The Seven Habits of Highly Effective Real Estate Investors

No. I am not Stephen R. Covey. But it’s a catchy title, isn’t it? Honestly, I haven’t read his book, but his steps, seem pretty common sense to me. Be Proactive – well yeah, if you are going to just sit there, then don’t expect a lot to happen. Begin with the End in Mind – That makes a lot of sense to, it is like those people that just set out to drive, may have been pretty, but really in the end just a waste of gas and kind of expensive. Next was Put First Things First, well if you put first things last, that would be rather silly, don’t you think? Nah, just kidding. Put First things First, what this means to me, is you need to decide what is most important and get that done first, the others will fall in place after that. Anyhow, he goes on to state several more habits that help you go from dependence to interdependence and then self-rejuvenation.


Well, I have decided to come up with my OWN seven habits, that I think if followed can help you find a profitable property (therefore making you highly effective as a real estate investor). So, here they are:

1. Know what you are looking for and know what to stay away from. This may sound obvious, but how many times have you seen a house that just looks fantastic only to have done the homework and find out that you just wouldn’t have been able to sell it?

2. Have a lot of opportunities. Look at foreclosures, auctions, FSBOs, bank sales, etc. These will open up a wealth of opportunites for you.

3. Make lots of offers. If you don’t make the offers on the properties you find interesting, you may never get ANY. So, make a lot.

4. Stay engaged and follow-up. Don’t expect them to follow up with you. They won’t. Do your homework, stay in contact with all involved with the property.

5. Work with agents, teaching them what you are looking for. If they don’t know what you want they you will be wasting their time and they will be wasting yours.

6. Understand repair estimates. Know what your repairs will cost you when you go into the fix and flip. Then you will know how much profit you will gain in the end.

7. Understand how to evaluate the value of the property, what a property is worth. This will give the power to make educated decisions when it is time to put the property on the market as well as when you need to make price reductions.

That’s it! Seven EASY steps. If you can follow these, you can gain a great profit with your fix and flips and you may have time to read Covey’s book if you so desire. BUT, I would recommend looking for ANOTHER property to fix and flip. Get more money.

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