Monica Susan Main - Habits of Successful Real Estate Investors

1. Monica Susan Main - Habits of Successful Real Estate Investors Real estate investing can be profitable, but going it alone can be difficult and quite risky. Real estate investments can be profitable through partnerships, wholesale sales, and property management, to name a few strategies. In this very competitive industry, success also requires a little savviness. According to Monica Susan Main, highly successful real estate investors have the following habits in common. Make a Plan To set and accomplish short- and long-term goals, real estate investors must approach their activities with a business-professional mind-set. Making a business plan is a smart idea since it helps investors see the broad picture and keeps your attention on the essential objectives rather than on any minor obstacles. A good plan can help investors stay organized and on target because real estate investing can be challenging and complicated. The strategy would include projected costs and cash inflows from rentals, the number of units to buy, when to renovate or upgrade units, demographic changes, and anything else that might have an impact on your investment over time. Recognize the Market

2. Effective real estate investors get a thorough understanding of the markets they choose, such as concentrating on a specific geographic area and focusing on residential as opposed to commercial buildings. Real estate investors can recognize present situations and make plans for the future by being informed of current trends, such as any changes in consumer purchasing patterns, mortgage rates, and the unemployment rate, to mention a few. As a result, they can anticipate when trends might alter, which may present chances for the prepared investor. Be Sincere Typically, real estate investors are not required to abide by any specific code of ethics. Even though it would be simple to profit from this circumstance, the majority of prosperous real estate investors uphold strong ethical standards. A real estate investor's reputation is likely to be well-known because it includes dealing with people. Effective real estate investors understand that being fair is preferable to trying to get away with as little as possible. Develop a Niche For investors to succeed, they must develop a focus and acquire the depth of information needed. Long-term success depends on taking the time to develop this degree of mastery in a particular field. Investors who have mastered one market can apply the same in-depth strategy to new markets as well. High-end housing, low-income multi-unit housing, or rural farm renovations are a few examples of specialized markets. Stay Educated As with any business, it is imperative to stay up to date with the laws, regulations, terminology, and trends that form the basis of the real estate investor’s business. Investors who fall behind risk not only lose momentum in their businesses, but also legal ramifications if laws are ignored or broken. Successful real estate investors stay educated and adapt to any regulatory changes or economic trends. Moreover, keep up on real estate, tax, and lending laws and regulations that could directly or indirectly impact your business. Understand the Risks

3. Stock market investors are inundated with regular warnings regarding the inherent risks involved in investing and the potential for loss. Real estate investors, however, are more likely to see advertisements claiming just the opposite: that it is easy to make money in real estate. Prudent real estate investors understand the risks—not only in terms of real estate deals but also the legal implications involved—and adjust their businesses to reduce those risks. Invest in an Accountant Taxes comprise a significant portion of a real estate investor’s yearly expenses. Understanding current tax laws can be complicated and take time away from the business at hand. Sharp real estate investors retain the services of a qualified, reputable accountant to handle the business’s books. The costs associated with the accountant can be negligible compared to the savings that a professional can bring to the business. Build a Network A professional network can provide important support and create opportunities for both new and experienced real estate investors. This type of group, composed of a well-chosen mentor, business partners, clients, or members of a non-profit organization, allows investors to challenge and support one another. Because much of real estate investing relies on experiential learning, savvy real estate investors understand the importance of building a network. The Sum Up: While it may seem like a simple road to wealth, real estate investing is actually a difficult business that requires knowledge, organization, and focus. Additionally, since the focus of the company is on its clients and employees, investors stand to gain in the long run by conducting business ethically and with respect. Though it may be relatively simple to earn short-lived profits, developing a long-term real estate investing business requires skill, effort, and these important habits.