Making It In Real Estate With The Right Property Buying Strategy
An old friend of mine used to say that going through life without a strategy was like waking up in the morning and just having no idea what you were going to do with your day.
This is also applicable to real estate. If you are thinking of entering the real estate investment field in order to focus in what is a vast market with many different options you will need to have a real estate investment strategy that is clearcut in terms of what you are trying to achieve where you focus your sights and which will guide what you do.
Let me explain in a little more detail just so you can see what I mean. Suppose for instance that you decide that what you are really good at and comfortable with is closing deals with singlefamily dwellings. You have your radar set up for your particular target property and each purchase you make each professional contact you cultivate and each sale you achieve works to help you expand your reputation in your chosen field of operation. So each singlefamily dwelling you turn for a profit helps you on your way to find the next one and the contacts you make also work in the same way.
Having a strategy like this is not the same as limiting your horizons. Real Estate is a career of opportunities. It is entirely likely that you will in the course of conducting your business come across opportunities which do not fit in with your strategy but are too good to pass up. The only way to manage these opportunities is to understand the dynamics involved so that when you decide to go for one you are actually gaining from it rather than beginning to scatter your energies and focus.
Far too often and I speak from experience here I see real estate investors who go after every deal and stretch themselves so thin dealing with disparate issues and with no cohesive strategy that they end up souring deals that should have gone smoothly and as a result get out of the game and go back to a ninetofive existence.
The point of all this is that in order to be successful in real estate you need to know exactly what you are doing and why. This is the only way to create a career that with every step you take works to set you free from the drudgery of working for someone else and takes you to full financial independence.
Whether you choose to work on multifamily dwellings or singlefamily ones strategy is the blueprint that governs your decisions. Developing a coherent strategy is exactly one of the skills I cover in the many workshops and courses I give. Without it you are relying on blind luck and that is no way to get rich.
About the writer: David Lindahl also known as the “Apartment King” has been successfully investing in singlefamily homes and apartments for the last 14 years and currently owns over 7000 units around the US. David regularly shares his secrets and experience on the same stage as Tony Robbins Robert Kiyosaki and Donald Trump! For two FREE copies of his highly recognized newsletter Real Estate Insights please go to http://www.davesoffer.com/ezine
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