- Take Action
This is probably the same oldest advice but yet quite effective!
I’ve seen people who went to seminars and take so many classes but yet are having hard time to closing a single deal.Folks, if you learn and don’t practice, all the knowledge will go to waste.I know this is overwhelming, and there are 100 ways you can make money in real estate.Pick the one that you like, go out to the street and make it happens. It could be as simple as looking at one house per week to something like making one offer a day.
- Take it easy
Unfortunately, life is full of obstacles. During your journey to financial freedom. You will face lots of frustrations and disagreements. The key is to handle them in a clever way so that they do not come back and bite you later down the road. Be professional when handling them. The last thing you want to do is loose your temper and act like a kid when you get frustrated with other parties. When you lose your temper, shutdown your computer and go take a walk, or you may regret the email you are about to send out.
- Knowledge, Time, or Money – Pick one if not all
There are three way you can contribute into a deal. Knowledge, Time, and Money. The awesome truth is that there are very few people on earth that have all three. Pick the one that you feel the most comfortable, and go find partners that can fulfill the other two.
For new investors, time is their greatest assets. With time invested, knowledge will come. Knowledge will produce money. It’s as simple as that.
- “Smart guys (gals) have back up” (I quoted this from the movies “Iron Man”)
Yup! Don’t be the person with a failed hard drive with no back up. Every investment comes with risks. In real estate, there are lots of moving parts. Some of them, you can control and some others, you don’t. Every time you go into a deal, make sure to have Plan B, or even Plan C to manage the risk in case the house doesn’t sell, or rent. In the corporate world, they have a fancy term for it. It’s called “risk mitigation”
- There are no tips and tricks that can save you
That’s right! Success comes from hard work, dedication and commitment. Tip and tricks are meant to help. However, if you do not spend time to study the foundation of financial education, and not willing to put the work to gain experience, you could have serious challenges in becoming a successful investor.