6 tips to take your real estate investment to the next level
Many real estate investors have come to me with the same concern … they know they need to take their investment to the next level in order to get that higher cash flow they have been thinking and dreaming about … but they don’t ‘I don’t have a clear plan on how to do it.
If you’ve been thinking about taking your investing to the next level, this article is for you.
Taking your real estate investing to the next level means venturing into new and possibly unknown territory … But, to reap those rewards … it has to be done. Many investors maintain the same types of agreements that they had when they started investing. There’s nothing wrong with that … Unless you’re looking for something bigger.
The following is a list of 6 tips to help you take your real estate investing to the next level …
Tip No. # 1: chase bigger fish
Think about why you first became a real estate investor. I started investing because I wanted to earn a lot of cash and was tired of struggling financially. I started, like many investors do, trading single-family properties. So I decided I wanted better cash flow and I wanted it fast. I went after bigger fish.
Commercial property investment deals offer some of the highest cash flows and returns on your investment. The number of units and the size of the properties can generate the highest returns for the amount of time and money you invest in any business.
Tip # 2: continually educate yourself
To move to the next level in your real estate career, you must continually educate yourself. Education and information allow you to find solutions to any challenges that may arise while making deals. Education also helps eliminate unnecessary risks. Unfortunately, many investors believe that their lack of knowledge prevents them from making the most difficult types of deals, such as large residential or multi-unit commercial properties. It doesn’t take much to inform and educate yourself. Read books; await seminars; talk to experts; and feel free to ask questions.
Tip No. # 3: get a mentor
A good mentor helps you gain practical experience much faster and easier than doing it alone. Books and courses are important. But a mentor helps you navigate the offerings and overcome the challenges you face along the way. Mentors can serve as your safety net when heading into that unfamiliar real estate investment territory. If you really want to take your real estate investing to the next level, you need a mentor. A mentor will arrive faster and with much less risk than doing it alone.
Tip No. # 4: use a team of experts
There are many people who reject the idea of new investors taking the risk of large and complicated projects like large apartment houses or commercial real estate investments. They are correct. Very large investments are not for novice or very inexperienced investors. So why not let the experts be your experts? Their team of experts works to eliminate the risk associated with your inexperience and lack of knowledge. You can get to the next level in your real estate investing career when you put together a team of people with the experience you lack, people who already know how to navigate a large and highly profitable business.
Tip No. # 5: Develop Marketing Skills
Marketing is necessary for any business. In fact, companies that lack a marketing system fail. To successfully take your real estate investment business to the next level, you must develop your marketing skills and put them to use. A great way to start marketing your real estate business is through direct mail. Then, when you start getting responses to your direct mail efforts, network with places like local investment clubs, as well as bankers and lenders. Here’s an easy way to get started – take a marketing strategy, learn, and refine. Then start working on other forms of marketing (networking, for example).
Your business will reach the next level only when you start to learn and use successful marketing strategies.
Tip No. # 6: have a positive attitude
Attitude makes the difference … especially in real estate. A person who thinks they cannot make a deal because they are bigger than they are used to, cannot and will not take their business to the next level. The wrong attitude can doom you even before you try. On the contrary, a person who is hungry enough for success will achieve it simply because he does not give up.
No matter where you are with your investment, these tips can help you take your real estate investment (and your cash flow!) To the next level. Multi-unit residential and / or commercial real estate can definitely be the right vehicles to provide some of the highest cash flows in the industry.
When you combine education, expert assistance, marketing, and the right attitude, you have the ingredients to successfully conquer larger investments and therefore achieve bigger and better cash flow deals. Your next step is to take action.