How can you win in the real estate game if you want to become a real estate investor?
1. Start young
This means you, millennials! There is nothing better than having time on your side to watch your real estate assets grow. Over 5, 10, 15, 20 years, your real estate will appreciate.
Spend time researching the best areas and the best properties for you to purchase. Speak to other investors. Learn everything you can. The caveat to research is to not succumb to analysis paralysis, where you do so much research that you’re afraid to make a move.
3. Read, read, read
Subscribe to magazines like Canadian Real Estate Wealth, a magazine dedicated to real estate investors. Read Robert Kiyosaki’s Rich Dad, Poor Dad. To continually become inspired, you’ll need to read how other real estate investors have done it.
4. Attend seminars
Are you sensing a theme here? Part of becoming a real estate investor is that you need to stay motivated and you need to be a student forever. So attending seminars whenever you can is one of the keys to your success.
5. Have a strong stomach for debt
We’ve been told all of our lives not to take on too much debt but part of being a real estate investor is to become comfortable with debt. Eventually you will run out of money to use as a down payment. The best way to get that down payment is by leveraging one of your other properties. Just make sure that all of your financing expenses are covered by the rents.
6. Partner with friends and family
If you can’t gather the necessary funds on your own. The best thing is to partner with friends and or family that share your same vision. This can help to take the stress out of investing by sharing the work load & decisions.
7. Have a strategy
You don’t want to fly by the seat of your pants on this one. Failing to plan is planning to fail. Meet with your accountant, real estate lawyer, mortgage broker, other investors & real estate agents to help craft your strategy.
That’s it my 7 winning tips for succeeding as a real estate investor.
Thoughts? You can contact me at 416.509.3286 or firstname.lastname@example.org