Here are a few considerations to take into account when deciding on an investment strategy (or strategies) that best suit you and your real estate investing business:
- Your Motivation and Work Ethic.
If you have been following successful real estate agents and listening to their podcast you might think that anyone can do it with little effort because they made it look easy but it’s not true. In the real estate industry, it takes time, commitment, focus, work ethic, attention to detail and time management. If you work for it and stick to your goals and dreams, eventually you’ll get what you deserve. Nothing comes easy in life, and expect the road to be tough but pursue it with a positive mindset.
- Your Knowledge and Experience Level.
Before doing anything it is really important to take into consideration your level of knowledge and areas of expertise when it comes to choosing which investment strategies to use. Be careful when taking on a new strategy because some of it is complex and you will need to consult your mentor or a trusted adviser to guide you on that. The investment strategy I use may not be suitable for everyone which is why you need to have the proper knowledge to prevent mistakes that could cost you.
- Connection Matters
I strongly believe that connection plays a huge role in someone’s success. Especially in real estate investing is pretty much impossible to do it on your own. Surrounding yourself with a team of experts can make a huge difference in your success! How do you know if you have great team members or not? They will help move your business forward, keeping you out of trouble, and can provide advice and expertise on areas that may be new to you. So how do you find them? A good start would be to start networking. Participate in real estate seminars, events to meet more people, from there start to find your potential team member.
- Full Time or Part Time?
I would say from experience many of us started out as part-time and eventually we switch to full time. If you’re planning to do a full time you will likely derive most if not all of your income from your real estate business. The beautiful part about real estate investing is that you can do it part-time as well. If you’re unsure or already have a stable job but want the extra income to have a few nice “extras” for your loved ones or even build a portfolio of rental properties for your retirement, you can do that on the side.
A Few Final Suggestions…
Have more than one investing strategy, but don’t get too caught up and chase every deal under the sun. and end up nowhere.
Keep learning because markets, laws, and techniques change frequently.
You can make money in any real estate market, as long as you:
Know what’s currently working,
Have a team of people around you
Treat real estate investing as a business