Staying on the lookout for quality real estate investing tips is something everyone who invests in real estate needs to do. Whether you’re just researching the possibilities in this field or you’ve been investing for decades, there is always something you can learn. Not only that, but the real estate market is dynamic and laws change, too, so it pays to stay on top of the most current real estate investing tips. Here are a few for today’s market.1. Calculate profitability It may sound obvious, but for some reason in this field far too many people rely on general statistics and hunches to find what they hope will be profitable investments. There is no reason to do this, though. Instead, before you invest, closely examine property values and rent prices that pertain specifically to the type of property you’re considering and the location it’s in.2. Be realistic about costsWhile this tip ties in to tip #1, it’s really a separate issue. Just because one investment was profitable, that doesn’t mean your overall real estate investment strategy will be. Before you even get started in this type of investment, understand the cash flow issues, taxes, legal and accountancy fees, and all the other little expenses that can add up fast. This is why it’s a good idea to get a mentor who can point out the costs you may not have thought of.3. SpecializeGetting good returns on your real estate investments is a lot easier when you stick to one type of investment and learn as much as you can about it. Foreclosures, commercial real estate, apartment buildings and just about any other type of real estate can be profitable, but it can take years to learn how to turn a serious profit with minimal risk. If you keep jumping around from one area to another, you may never reach the level of expertise you need.What this also means is that you don’t need to know everything about real estate investing in general. There’s bound to come a time when you need to deal with something outside your area of knowledge. Instead of risking it with whatever information you have, hire a specialist to help you out4 Never buy sight unseen As tempting as it may be to pick up that unbelievably cheap property you found through an online database or real estate agent, never commit to buying a piece of real estate you haven’t inspected first. If need be, hire professional inspectors to check out the property and make sure everything is in order.5 Come to terms with taxes It can be a real pain sometimes, but doing your taxes correctly is part and parcel of success in real estate investing. If fact, it can make the difference between turning a profit and losing money. Because real estate tax law can be headache-inducingly complex and a full-time job to keep up with, it’s best to hire an accountant who specializes in these types of taxes rather than try to do them yourself.Reading through real estate investing tips is a great way for beginners to get an idea of what real estate investing is all about and for more experienced investors to expand their knowledge. For more real estate investing tips check out this real estate investing course
Every profession has its distinct language, from doctors to lawyers to rocket scientists, the use of which in thought and in speech separates the insiders from everyone else– and professional real estate investors are no exception. When taken in small bites it is easy to learn the real estate language.Anyone can buy or sell their own home without knowing what a writ of restitution is or how to calculate the Gross Rent Multiplier, but if you want to step into the real estate investing arena as a serious investor one of the first things you need to do is grasp a firm understanding of the insider language.When you can comfortably use the lingo familiar to others in the business, they will listen that much more closely to your ideas and proposals because they know they are dealing with a seasoned insider. Plus, those that don’t know will respect you that much more that you do.And bottom line, you’ll put yourself in more positions to get paid.If my company were to provide a textbook copy of the real estate investing glossary terms and definitions in the free modules on our website it would amount to well over 250 pages and growing. For some people, that’d be an overwhelming undertaking, to sit and read end-to-end, regardless of the fantastic benefits. But that wouldn’t be the best way to learn in our opinion, as retention in “cramming” is little.That’s why we’ve broken the undertaking of learning to speak, and most importantly to think, like a real estate insider down to a manageable task you can complete over time– or get the information you need immediately at your fingertips in one convenient place.I advise that new investors take 15 minutes 1-2 times a week to learn a couple dozen terms and definitions and you’ll be taking a pivotal step to mastery of the real estate investing game– a step that those who are destined to remain on the sidelines watching never have the discipline to take.Our top students “bookmark” the module links on their computer’s internet browser and return to it at least once a week each week at a specific recurring time (i.e. a planned consistent ‘time block’), to study for 15 minutes or so as time allows, using a calendar on their phone or computer to remind them until it becomes a habit.I can’t stress how important it is to have the right lingo down. One can tell the difference from a newbie and someone who is more seasoned. My observation has been that there is a different respect and willingness of a contact to tune in when they perceive that you know what you are talking about.Part of branding, especially when you are the ‘brand’, is how you present yourself. Within 40 seconds, how you look and the energy, pitch, tone, and rate of speech at which you speak, impacts the perception one forms about you to the greatest degree. However, what you say is still very relevant to success. First impressions are exceptionally hard to shift.Dr. Robert Cialdini calls it the “halo effect”. This is why I enjoy that many of our investors now first have their impression of me or our company from content marketing which is designed to portray our company and me for instance in the best light– that of a credible authority and trusted advisor. Much better than if I had met someone initially sitting at home in my boxer shorts, and said “hey bud, got a hundred grand? Let’s invest it!”I believe so much in this activity as a great catalyst for new investors, that our office has been given strict instructions to pass along for free the 4 module interactive online glossary we created for in-house training purposes to anyone who visits one of our websites and contacts us asking for the investor glossary.Should you want it, just ask for it. Create a weekly reminder in your calendar to spend 15 minutes studying this glossary. Take something as daunting as learning all the terms in a very large glossary and turn it into a very doable activity in bite sizes over time.I say all that to say this. Your mind is an amazing tool. It will serve you as you stretch it.Learn the lingo of real estate.It will pay off when you can “talk the talk” with confidence and multiply the effectiveness of your conversations in your real estate business with buyers, sellers, lenders, investors and tenants.