Think Like a Real Estate Investor, and Grow Rich
1. Get Business Cards
Investor's Thinking:
Investors understand the importance of networking and creating a professional image. Business cards are not just contact details; they are a tangible representation of your brand as a real estate investor. It helps to establish credibility and make it easy for potential partners, sellers, or fellow investors to remember and reach out. Most importantly, it helps YOU see yourself in this new persona.
Additional Thoughts:
Design matters: A well-designed business card reflects professionalism and attention to detail.
Include key information: This may seem obvious, but you won’t believe how many people get caught up in the design over the important details. Ensure the card includes easy to read font with your name, phone number, email, and if you’re feeling really creative perhaps a brief tagline about your real estate investment focus.
2. Open Up an Investment Account
Investor's Thinking:
Investors prioritize efficiency and separation of personal and investment finances. Opening a dedicated investment account is a strategic move to manage funds exclusively for real estate ventures. This thought process reflects a commitment to financial organization and a clear distinction between personal and investment funds. Believe me when I say, defining your personal from business income and expenses will make all the difference in your success and desire to continue on as a real estate investor.
Additional Thoughts:
Research account options: Investors would consider different types of accounts, such as a business account or a specific investment account, based on their investment strategy.
Build a financial foundation: Having a dedicated account streamlines financial tracking and ensures a systematic approach to funding real estate endeavors.
3. Get Prequalified
Investor's Thinking:
Getting prequalified for a mortgage or having a clear understanding of your financial capacity is a crucial initial step for real estate investors. This process involves reaching out to lenders, providing financial information, and receiving a preliminary assessment of how much you can borrow. The thought process here is to establish a realistic budget for property investments and position yourself as a serious buyer in the market.
Additional Thoughts:
Start with your investor friendly Realtor who will connect you with a list of quality lenders. Your Realtor will be your connector and source for all things in this process.
Research lenders: Investors would explore different lenders, comparing interest rates, terms, and conditions to secure the best financing options.
Strengthen negotiation position: Being prequalified strengthens an investor's negotiating position, demonstrating financial readiness to sellers.
4. Learn the Market & Look Every Day
Investor's Thinking:
Investors understand that success in real estate is deeply tied to market knowledge. Learning the market involves continuous research and observation. The thought process here is to stay informed about property values, market trends, and potential investment opportunities. Actively looking at properties every day keeps investors sharp, allowing them to spot deals, assess property conditions, and make informed decisions.
Additional Thoughts:
Local market expertise: Investors focus not only on broader market trends but also on neighborhood-specific dynamics.
Evolving criteria: Regularly looking at properties helps investors refine their investment criteria based on changing market conditions and personal preferences.
Networking with agents: Regular engagement with real estate agents provides access to a flow of potential deals and insights into the local market.
The more you practice thinking as an investor, the more natural this will start to feel for you.
Now go think like an investor!
~Tiffanie & Chris Story