This post contains 22 pieces of advice, broken up into two categories: your financial life and real estate. If you have any other pieces of advice to add – please do so in the comments below!
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Vital to Your Financial Success:
- Save more than you spend.
- Don’t expect the good times to last forever.
- Watch for emerging opportunities that will work if the market changes.
- Don’t put all of your eggs into one basket.
- Be flexible and ready to change direction.
- Have more than one exit strategy in your business.
- History tends to repeat itself – watch for trends that have happened before.
- Be aware of areas you can improve.
- You have a lot of competition. Be better than your competition in something.
- Do what you do best even better.
- Never bet on the future. Buy only when it’s profitable from day one, (Have equity when you buy so downturns won’t hurt as soon or as much.)
- Have multiple streams of income: rentals, flips, owner financed deals, bank financed properties, partnerships. (And be networked with others who buy.)
- Always be reading and studying the market as well as mortgage and regulatory changes. (Stay on BiggerPockets!)
- Housing markets are highly localized. Don’t make investing decisions in your area based on information from CNN.
- Have many ways to sell: retail, owner finance, lease-to-own, rental. (With multiple exit strategies, you severely limit your risk).
- Pay attention to history – real estate markets are cyclical.
- How are you, or can you be, better than your competition? Copy, exploit (their fees are higher, we can close in 5 days, they don’t offer online payments, etc.), improve.
- Marketing. Never EVER stop.
- Branding. Is it necessary? How do you stand out from the crowd?
- Great customer service. An easy way to stand out, an absolute must, and something fewer and fewer businesses are offering.
- There aren’t many spendable dollars today. Why will people spend theirs with you?
- Offer training and information that the public needs. Find a need. Fill it.
What do you have to work with? What can you add?