Learn how to start thinking like an experienced real estate investor, learn from other people’s mistakes and start your real estate investing with positive cash flow.
How would you like to learn five real estate insider secrets in the next couple of days to help you think like a sophisticated real estate investor? Yes I mean those who have gone before you and successfully exited the Rat Race. Real Estate Secret
Real Estate Secret #1 – Be Clear on What You Want to Accomplish More people know what they “don’t want” rather than what they “do want.”
They know they don’t want to work for someone else. They know they don’t want to live paycheck to paycheck. They know they don’t want to spend another day in the Rat Race.
However, when asked what they do want and how exactly they intend to get it, they only offer blank stares and shoulder shrugs. Successful real estate investors, on the other hand, know exactly what they want to accomplish and how they are going to go about it.
Instead of knowing they do not want to live paycheck to paycheck, they know how much money they need per month to cover their current expenses. They have developed a detailed plan to generate that amount—and then some—over a fixed time frame through investing in a specific property type or types. In fact, they have determined the exact number of properties they will need to purchase. They also know when and how they will roll their portfolio over into a larger cash flowing property that—according to their calculations—will produce enough passive cash flow to cover all their expenses.
They can even show you the spreadsheets that map out their anticipated cash flow on a monthly and yearly basis along with the number of investment properties required to support those numbers. Now whether or not someone could accomplish this is beside the point. The point is that there is a detailed plan. Maybe an assumption or two is off and it takes six years instead of five.
On the other hand, perhaps halfway into investing they learn how to cut their remodeling expenses, thereby increasing their cash flow, and are able to hit the target in three and a half years. The plan evolves. It is fluid. As markets change and education increases, the new reality is incorporated into the plan.
Nevertheless, you can’t revise something you don’t have. So what is it EXACTLY that you want to accomplish in real estate? Do you know how much you need and how you will get it? How long will it take you to get there? The answers to these questions and a whole host of others are what you need to know if you are going to think like a successful investor.