The Secret To Becoming A Real Estate Mogul: The Best Advice You’ve Never Heard

 


The Secret To Becoming A Real Estate Mogul: The Best Advice You’ve Never Heard



Section 1: WHY you should buy real estate


Section 2: THE SCAM


Section 3: 10 MORE THINGS YOU SHOULD KNOW ABOUT THE MARKET


Section 4: SIX OF THE BEST WAYS TO MAKE MONEY INVESTING IN REAL ESTATE


Section 5: 9 MORE MONEY SCAMS TO AVOID


Section 6: 14 OF THE BEST BUYERS’ CONTRACTS YOU WILL EVER SEE


The reason people love real estate so much is because, ultimately, you can be a mogul!


You can control all your own fate.


That’s the fantasy of buying real estate.


It sounds like a dream come true.


But there is some truth in that.


I’m going to tell you the real truth about the market.


And it has nothing to do with the benefits of owning real estate.


I’m a big believer in paying your dues.


I have the luxury of spending very little time looking for property and putting money into it.


The best advice for investing in real estate


As the founder of two real estate companies, and a host of a weekly podcast called, “The Housing Wire Podcast,” I often receive questions and comments regarding investing in real estate. A common thread amongst these people is that they were too scared to take the plunge, and now, years later, regret not investing more in their businesses.


So, in this post, I’m going to provide the best advice you’ve never heard, and most likely didn’t even know you should be doing.


#1: Just Start


If you’re interested in real estate investing, take action, and just start investing. Chances are you don’t need a ton of money to get started. My most successful clients have invested $500, and the most I’ve ever invested is $5,000, although you should always be careful with that amount.


Just get started.


How to choose the best investment property


If you are looking for that perfect investment property, it might be useful to start by trying to understand the type of property that you want to invest in.


If you are looking for property for sale in Melbourne, then there are a number of things that you should look for. Most would agree that buying a fully let investment property is the best kind of investment property you can get.


You are investing in a fully rented property where the tenant pays you rent on a monthly basis and you collect it from them. There are no deposits, just rent that is paid to you monthly and as the property owner you do not take responsibility for anything. All the bills, maintenance and repairs that you need to do for the property are done by the tenant themselves.


What is the best type of investment property?


This is a question that seems simple enough to answer, but what constitutes a good investment? There are many variables to the equation, but one thing is certain: when you invest in real estate you want to make the best possible deal. These tips are going to help you hone in on your individual needs, and help you make an informed decision on the type of property that’s best for you.


Start with the basics.


There are a number of things that are easy to overlook when you are starting out. You don’t have a ton of money at first, and the more homes you are able to buy in a reasonable price range, the better. If you have a $200,000 budget and you end up purchasing a $400,000 property, you’re going to be out that much money without any returns.


Where should I look for my next investment property?


For some reason, real estate keeps being in the top 10 on our “people wanted to know” list. I’m sure it’s because it can be so lucrative, but the kind of success you can have in this business requires a ton of work. You have to really think through the long-term ramifications of your decisions. As real estate broker William Homes says, “it’s not for the timid.”


But for the true entrepreneur who wants to grow his or her business, understanding how to operate in this fast-paced industry is the most important step to take.


Because the most successful agents understand the importance of capital. And they understand that the best way to acquire it is by helping sellers bring more money into their homes.


Unfortunately, there’s a whole lot of conflicting and unscientific information out there.


How do you finance your next investment property?


How do you get the customers for it?


For most, the answer to these questions, and hundreds more, is to join a real estate organization. You’ll have access to more leads than you can handle, get free training and webinars and still have the freedom to make your own business decisions.


You’ll also know what the market is doing. And because there is so much real estate to be sold, you’ll gain a keen awareness of the fact that location is the most important factor in sales.


It’s no surprise then that real estate sales organizations are thriving.


Since the industry is highly competitive, it’s easy to see why more and more people want to join.


But with that in mind, you should be wary of joining an organization you don’t know very well.


How much do I need to invest in my next property?


In 2016, Gannon told me I should only spend 25% of my annual profit (or more if you want to save for a down payment) on a property. I’ve put that rule into practice, and, so far, it’s worked for me.


If you haven’t read The 4-Hour Workweek, you should check it out. My book review of The 4-Hour Workweek includes the paragraph below, which sheds light on what I’m talking about:


“Tim Ferriss’s 4-hour book is about the only real estate book I recommend on this earth, because I believe his ideas are absolutely critical to success in real estate.


Conclusion


I hope you enjoyed this quick glimpse inside a successful real estate team.


You can read more articles like this one in our e-book Real Estate Secrets For Dummies.


Buy it now and always be in the know.


Photo Credits


1. Drive, Pass, Snap: Portraits of a Modern Family by Thomas Hawk


2. The Rant Diaries: How To Be a Person


3. Tree Heart by arti


4. Sunset in Brickell, Miami, FL by arti


5. Downtown Miami by RealDeals360


6. Miami Beach at Night by Gloc


7. Florida Landscapes by Jeremy Henke


8. Miami Beach Pedestrian by Gloc


9. Miami Mansion by Hollywoodpics


10. Miami’s South Bay at Night by gloc


11. Florida Ant Farm by erikwilson


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