Successful Real Estate Investing Tips

I believe if you follow these successful real estate investing tips, chances are your investment will be a good one.

1. The first tip would be knowing EXACTLY what “successful” means to you.

Don’t just pull a number out of your ass because the dude sitting beside you in a real estate seminar said it..

Guess how I know that one…

For the first two years of my investing career, I wanted 50 properties…

WHY?

I think you know the answer –

Today a few years and some clarity exercises later, that number is only 15.

That’s a HUGE difference don’t you think?

2. Invest for the RIGHT reasons.

If you’re investing “only” to make money – my guess is you’re going to be chasing money forever. You’ll never be happy – even though you think  “six figures” today will be awesome…

So what are the ‘right’ reasons?

It depends on the individual.

There’s no right or wrong answer – scratch that – there IS a wrong answer…and MONEY is a wrong answer.

However “making 50k in the next 24 months to pay off my mortgage and student loans” IS a good answer.

Even though it’s still ‘money’ based, there’s a means to an end in mind.

Also, as soon as you reach that goal, I GUARANTEE you will have a clearer picture about the next few years in your real estate investing career.

Why?

Because you’ll have RELIEVED the financial pressure…

And here’s a

WARNING ABOUT Successful Real Estate Investing Tips…

…that you get from people (including me)

3. Make sure you’re listening to people who are DOING what you want to do.

there are too many people following the herd who want 50 or 100 properties because some Joe-Blow investor has it…

And they don’t know WHY they want 50 (you win if you can tell me who was leading that herd in 2008 :-))

So are you following that herd?

Are THEY doing what you want to do? Are THEY at the level of success or lifestyle you want?

Dig carefully.

4. Don’t Speculate – INVEST

If your model for investing is “the property will always go up in value”, time to look at a secondary route.

I know, I know…

There are a LOT of great models out there like flipping or buy, renovate, sell where investors are making money…

But it’s STILL speculation.

In my opinion (and remember, don’t believe everything you hear or read 😉 ) if you’re going to be active in the “flipping” market, it wouldn’t be a bad idea to have a few “holds” in case things don’t work out.

5. NEVER BUY WITH EMOTION

This is a biggie.

Because too many investors get caught up in the emotion of the property – how it will “look better” if they put in 20k of upgrades or something like that.

Or they buy where THEY would want to live and often renovate for their taste which often pulls profits right out of their pockets.

In my model (again, don’t listen to EVERY “Joe Blow” out there) I DO “lipstick renovations” that fit my market.

That means I know what my market will bring in in terms of rent and I know what ‘renovations’ would be a waste because the tenant profile could care either way.

That leads me to the last successful real estate investing tips and hacks:

6. KNOW your market – ONE market – inside and out.

Opportunities are EVERYWHERE but it’s silly (in my opinion – again, don’t listen to…ah you GET it) to spread your investments all over the place.

I’m not saying don’t have your hand in a few pots…

But I’ve seen WAYYY too many investors jump into this pool by chasing opportunities everywhere…

Because they are CHASING MONEY in the first place – which loops us all the way back to successful real estate tips and hacks point #2.

And if you’re still thinking “Joey, I’m IN this real estate thing to MAKE MONEY – why else would I do it?”

You’re absolutely right…

But if you’re out there buying up everything from Texas to Toronto, you’ve just added chaos to your life (most often without knowing it) as well.

And WHEN you pay off those loans and make your ‘six figures’…what THEN?

What sort of life are you trading for $$$$?

You’ve now created a business you maybe were not planning on creating.

Just one real estate investor dude’s opinion – don’t take my word for the RE Bible of Investing…

But DO consider that I’ve coached and worked with thousands of investors like you and have seen my share of their lives fall apart chasing someone else’s dreams.

Do it for YOU!

Let’s get a conversation going about this because I know it’s a HOT topic – I always have people asking me about it inside my masterminds so I’d love to hear what you have to say as well!!!

Talk soon!

Joey