10 Secrets Every Investor Should
Know
By Dennis Henson
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Most of the time success in business 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. Real Estate investing is no different. 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…
The 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 peoples
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.
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 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
• Finding good deals
• Obtaining the money to purchase the good deals you find
• Fixing up the property so that it is marketable
• Effectively marketing the property
• Property management
Master each of these skills and real estate investing becomes much
easier but fail to develop them and you are in for a rough ride.
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 Turbo-Bidder
or similar real estate analysis software.
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.
And finally secret number ten is 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”.
For more articles on real estate investor training, visit my website at
httpwww.dennisjhenson.com. Also visit httpwww.turbo-bidder.com for
great real estate investor tools.
Thank You, Dennis Henson
If
you would like to take advantage of the market and learn how to invest
in real estate and you are local to the Dallas Fort Worth area, I know
a really great teacher and mentor here in Arlington Texas. Please take
a look at his web site: DennisJHenson.com,
Dennis has a great Mentoring and training program, I know because I am
one of his former students. I learned a lot from his one on one
teaching technique. - Michael Harman 817-457-7572
mchfun.business@gmail.com
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