Want to succeed in real estate? Make sure you read this blog post to learn how to do it! If you’re ready to invest in real estate in Chicago, here are 4 tips for success…
Ready to invest in real estate in Chicago? Here are 4 tips for success…
Tip #1. Read, Read, Read
Whether online or at your local bookstore or library, there is a wealth of information about real estate investing. Look for both how-to books as well as stories of others who have invested in real estate.
Read between the lines by stopping every 2-3 pages, pretending that you are that person in the story, and identifying what challenges you would have and how you would be successful in that situation. Our brains are muscles, so the more we exercise them and think about ‘what if’ scenarios, the more creative we become.
Our brains are muscles, so the more we exercise them and think about ‘what if’ scenarios, the more creative we become.
Tip #2. Analyze, Analyze, Analyze
Spend time every week figuring out the gross and net profit on 5 – 10 (or more) properties. The more practice that you have making calculations, the faster you will become. Research has shown that people need between 5,000 – 10,000 hours (3-5 years) to become an expert at something.
To become successful when investing in real estate, you need to become good at many different areas but if you are not getting a great deal when you buy based on the numbers, then you will not be successful.
Tip #3. Have an INNER and an OUTER Circle of Support
Inner circle – There will always be people around you who say, ‘you don’t have the ability to do that’, or ‘that is too risky’, or ‘you can’t do that here’. What you are looking for are 2-3 close friends or family who will encourage you as you move forward. Your inner circle should also include one or more real estate mentors.
You need a real estate mentor but you may also need a life coach to help you strengthen your mindset and self-confidence.
Outer circle – Those you met in person in your city or town or through books, seminars, and/or online who also invest in real estate, who will support, encourage, and offer guidance. These people will not be involved on a daily or weekly basis in your investing but they will be available as you need them.
In addition, you need to know some professionals who are familiar with real estate. You don’t go to a dentist to fix a broken arm, nor should you go to a lawyer who rarely or never is involved with real estate investments. Gather a database of real estate lawyers, real estate agents, accountants, tax planners.
You will be using their services regularly in the years to come so you want to know their level of expertise and if you can work with them on a regular basis.
Tip #4. Take Deliberate Action
Look at your time and money, make sure that you are not trying to mix in real estate investing with 20 other major activities in your life, and then plan out what you will do daily, in the next month, three months, 6 months, and in the next year as you start your journey towards being a real estate investor .
Or consider this when you’re going to invest in real estate…
You’ve just read 4 tips to help you invest in real estate. They’re good tips that will serve anyone. However, maybe you don’t want to do all that work. Well, one suggestion is to work with a wholesaler who has already done a lot of this work for you. And that’s what we do here at Chicago Property Deals! We can help you skip a lot of these steps and start investing right away!