Got this article from https://www.forbes.com/ that talks about traits and how they are ways to be successful in Real Estate investing. I always love to read these articles to compare my thoughts and how I personally purchase homes for me and my clients.
Let's look at a few a few of the traits that are really important.
"1. Knowledge
There is no substitute for knowledge. When you see the very best doing what they do, they always seem to know more than those around them. Real estate investors with large portfolio simply know more about what drives markets, how to time market cycles, and which things to watch out for. They are much more likely to recognize shifting markets before others do and are prepared to take advantage of these opportunities when they present themselves."
The key is knowing the markets and how desired the areas are for the tenants or home owners. Each market looks at a lot of the same things. Amenities, Schools, Neighborhood, Crime, and is the location convenient to get around town. You also need to know how many rentals are in the area.
There are some cities that people just want to be in around Cleveland and those homes fetch top rents. In one area we literally had 100's of people wanting to lease a home. That was the easiest property to lease in my career. The tenants have been great and the client is liking the income.
"2. Vision
While real estate investing may look like it’s all about the numbers from the outside, this is rarely the case. While buying cash flowing property and holding onto it for a long period of time will generally build your wealth, the very best investors do more than just buy and hold. They buy and improve the assets in their portfolio, adding value in additional ways."
Adding bathrooms, creating a new garage can really effect the price of a home. The key is not spending to much money on a home, but enough money that creates a nice home that will attract more potential tenants.
We have a home that will be closing this month that has the most ugly cabinets in the kitchen. We will be replacing the cabinets and adding new ones. That will help the home and the cabinets will help the homes value now and in the future. We are also doing all the basics painting, flooring etc etc
"3. Leverage
The last trait I’ve noticed that is common amongst successful real estate investors is their ability to use leverage. If you want to do anything at a large scale level, learning to learn leverage is absolutely crucial.Leverage can come in several forms, but the three I see most commonly mastered by the top investors are money, people, and opportunity."
Those are the most important way to leverage. You need boots on the ground that has all the tools to keep your real estate portfolio building and creating more income. You need all three leverages mentioned above, but the most important is people. They create opportunity and find homes and keep them managed.
People create a lot if you have the right people. That is what we do at our company for our clients.
Call 216-703-5740 I'm Brett and I have done 100's of homes for my clients. EXP Realty Ohio and EXP Realty Arizona
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Thank you