If there was one golden nugget; one tip, you could give that would aid in the long term success of a new real estate investor, what would it be?
I consider real estate like juggling. When you own a single personal residence it’s like you are throwing one ball between your two hands. Each property you buy, unit you own, or deal you are doing is like adding another ball.
It can become a nightmare trying to juggle 10 balls at once, but imagine if you could grow more hands, juggling would be a lot easier. Your team and your systems are the extra hands. Realtors, property managers, wholesalers, contractors, partners, etc.
If there was one golden nugget; one tip, you could give that would aid in the long term success of a new real estate investor, what would it be?
I consider real estate like juggling. When you own a single personal residence it’s like you are throwing one ball between your two hands. Each property you buy, unit you own, or deal you are doing is like adding another ball.
It can become a nightmare trying to juggle 10 balls at once, but imagine if you could grow more hands, juggling would be a lot easier. Your team and your systems are the extra hands. Realtors, property managers, wholesalers, contractors, partners, etc.
Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
7y
Hi Miranda,
There is "No Holy Grail". There is not one thing that will make this easy, will make you a lot of money, and will give you financial freedom. It's going to be a combination of everyone's suggestions and a lot of hard work and time. That's it that's the secret sauce.
If there was one golden nugget; one tip, you could give that would aid in the long term success of a new real estate investor, what would it be?
A why bigger than money or $x per month passive.
Mine is to provide affordable housing to good folks while improving communities. Seeing my good people -smiling, warm and appreciative- in the back of my mind has got me through all kinds of tough times. Have a big why!
Clyde, TX · Member since 2018 · 109 posts · 94 votes
7y
@Steve Vaughan thanks for sharing. That "why" should be at the core of what we do. It reminds me of the saying, "people don't care how much you know until they know how much you care" Appreciate it Steve.
Investor · Leander, TX · Member since 2016 · 296 posts · 402 votes
7y
Have a separate business account that's only for your income properties and have it set up to receive direct deposit for your rent collections and auto draft out your mortgage payments.
Never touch the funds in this account and let it accumulate (unless of course you are good at moving money and reinvesting it in other ventures) to cover emergencies and to buy more properties.
@Joe Splitrock I had to laugh. I get the tenant thing is not your style unless they doing right. Thanks for sharing!
I love tenants. My point was it is less expensive to have a vacant property than a bad tenant, who can cause way more damage. New landlords are so afraid of vacancy that they often accept bad applicants. On the flip side if a tenant is not paying rent on time or doing damage, you are better to get them out quickly.
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
7y
1. SEO
2. do 3 wholesale deals. I.e. become a wholesaler no matter what niche you want to get into. If you do this then you:
3. Become an expert marketer
4. Become an expert negotiator
5. Become an expert deal analyzer.
But you said just 1 tip?
SEO!!
While my silly little competitors are killing each other try I g to fight over left over leads direct mail marketing (and pay a fortune for it) I sit back relax and watch my leads pour in daily... for free.
So in conclusion. To be successful...
Keep your pipeline filled.
Mine is not just filled... Its overflowing. I have way too many leads because I am a beast when it comes to seo. (My autocorrect put an "x" instead of "o" in SEO)
Clyde, TX · Member since 2018 · 109 posts · 94 votes
7y
@Jerryll Noorden is your marketing strictly online? By trade we are online marketers and I’d say online marketing definitely saves lots of time and money... when you know what you’re doing. Thanks for sharing Jerryll!
Clyde, TX · Member since 2018 · 109 posts · 94 votes
7y
@Will Gaston I definitely want to be thrilled when I’m at the closing table buying or passing a property to an end user for XX price. There’s nothing like the feeling of sheer satisfaction. I’m with you there. Thanks for sharing Will!
@Jerryll Noorden is your marketing strictly online? By trade we are online marketers and I’d say online marketing definitely saves lots of time and money... when you know what you’re doing. Thanks for sharing Jerryll!