Lots of investors are looking to get started on the road to wealth.
As successful real estate experts, we get asked to share our secrets.
Fortunately, we love to share.
Most investors are afraid of competition – they think that if they share their secrets, someone will steal their ideas from them.
That’s not how we work. We work with other investors to accomplish things together that we can’t do alone.
We share our learning and our philosophies here because we want to improve the quality of real estate investment to build stronger communities across the US and beyond. Ultimately, we’re all investing in the same places, so it makes sense to do it right.
There are a few core principles that are important to understand if you want to get the best investment property deals.
First, think long term. Real estate doesn’t move like the stock market. It’s where people live, work and play – not just numbers on a screen. It’s almost impossible to make a huge amount of cash in a short-term real estate deal, and probably not legal. So don’t expect to get away with fancy tricks, or that you’re smarter than the people who have been doing this stuff for years. Thinking long-term means learning from the past to better anticipate the future.
Second, focus on relationships. The investment community in any major city is much smaller than most people think – and in small towns, it’s only a few people. There are only a handful of brokers and investors who conduct most of the business in any market. They’re used to working with the same people on a regular basis. It’s worth the time and effort to find them and learn from them. If you can, work with them. They’re your best source of good deals, now and in the future.
Third, identify your target investments. Investment is like many other aspects of life – the people who are the most focused often succeed the most. You have to find your niche. Some people make millions just in parking garages or storage units. Others specialize in residential apartments, while others deal strictly with retail. If you take the time to do your homework, you can analyze the different segments of the market to see which opportunities are truly the best for you – and not just the best marketed. Once you find exactly what you want to own, you can create a plan to find out who owns it and make sure that they know to call you when they want to sell that property. This takes a lot of work, but it’s a tried-and-true method for creating long-term wealth.
Finally, use technology to learn and to leverage your best investment – yourself. You are your primary investment – never forget it.
