Want to invest in real estate? Keep in mind that it may not be as easy as many think it is. If you want to survive in the long-term, there are certainly some tips and tricks you can use.
Having the right expectations
For starters, have the right expectations. There are many shows on television that depict bright-eyed real estate investors who make money off a property in the space of 30 minutes. Many are convinced they can get rich quick by investing into properties.
To get an insider's view at this world, Forbes Contributor Robert Laura sat down with Scott McGillivray, known for television shows like Income Property and Flipping The Block. During the interview, McGillivray stated repeatedly that succeeding in real estate investing requires patience.
"Real estate investing is get rich slow, not get rich quick," said the businessman, author and real estate guru. "What I tell people is I'm the type of person who is willing to work hard to make a little more."
Do your research
Once you have set the proper expectations, be sure to do your homework. If you are nervous, bolstering your current knowledge can help alleviate this situation, Kevin Perk wrote in The BiggerPockets Blog. For example, if there is a specific aspect of real estate investing you know little about, doing some digging can be quite helpful.
Perk uses the example of housing codes, emphasizing that you should not assume code enforcement has the needed expertise. By obtaining this knowledge on your own, you can help make the situation a bit easier.
If you are looking for neighborhood specific knowledge, you can obtain it by using CRS Data, which has comprehensive information, including mortgage records and warranty deeds. If you want to learn more about CRS Data, click here.
Control your emotions
Once you have set the proper expectations and conducted the needed research, it is time to prepare yourself emotionally, wrote Perks. Keep in mind that as the investor, you are the one in control. You have the ability to determine who to hire, who to work with and who to buy from.
Keep in mind that there is an abundance of opportunities out there, so if you run into someone who rubs you the wrong way, don't feel like you have to work with them. If you ever consider a person as a service provider, contractor or even if you are thinking about buying from them, remember that you have the right to leave the second something doesn't feel right.
Remaining confident is paramount. If you have faith in yourself, and exude this sense, you may very well generate better results, Perks noted. Maintaining an aura of confidence may take some work, but keep in mind that you are in control. You are the one doing the investing, and therefore have the ability to make choices about how transactions do or do not occur.