Is A New Business Owner Liable For Old Business Dealings Real Estate Investment – Top Strategies Real Estate Investors Use to Turbocharge Their Businesses

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Real Estate Investment – Top Strategies Real Estate Investors Use to Turbocharge Their Businesses

Have you ever wondered why some real estate investors seem to make everything look so easy? We’ve all heard the stories of how an investor made over $100,000 in one week flipping a house. Or maybe about how another bought a multi-million dollar apartment complex and walked away with cash at closing.

So how do these people do it? And is it something the average off-roader can learn to do? Well, these are some of the same questions I had when I first started in business. So I spent months of research and tens of thousands of dollars to learn what strategies these successful people use that the rest of us don’t. What follows is a brief summary of what I learned. Some may surprise you, others may not. However, I found these to be common words of wisdom from any successful investor.

1. Real estate investing is a business, not a hobby

Every successful real estate investor I know operates their endeavor strictly as a business, even if it’s just a part-time thing. This means creating a Corporation, S-Corp, Limited Liability Company, Limited Partnership, General Partnership or usually a combination of these entities. Notice I didn’t mention sole proprietor? Talk to a knowledgeable real estate attorney in your area for a better idea of ​​which ones are right for you and your goals. Not only will the right entities protect you and your assets, but they will allow you to take advantage of several tax advantages that you wouldn’t otherwise have. If you stop reading here and get no other advice from me, please do.

2. Build a team of experts

Few, if any, business owners succeed without a team of experts to guide them. These people can save you a great deal of time and money and possibly even legal trouble. Your business team should consist of a good real estate attorney who understands state laws and an accountant. I recommend finding an accountant who is also a real estate investor if possible.

You should also have a realtor in any area you are considering investing in, an appraiser, a home inspector, an escrow company, a mortgage broker, other investors, a general contractor, and an insurance agent. There are other specialists that should be considered for special cases such as an architect, a surveyor, an environmental company, etc.

3. Have a plan

Develop a business plan for your real estate investment venture even if you are new to it. After all, this is a business and few reach their potential without a good plan. I promise it will be worth spending a few hours putting it down on paper. And it’s always good to review your plan often to keep you on target.

4. Network, Network, Network

Real estate is a people business. If you haven’t already, get good at drinking. Now I’m not talking about the kind of fast-talking used car salesman. Join your local real estate investment club, become a member of a church if you aren’t already, volunteer with Habitat For Humanity, just get involved! Understand what the seller’s or buyer’s needs are. That means listening! Get to know what other investors are looking for and who the local “players” are. You may be able to partner on a deal or refer them to a deal that may not be exactly what you are looking for. Above all, treat everyone you meet with respect, whether it’s your team, vendors, or buyers, and they will respect you. If you do these things, more deals will come your way than you can handle. I can think of much worse problems to have!

5. Know your market

Spend some time familiarizing yourself with the areas you plan to invest in. Go to a few open houses and talk to agents. Drive the neighborhood and look for “For Sale By Owner” signs otherwise known as FSBO. Look for houses that look empty or dilapidated. Find out how much homes are worth in the area and what the local trends are. Talk to some locals and learn what the community is like. Is there crime in the area, how good are the schools, is the area growing, what are the local demographics? This information will serve you well when it comes time to invest.

6. Never buy a property without at least a solid exit strategy

In real estate, you make your money when you buy, not when you sell. So what am I trying to say here? For every offer you make, you need to know exactly how you will make your money from it. It could be like a lease for which you need to have a positive monthly cash flow. It can be like a rehab and flip for a profit. Or maybe you can offer it as a lease with an option to buy. Or, it can be held for capital growth. Run your numbers for each strategy. If the numbers don’t work, don’t make the deal no matter how much you like the property!

7. Treat your agents like gold

Real estate agents can make or break your business and a good one is worth their weight in gold. They will do a lot of work for you and bring you potential deals. They know their areas inside and out and can steer you away from potential problems. They’ll even find you buyers for your properties as well as show you around while you’re out looking for more deals. And, they only work for commissions based on the sale price of the properties they sell.

However, most real estate investors do not buy and sometimes do not sell properties at full market prices. This can directly affect your agent’s commission and their motivation to support what you want can be reduced. I suggest paying your agents commissions based on the market price, regardless of the final sale price. Yes, it may affect your earnings a bit, but you will have a very loyal agent. And guess who gets the first call when the hot property comes up!

8. Don’t be a pig

The old saying goes, “Pigs get fat and pigs get slaughtered.” The saying also applies to investing in real estate. Many new investors make the mistake of trying to squeeze the maximum profit out of every deal and then wonder why they can’t find any buyers. Don’t be afraid to leave something on the table for the next guy, especially if you’re selling to other investors. It is better to make many smaller profits over and over than to make one big profit. This strategy should have potential buyers lining up at your door when you have a property to sell.

9. Give 10-15% of everything you make

I can hear you now, “He said what?” That’s right, give away 10-15% of everything you make. How you decide to do it is up to you, but I warn you, you may have to get creative. Steve, a mentor of mine follows this rule like a religion. In fact, on his first deal he made about $5,000 which he desperately needed as he had recently lost his job. He was almost bankrupt, but still decided to give away some of his earnings. He decided to buy his pastor a new suit, something he had never had in his life. Even though Steve was excited about making money, the look on his pastor’s face when he first put it on made him feel ten times better. By the way, word got around pretty fast and before you knew it, he had three more deals in the works that paid off much, much more.

10. Deals, Deals, Deals!

You will never make money if you don’t start with an offer first. But for some reason, this seems to be the biggest obstacle for most new investors. I like to use the “Fire, aim, ready” approach to making an offer. Don’t spend too much time trying to figure out what the perfect offer will be, just make one. Most of my offers are made without ever seeing the property. Remember, if the first offer doesn’t put you off, it’s too high. I know a very successful real estate investor in the Tampa area who once offered $1 for a $14 million golf course! Okay, so he eventually bought it for just over $2 million and resold it a few weeks later for a tidy profit. It is only after you have the property under contract that you should spend time determining whether or not the price is right. Most successful investors will make 25 or more offers per week, of which perhaps only two or three may end up being accepted. Of them, maybe one will make it to closure. But let’s see, one deal a week, $5-10,000 profit each… you get the picture.

11. Have fun

Like any business, investing in real estate has its challenges. Sometimes deals fall through at the last minute, tenants can be a real pain, or you learn about a sewer line collapse at one of your properties that needs a $15,000 windfall to fix. There will always be obstacles to overcome, but the rewards can be worth it. So have fun with it! If you really enjoy it, it will show and suddenly the problems don’t seem so big anymore.

There are many more tricks of the trade depending on which niche you decide to invest in. But the basics are the same across the board. Apply these secrets and you too can become the next multimillionaire!

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