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Investing in real estate can be profitable if you know the correct ways to do business in this field. As real estate investment experts say there are several keys to making significant profits in real estate investment deals. And when the deals are profitable, you will certainly be well on your way to success.
For real estate investment neophytes, don’t be afraid of the challenges and pitfalls you may encounter along the way. There is definitely a lot to learn, but in the long run after you have gained some experience, you’ll hopefully become a master at closing profitable real estate deals.
There are 5 core skills, traits or competencies that are necessary for building a successful real estate investment business. These will be the key factors in creating a profitable real estate investment portfolio. The 5 core skills of real estate investment are:
1. Knowledgeable
You should totally understand the meaning and concept of investing in real estate, including all of the financial risks and benefits.
2. Deal Magnet
You must learn when and where to find the right kind of sellers. You want to create a network funnel and position yourself as “the” person to contact for good deals.
3. Financing Expert
You must become an expert in all areas of real estate investment financing, understanding conventional as well as creative financing, including lease options, cash sales, wrap mortgages, short sales and other techniques common in the real estate investment trade.
4. Top Notch Analyst
You must be able to quickly and accurately analyze each real estate investment deal so you’ll know exactly when to proceed and when to pull the plug.
5. Master Negotiator
You must learn and master the art of negotiation when it comes to closing your real estate investment deals.
After considering these five skills/traits, it is time to consider investing in real estate. There are great potential rewards and the effort you put forth can yield enormous monetary returns on your investment. Your confidence level will grow when you’ve gained some experience and closed on your first few real estate deals. But, don’t stop there… You should continue to learn about real estate investing and to develop your investment skills. In a short time you may find yourself managing a profitable and growing portfolio of investment properties.
Moreover, you should also continue to follow your real estate investment “game plan” and always keep an eye out for the hidden investment opportunities. The opportunities are definitely out there and with a little knowledge and desire can be yours for the taking. So, why not get started in what might be a new and exciting (and profitable) career today?
Bill Manassero is the founder/top dog at “The Old Dawg’s REI Network,” a blog, newsletter and podcast for seniors and retirees, that teaches the art of real estate investing. His personal real estate investing goal, which will be chronicled at olddawgsreinetwork.com, is to own/control 1,000 units/doors in the next 6 years. Prior to that, Bill and his family lived in Haiti for 11 years as missionaries serving orphaned, abandoned and at risk children.
