4 Tips for Real Estate Investing Success
Know what you don't know
You set yourself up for success when you acknowledge that you don’t know everything. If you are a newbie, maybe you shouldn’t start with a gut rehab of a million dollar home (unless you have a seriously experienced & trust-worthy managing partner). There are some things that you have to grow into, experience wise. Consider hiring a hands-on mentor or coach with significant experience, successful outcomes, and a deep network. When you start investing in real estate at an appropriate place for you, it helps you build your confidence, track record, and success from the start.
Do not start real estate investing alone
Partnerships work when each partner is brings something of equal of value to the table. Whether mentor, a coach, joint venture, or however you need to partner, be sure to find someone who can fill the gaps in your experience and finances. For example, you may have the capital but someone else may have the construction experience. That's how you end up with a joint venture. The capital partner brings the money to the closing table and the managing partner has the construction experience and oversees the day to day work.
Build your network now
I cannot stress that enough for your investing success. You need to have a network of all types of real estate professionals. You need to have a deep bench of plumbers, electricians, general contractors, painters, drywallers, landscapers, inspectors, attorneys etc. You want to have time before starting your project to source, vet, verify, and secure the right contractor for you and your project.
Help others out
I firmly believe this and I definitely live my life by this principle. I try to help out whenever I can. You never know when that's going to come back to you or you never know when somebody's going to think about and appreciate you when they have an opportunity arise. So put into your local real estate industry what you want to get back.
Contact Us
Whether you are an experience Real estate investor or just starting out with buying, selling or investing, reach out to attorney Alexis Hart McDowell, the Enterprise Esquire so that you can get the legal and business counsel that you need to be successful from the start.
