Many real estate investors have come to me with the same concern… they know they need to take their investing to the next level so they can obtain that bigger cash flow they’ve been thinking and dreaming of… but they don’t have a clear plan on just how to do it.
If you have been thinking about taking your investing to the next level, this article is for you.
Getting your real estate investing to that next level means venturing into new and possibly unfamiliar territory… But, in order to reap those rewards… it’s got to be done. Many investors stick with the same types of deals they did when they first started investing. There is nothing wrong with that… Unless you are looking for something bigger.
The following is a list of 6 tips to help you take your real estate investing to the next level…
Tip #1: Go After Bigger Fish
Think back to why you first got into real estate investing. I started investing because I wanted to make some serious cash, and I was tired of struggling financially. I started like many investors do-dealing in single-family properties. Then I decided I wanted a better cash flow and I wanted it fast. I went after bigger fish.
Commercial property investment deals offer some of the greatest cash flow and returns for your investment dollar. The number of units and the size of the properties can bring the largest returns for the amount of time and money you invest in any deal.
Tip #2: Continually Educate Yourself
To get to the next level in your real estate career, you must continually educate yourself. Education and information enable you to find solutions to any challenges that may come up as you’re doing deals. Education also helps to eliminate unnecessary risks. Unfortunately, many investors believe that their lack of knowledge prevents them from doing the tougher types of deals, like large multi-unit residential or commercial properties. It doesn’t take much to get yourself informed and educated. Read books; attend seminars; talk to experts, and never hesitate to ask questions.
Tip #3: Get a Mentor
A good mentor helps you gain practical experience much quicker and more easily than going it alone. Books and courses are important. But a mentor helps you navigate deals, and overcome any challenges you face along the way. Mentors can serve as your safety net for when you head into that real estate investing territory you are unfamiliar with. If you are serious about taking your real estate investing to the next level, a mentor is necessary. A mentor will get there quicker and with much less risk than going it alone.
Tip #4: Utilize a Team of Experts
There are many people who shun the idea of new investors taking on the risk of large, complicated projects like large apartment houses or commercial real estate investments. They are right. Very large investments are not for very inexperienced or novice investors. So why not let the experts be your experts. Your team of experts works to eliminate the risk associated with your inexperience and lack of knowledge. You can get to the next level in your real estate investment career when you put together a team of people with the expertise you lack, people who already know how to navigate their way through a big and very profitable deal.
Tip #5: Develop Marketing Skills
Marketing is necessary for any business. In fact, businesses lacking a marketing system fail. In order to successfully take your real estate investing business to the next level, you must develop your marketing skills and put them into action. A very good way to start marketing your real estate business is by using direct mail. Then, when you begin to receive responses to your direct mail efforts, get yourself networking at places like local investment clubs as well as with bankers and lenders. This is an easy way to get started-take one marketing strategy, learn, and hon it. Then start working on other forms of marketing (networking, for example).
Your business will get to the next level only when you start learning about and utilizing successful marketing strategies.
Tip #6: Have a Can-Do Attitude
Attitude makes all the difference… especially in real estate. A person who thinks s/he can’t do a deal because it’s bigger than he or she is used to, cannot and will not get his or her business to the next level. The wrong attitude can doom you before you even try. Conversely, a person who is hungry enough for success will attain it simply because he or she doesn’t give up.
No matter where you are with your investing, these tips can help you take your real estate investing (and cash flow!) to the next level. Multi-unit residential and/or commercial real estate can definitely be the right vehicle(s) to provide some of the greatest cash flow in the industry.
When you combine education, expert assistance, marketing, and the right attitude, you have the makings for conquering bigger investments successfully, and therefore achieving bigger and better cash flow deals. Your next step is to take action.