Some say the best real estate investors achieve the title and results through years of experience. I would have to agree, however in saying that I would also add that the experience these people have is only a part of their success equation in real estate.
The most important components I would suggest you have in investing are solid real estate comps from REIA Comps to work with, diligence and focus on a daily personal marketing plan. That marketing plan should be developed, directed, and in tune to the local property market.
Goal setting is the primary reason for business success. It goes without saying that a lack of proper planning is the number one reason for failure. Proper goal setting involves setting a business plan in place for your business goals. To many people this sounds tedious. On the contrary, goal setters have more time, freedom, more money, and more success in all areas of their lives than those who don't. Well, it's no different with real estate investing.
Real estate investing requires planning that anyone can do. To be successful a real estate investor must go through their plan for every real estate deal. You must market to find the deal, use REIA Comps to get information for your research on the property to establish a value, have your contracts ready, make your offer, schedule a closing, have title work done, get your financing prepared, and lastly, get property insurance prior to your sale. The planning process itself should give you renewed energy, as well as giving you assurance of the success of your deal.
Your daily plan must include marketing to get motivated sellers to contact you. Regardless of the deals you have in the works, you must keep your marketing going, to prevent dry spells. Even with consistent marketing you will have some low times with few leads and highs where you are bombarded with sellers offering you great deals.
Remember everybody, consistent review of your goals is critical. Reviewing your goals daily will help you to prioritize and make the right choices to further your profitable business decisions. So put your goals down on paper and start putting your real estate investing plan into action. Planning your investment deals gives you the foresight you need to get ahead and the perseverance you will need to stay ahead.
Always use REIA Comps to determine the best acquisition and ARV for any of the real estate deals you look at. Don’t for one moment let someone tell you the value of a deal. Let REIA Comps help you determine that information for yourself.
Source: Staying Relevant in Real Estate