I am aware there are lots of real estate investors who say that they’ll go it alone with their property investment which they know how it’s done, but these individuals tend to create many if not all of the most common property investment mistakes, which has the potential to lead them to either financial ruin, or else they’ll be completely oblivious to the cash they’re losing along the way, through ignorance.
Do you need to retire early and have a fun and exciting life with a lot of investment properties in your portfolio? Simply imagine what it might be like for you if at the end of your property journey you’ve got loads of cash to live a life of freedom with no money worries. Let’s investigate and think about the following real estate investment strategies.
STRATEGY 1: MAKE A PLAN
The first thing that is very important is that you need a proper plan. In other words have a big dream, know where you are going and start mapping out where you want to be. It is so important to have a goal to work towards, therefore:
- Set goals
- Develop a plan for achieving those goals
- Remain focused and take action on implementing your plan.
- Set your property goals and write them down.
- Set a time-frame for your goals.
- Identify the things you need to do to achieve your goals and put these into little bite size pieces.
- Take immediate action and remember to review your plan on a regular basis to make sure you are on track.
STRATEGY 2 – GET A MENTOR
It would be a good idea not to ask family and friends unless they’re expert property investors. I might suggest that when it involves financial decisions and investment planning you need a correct coach. Simply think about all the famous sports stars and millionaire identities and you may realise one important thing about them which is, one of the reasons these individuals are mega-rich and successful is because all of them have a mentor or coach. They totally understand that seeking the private guidance of those who are experts in their field to help them in reaching to the next level. A mentor is accessible to you either in person or through books and you’ll be able to be in touch with them either by email and phone calls or else you’ll be able to follow them around by attending their seminars or talks.
STRATEGY 3 – FIND A REALLY GOOD PROPERTY INVESTING NETWORK
Align yourself with a property investing network or group consisting of experienced people and professionals. Here are some simple measures you might want to take to help you easily identify a good Network.
- Find out what the network, are they ethical do they share your core values.
- Check and ensure those professionals in the network are all registered in their field of expertise.
- Speak with other property investors to find out the reputation of the property network and get the network to provide you with testimonies from past clients.
- Make sure to conduct your research into any information the network provides you.
These measures will go a long way in protecting you and help you identify the best advice and support that you can find.
STRATEGY 4 – DO NOT LISTEN TO NEGATIVE FRIENDS AND FAMILY
Although friends and family may have your best intentions at heart the advice they give is not always the best for achieving your personal goals and realising your dreams. Therefore you would be well advised to:
- Remember your personal and financial position will be quite different from others therefore you may want to consider this when someone gives you advice based on their own financial position.
- Think twice about taking advice from someone who has made bad financial decisions.
- Be aware of the area of expertise your advice giver has and see how that relates to the advice they are giving.
- Only ever take advice from people who have already achieved the goals that you are aiming for as these are the people with the experience to help you navigate any obstacles you will face.
- Refer back to your investment plan and be sure to keep on track.
- Find yourself an experienced property investor to act as your guide and mentor and keep abreast of the current property market.
STRATEGY 5 – DO YOUR HOMEWORK
- Always investigate every opportunity before investing.
- Ensure you have every detail of the investment thoroughly explained.
- Ensure you understand your legal documents and that they are accurate.
- Once you have secured your properties then continue to conduct your due diligence remembering that your investment is your responsibility and only yours so you will then not point the finger at others if things go wrong.
STRATEGY 6 – ENSURE YOUR REAL ESTATE INVESTING STRATEGY IS DONE FROM THE HEAD AND NOT THE HEART.
- Obtain and assess relevant information.
- Refer to your investment plan.
- Never lose sight of the reason you are investing, to make money – preferably loads!!
- Adopt the purchasing at below the 10% below market value mindset whenever possible.
- Look into wholesale real estate investing, e.g., direct from the developer.
- Sharpen up your negotiating skills. Read Donald Trumps’ bestseller ‘The Art of The Deal’, get good assistance with finding the ideal property and close the deal.
- Do not sell; remember this is a long-term investment; use your current property as equity to purchase the next property, or else if you sell only do so to purchase another property or appreciating asset.