As the Thanksgiving holiday approaches, it’s always beneficial to take a step back from our day to day routines and count our blessings. It may be good health, a loving family, or even something as simple as a reliable car.
If you’re a real estate investor, though, there’s a special subset of items that you can likely relate to. Here’s my top 7.
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
The Top 7 Things I’m Thankful For as a Real Estate Investor
7. Tenants That Pay on Time
Perhaps this should be number one, as it’s a large contributor towards wealth creation, but it was the first thing that came to mind. If you have families or tenants that are diligent about paying their full rent every month, it makes life a lot easier and your business run smoother. (If not, it may be your vetting process that needs to be re-examined.) Perhaps send your tenants a small thank you card at Thanksgiving or Christmas to let them know they’re appreciated.
6. A Good Attorney
If you’re stuck in a position where you need to evict someone, have a lawsuit being threatened, or need to make sure your subject-to contract is drafted correctly, an experienced real estate attorney is worth their weight in gold. This may be the one time you’re given permission to admit you love a lawyer!
5. A Good Insurance Provider
If you’re doing fix and flips, have rentals or are constructing property, you’ll soon realize the power of proper insurance. Being underinsured or insuring improperly can expose you and your investments up to all sorts of challenges. Ignorance is not bliss when it comes to insurance, so if you have a good insurance company for real estate investing, be grateful!
4. A Supportive Partner
Whether you’ve been in this business for 20 years or are just getting started, your significant other will come to understand the type of dedication serious real estate investing involves. Late night phone calls, constant emails, weekends, dinners interrupted — sound familiar? But they know you’re building something big for both of you and are proud to be by your side. Just make sure THEY know you’re appreciative of their support.
3. A Ringing Phone
If my phone isn’t ringing, dinging, pinging or generally alerting me every five minutes, I begin to fear it’s broken. Not to say I check it that often, but when I do have one of my few “response windows” throughout the day, I sometimes have to remind myself that it’s a good problem to be needed! Your phone should be ringing with leads, your email box should be busy with deal coordination and hopefully your inbox is filled with opportunities. If so, keep up the rockstar hustle; you have much to be thankful for.
I was blessed enough to be in the middle of one of the largest foreclosure opportunities in generations and was able to learn “in the trenches.” I watched creative minds coupled with assertive attitudes bring solutions to a marketplace, and to this day continue to see successful real estate investors do the same thing, regardless of the economy. When you open yourself to the idea of “where is my value-add in the marketplace?” beautiful things happen. No one is stopping any of us from being successful real estate investors, and if you educate yourself, make moves mindfully and think from a position of value-add, opportunities abound.
1. Connections & Relationships
If you’ll notice, much of this list has to do with other people. It is simply impossible in this business to get by or even get ahead unless you develop connections and relationships with those around you. A connection might be a simple as someone you know/follow through social media but learn from or could eventually led to a real-life connection (such as are formed on BiggerPockets). Another example would be having a good relationship with a solid hard money lender or private investor that makes more deals possible for your team. Either way, your success in real estate investing will be directly tied to the depth and width of the connections you foster.
On that note, thank you for taking the time to read this article; I hope you got something out of it. It means a lot to me to have the opportunity to share my thoughts and insight with all of you.
I wish you a very warm Thanksgiving; hopefully you can find many things in your life to be grateful for too.
What are YOU grateful for when it comes to real estate investing?
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