Glossary of Real Estate Terms
Getting StartedGetting Started
Getting Started Questions
8 Big Mistakes Investors Should Avoid
It's Not Location Location Location!
Wealth Through Probate
CreditWhy Help Renters Repair Credit?
The Importance of Repairing Your Credit
Winning the Credit Game
Bad Credit Repair Advice
Real Estate Investment Coaching10 Secrets Every Investor Should Know
Benefits of Mentoring
How to Build Wealth In Real Estate
Choosing a Coach and Mentor
The Reluctant Investor
Real Estate Investment Tools12 Reasons to Use an 800 Number
Becoming Wealthy in Real Estate
You Are What You Think About
MoneyMoney Money Money!
6 Ways to Buy Property--No Money Down
Private Money Sources
No Money No Problem
How to Get Free Money
Buying Your Real Estate InvestmentBuying Real Estate in Probate
Buying Property Using 'Subject To'
Buying Property Using Options
Buying Property With Zero in Your Pocket
Finding Good Deals
Managing Your Real Estate47 Ways to Market Your Property
Multiple Streams of Real Estate Income
Mentoring TestimonialsSuccess Testimonials
Ignorance is Costly
Solutions to Problems
Retire with Cash Flow
Needed Some Help
Highly Recommends Mentoring
10 Must Know
Real Estate Investing Secrets
Now learn the 10 Real Estate Investing Secrets every investor should know if they want financial success.
By: Dennis Henson
Business success is the result of what you know. In every industry there are key elements—secrets—that if known will help to insure success, but if not known will certainly lead to failure.
Success begins with knowledge.
What are some of the critical lessons that
every real estate investor should know?
Here are ten of them for starters…
Secret #1 - Use Other People's KnowledgeThe first secret is probably the most important of all the others—using other people’s knowledge. There are only two ways to gain knowledge. Either you gain it from other people's mistakes or make the mistakes yourself. If you refuse to learn from other people’s mistakes—you are destined to learn from your own mistakes. The secret is to learn from others and avoid the pain of learning the hard way. Here is the secret—you can jump start your investing success by getting a good mentor and constantly reading and listening to CDs by successful real estate investors.
Secret #2 - Consistency and Quantity of Quality Offers
The second secret is also very important—it is the power of consistently making a lot of quality offers. In order to become a successful real estate investor, it is absolutely necessary to place many offers that, if accepted, will result in great deals. Without offers there can be no good deals and good deals are the basis of success in real estate investing. If you do not ask you will not receive.
Secrets #3-7 - Skills to Develop
Secrets three through seven are the skills that will have to be developed in order to run a successful real estate investing business. These skills are:
- #3 - Finding Good Deals
- #4 - Obtaining the Money to purchase the good deals you find
- #5 - Fixing up the property so that it is marketable
- #6 - Effectively marketing the property
- #7 - Property management
Master each of these skills and real estate investing becomes much easier. However, fail to develop them and you are in for a rough ride.
Secret #8 - Prepare Quality Offers with a Chance of Being Accepted
Secret number eight is that you must prepare quality offers that have a chance of being accepted. These offers must be high enough so that some of them will be successful. But they must be low enough so that, when one is accepted, it will result in a substantial return on your investment of time and money. This can be easily accomplished by using some of the effective software on the market today such as TurboBidder2 or similar real estate analysis software.
Secret #9 - The Ability to Determine True Property Value
The ninth real estate investing secret is that you must be able to determine the true value of property. True value is the amount that the property can be sold for in a reasonable period of time. The quickest way of determining true value is by paying a professional appraiser to work their magic. But that is not necessarily the best way. It doesn’t make sense to be paying an appraiser to look at thirty properties when you only expect to purchase one of those deals. That means that you must find an inexpensive way to determine true value. There are professional realtors who work with investors. These realtors can provide accurate comparable sales (comps) of similar properties. These comps can give you a very good idea of what a property is worth.
#10 - Have a Burning Desire to Succeed
And finally Secret Number 10 is that you need to have a burning desire to become successful. Your attitude and drive can make up for lots of early mistakes and pitfalls that might sink a lesser person. As Calvin Coolidge once said, “Nothing in the world can take the place of persistence”.
I hope this article will help you in your quest to build wealth through real estate investing. For more articles on real estate investor training, visit my website at www.dennisjhenson.com. Also on that site, you may sign up for free reports, articles, and e-books and find free forms, documents, MP3 downloads and much more. Also visit www.turbobidder2.com for a great real estate investing tool.
Dennis J. Henson
Learn other secrets of success like this: 10 Real Estate Investing Secrets.