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Travis White Newport Beach - Habits of Highly Effective Real Estate Investors

uf07dtUnless you want to buy yourself a job when you buy a property, hire a property manager. Unless you are an accountant, hire one to help you with taxes and bookkeeping for your properties. And, in most cases, we also recommend you hire a real estate agent. Just take some time to find one that will work with you to achieve your goals.

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Travis White Newport Beach - Habits of Highly Effective Real Estate Investors

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  1. Habits of Highly Effective Real Estate Investors Travis White Newport Beach

  2. Know Your Goals • Most of the real estate investors I know set out with a goal. Someone I know started off simply by selling his home to buy two lots side by side and built an 8 unit townhouse complex. He has turned that project into a company that sells and builds hundreds of homes in Toronto every year. Some goals are simple, but lead to big things. Other goals are big and have to be broken down into simpler shorter term goals.

  3. Make Your Money when you Buy • It's very risky to pay over market value for a property in the hopes that the rent will go up, the area will improve, and/or the property's value will increase. This is an entire article unto itself, but essentially you want to buy a desirable property below market value, in an area with a lot of potential for future growth.

  4. Hire Help • Unless you want to buy yourself a job when you buy a property, hire a property manager. Unless you are an accountant, hire one to help you with taxes and bookkeeping for your properties. And, in most cases, we also recommend you hire a real estate agent. Just take some time to find one that will work with you to achieve your goals.

  5. Use Just the Right Amount of Leverage • Every single money-making real estate investor that I have met has made money in real estate, in a big part, due to the ability to use leverage. Even the richest people will eventually run out of cash if they keep buying property.

  6. Find Good Partners • I love the success stories where someone with nothing but big dreams and a lot of initiative ties up one or more properties with contracts. They had little to no money, so while they had the properties under contract, they went out and found people who did.

  7. Be persistent • The other characteristic of ever real estate investor I have ever met is that they never ever give up. You will hear no a lot. Get ready to face the objections and find creative solutions.

  8. Always be learning • The best investors are the ones that ask a lot of questions, keep their eyes open for new opportunities and do a lot of research. Many get right into the details of a city. They go to the municipal offices and pull the official plan.

  9. Not every good investor I know possesses every one of these habits. And I know there are habits that many good investors have that I haven't covered. But as I thought about the most effective and successful investors that I have met or read about, I realized that almost all of them did possess each of the above habits.

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