The three essential components of real estate investment.

It takes three key elements to become a successful real estate investor. Surprisingly, they are not money, luck or talent, despite what many believe. Experienced investors, who have a successful long-term experience, focus on these three things:

1. Systems
2. Relationships
3. Follow up

This is how the system works:

1. Systems

The basis on which you will build your wealth. Follow a proven system and keep it. It must be a proven system in your geographic area that focuses on the type of property you wish to invest in. Once you have a system that works, don’t worry; Let it work for you.

2. Relationships

surround yourself with the best experts and make the most of your talents. Relationships will boost your business and facilitate the success of what you thought possible. On the contrary, if you focus on money instead of relationships, you will find yourself constantly chasing the next deal, feeling exhausted and anxious, and constantly wondering where the next deal will come from. That is why you must learn to find these definitive relationships. Some of the key relationships you will need to develop and cultivate are:

to. A real estate agent for your system that understands your type of property and your target geographic area. You may have to navigate through several of them until you find the correct match.

b. A banker or mortgage broker whose experience resides in the area of ​​residential real estate investment, someone who has experience in obtaining financing in difficult transactions. Often it will not be the banker you are currently using. You must learn to discover the exact steps of choosing and collaborating with a quality banker.

c. A lawyer specializing in real estate. There are many lawyers, but the one you want is someone with 10 or more years of experience in real estate investments. Do not choose your lawyer based on price: it is the latest in fake economy and could end up costing you thousands and thousands of dollars more in the long term when something goes wrong.

re. A network of like-minded and success oriented people. Even if you only see them once a month, this network will become a life saver as you progress on your path of real estate investment. Your network will provide you with the positive perspectives and momentum needed to help you progress towards your success, even if others question you or try to steal your dream. Make sure your network is specific to real estate and make sure your partners are action takers, not speakers, players, not contestants. Above all, choose a group that continually challenges you to improve. You should always feel a little late when you meet them. This will ensure that the word “average” never enters your real estate vocabulary.

3. Monitoring

this is the component that most do not want to talk about. Even with the best system in your hand and the most powerful relationships in your life, nothing positive can happen or will happen without you taking action. It is essential to follow the necessary steps to achieve your personal vision. Even if you are not completely sure of what you are doing, at least take the first steps of a proven system. Even the longest trips start with the smallest steps!

 

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