratulations! Now what? Well, you need to probably fill that vacant unit with a nice family who is going to pay top dollar on time each month, never complain unnecessarily, and treat your property with respect.
Are you part of the vast majority of people who really want to invest, but don’t feel like you’re ready? If so, don’t worry! It took me years before I bought my first house. I understand the frustration and impatience that comes with being a beginner and having downtime. These feelings are common, and we are going to discuss some actionable steps and mindset changes to inspire your success.