Insiders Secrets for Buying an Investment Property Series
No doubt, one of the largest draws to real estate investing is the image of investors driving fancy cars, living in large homes, and being all around “rich.” While many real estate investors do build significant wealth over their career, let’s get this out of the way: real estate investing is not a “get rich quick” scheme.
Yes, there are some who make a lot of money in a short time; however, these situations are generally the exception, not the rule.
Investing in real estate takes planning, patience, and persistence. Don’t expect to make millions of dollars in your first year. Instead, plan on creating a business through real estate that will grow steadily year after year to enable you to meet your financial goals.
How Real Estate Investing Is Different Than Other Wealth Building Strategies
Real estate is one of the fastest ways to generate real wealth in today’s world. Many financial gurus’ advice is to simply set aside 10 percent of your paycheck into a 401(k) or IRA, and wait patiently for 40 years so you can retire with a moderate income when you are too old to truly enjoy it.
No thanks. Real estate, when done correctly, gives you the ability to supercharge your growth because of the power of leverage (the ability to use other people’s money to get higher returns) and the ability to hustle.
It is not “quick” and “easy” like late-night TV gurus want to make it seem. Yes, real estate investing can make you wealthy, though. And it can make you wealthy faster than any other investment out there if you are willing to work toward it.
The Difference Between Average Investors & Great Investors
The thing is, successful investors aren’t born with a “how to” guide, and they definitely don’t lounge around all day relying on mere chance. While it is true that some people are more gifted than others, if those who are gifted don’t learn to cultivate it, even those who may not be blessed with those innate qualities can easily surpass them with work ethic.
The true difference between those who excel in their chosen field compared to the “average Joe” is the time, effort, and practice that they invested into honing their craft. Those real estate investors that you always find yourself looking up to understood the fact that in order to achieve their sky high goals, they had to start from the bottom and work their way up. So they spent the time studying the art and putting in the effort to gain more experience, and they never expected miracles where everything would simply fall into place.
If at First You Don’t Succeed…
Instead of leaping from one shiny thing to another like an average investor, those who taste success know that in order to reach higher levels, they can’t stay on the ground forever. They have to find a way to leap — and how do they do this? They keep trying over and over again. However, they don’t do any of this like a blind bat; they know that they have to be effective. After all, practice doesn’t make perfect if the practice done isn’t effective. So they understand the importance of setting out goals, mapping their course, and continuously refining their methods over the course of the journey.
Just by staying true to a tried and tested strategy while also continuing to educate themselves on new things, those successful investors become well versed in navigating around any difficult bumps along the way. They become accustomed to spotting those camouflaged potentials and opportunities in the real estate market.
Cultivating Your Craft
This might all sound really simple (and it is); however, sometimes the simplest things turn out to be the most difficult. After all, almost everyone has experienced that fiery passion at the beginning when they simply wanted to climb to the top of the success ladder immediately, and absolutely nothing could stand in their way. So instead of spending the time cultivating their craft and learning the ropes, they ignored the basics and tried to enter the “get-quick-rich” scheme. This ultimately caused them to fall at the very first hurdle — which more often than not results in them taking off their hats and calling it quits before they even make progress. Don’t let this be you.
Success can be grown. It isn’t predetermined whether or not you will succeed or fail. If you put in the work, be smart about it, and learn to sculpt your skills in the field, there is no doubt that you will be heading off in the right direction!
Being successful in real estate requires hard work (just like it does in any other field). It is also important to know that there are no shortcuts, products, or tools that will do the work for you. You must learn the fundamentals, and then apply them.
Parker Properties, Inc.
With a background in property management, I know which homes make the best investments and excel at managing those properties for you after we close. My meticulous eye and high standards are applied to every aspect of caring for your home & your investment.
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1192 Draper Parkway #154
Draper, Utah 84020
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