Beginners always want to know about making money real estate investing, this page. Real estate investing is a lot like life in that it’s all a matter of perspective. There are rich investors I know with hundreds of properties and other investors who can’t seem to get ahead. The key is that when you’re investing while you have a day job check out this post, you need to know some basic real estate investing techniques that will maximize your efficiency.
1. Specialize
Which business has a failure rate higher than every other type of business? It may be a shock to find out that it’s restaurants. Most restaurants fail because they have these generic menus designed to appeal to the broad masses. Because they don’t specialize in anything, the whole menu ends up coming out pretty average and nobody wants to eat average. Even if you know 25 ways to do a creative deal, a new investor should focus on wholesaling real estate, short sales or lease-options. Use a maximum of 2 techniques at the same time and have a speciality. You won’t properly market for the right sellers if you don’t have a speciality.
2. Master Marketing
In one sentence, do you know what causes most businesses not to succeed? They don’t know how to bring in a steady stream of customers. The Investor Today by Matthew David has a terrific article of the top 10 real estate marketing techniques and the costs associated with them, including some marketing ideas that are free. If you do not have a steady stream of motivated sellers calling you, you don’t have much of a chance of lasting success. It’s like having an island with no docks, ports or airports. Real estate investing with a marketing plan is just like that.
3. Take Advantage of Your Job
A friend of mine used to generate motivated sellers just by putting up one page flyers with the pull off tabs at all the 7-11s, grocery stores and Laundromats. He copied his flyers at work for free using their photocopy machine. If you open your eyes to real estate investing, your current job may have a lot of tools that can help assist you with getting started. Use your day job as a stepping stone to pursue full time real estate investing.
4. Develop a specific plan of action
JC Penny said, “Show me a stock clerk with a plan and I’ll show you someone who will change history. Show me someone without a plan and I’ll show you a stock clerk.”
To get from A to B and be a full time wealthy real estate investor, you need a specific plan of action. Matthew David’s website (www.theinvestortoday.com) has a free wholesaling real estate course that will get you started at no cost. Your plan is your way of quitting the dreaded job.
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