Seven Tips for Success as a Real Estate Investor

From Buyincomeproperties.com

Investing Strategy & Tips
Seven Tips for Success as a Real Estate Investor
By Bill Barnett
May 16, 2005, 11:25

Remember: This is a numbers game! If just 15 people say "yes" to buying one of your real estate investments each year, you will get rich. Keeping the numbers in mind will help sustain your energy when times get tough.

House or Home: What you call it can make a difference. Whenever you are talking to a seller about his or her home, refer to it as a "house" or "property" to help create emotional distance. However, when you are presenting that property to a potential buyer, refer to it as a "home" to help establish an emotional bond.

Remember: "Current" doesn't mean "paid." On a property where the taxes are not escrowed, always make sure the taxes are paid, and not simply current. The difference can save or cost you $10,000 or more.

Become an avid tourist of new subdivisions. Take the time to get out on a regular basis for tours of new subdivisions. You'll get lots of decorating tips, while getting to know the competition for your buyers.

Stand out when bidding on Real Estate Owned (REO) properties. To distinguish yourself from the pack, dare to offer a fifteen-day closing date.

Keep an eye out for foreclosures. People will always forfeit their homes to job loss, divorce, and death-even in an area where the real estate market is red hot.

eBay and real estate. Learn how to hold auctions on eBay for the down payment on your properties.

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Adapted from ARE YOU DUMB ENOUGH TO BE RICH?: The Amazingly Simple Way to Make Millions in Real Estate by G. William Barnett II (AMACOM; June 24, 2003).

G. William Barnett II is Director of Acquisitions at CAPSTONE Properties Group, as well as a nationally renowned seminar leader and speaker on real estate investing. Before becoming successful in real estate, he worked as a stockbroker and a syndicated television producer. He lives in Forth Worth, Texas.