- Take Action
This is probably the same oldest advice but yetÂ quiteÂ effective!
Iâ€™ve seen peopleÂ whoÂ went to seminarsÂ and take so many classes but yetÂ are having hard timeÂ to closingÂ a single deal.Folks, if you learn and donâ€™t practice, all the knowledge will go to waste.I know this is overwhelming, and thereÂ areÂ 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,Â life is full of obstacles. During your journey to financial freedom. You will face lotsÂ of frustrationsÂ and disagreements. The key is to handle them in a clever way so thatÂ theyÂ do not come back and bite you later down the road. Be professional when handlingÂ 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 loseÂ your temper, shutdown your computer and go take a walk, or youÂ mayÂ regret the email you are about to send out.
- Knowledge, Time, or Money â€“ 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.Â With time invested, knowledge will come. Knowledge will produce money. Itâ€™s as simple as that.
- â€œSmart guys (gals) have back upâ€ (I quoted this from the movies â€œIron Manâ€)
Yup! Donâ€™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 ofÂ them,Â you can controlÂ and some others,Â you donâ€™t. Every time you go into a deal, make sure to have Plan B, or evenÂ PlanÂ C to manage the risk in case the house doesnâ€™t sell, or rent. In the corporate world, they have a fancy term for it. Itâ€™s calledÂ â€œrisk mitigationâ€
- There are no tips and tricks that can save you
Thatâ€™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, youÂ couldÂ have seriousÂ challenges inÂ becoming a successful investor.