1. Think independently.
It is easy to follow the crowd and do what everyone else is doing. The good investor makes his/her own way.
2. Emotional Stability
The real estate business is often very fast paced and high energy. The good investor is grounded and focused with a clearly defined plan or strategy.
3. Look at the facts.
Knowledge is power. The good investor does his/her due diligence and looks at the facts of the situation:
- What does the seller want?
- What makes this property the right fit? the wrong fit?
4. Make a move or a decision quickly.
Indecision on the part of the investor can kill a deal very quickly. The good investor makes a well thought-out move now rather than later.
5. Don’t sweat the small profits.
Rule No.1: Don’t lose money. Rule No. 2: See Rule No 1.
Don’t be afraid of or avoid making smaller profits. The good investor doesn’t ignore a profit in hand, looking for a bigger payoff. Small profits add up into big income.
6. Be grounded & have a niche market.
Find a niche, whether it is residential or commercial properties. Break it down even farther and specialize in:
- Condos
- Single family dwellings
- Rental properties
- Commercial store fronts
- Strip malls
- Shopping centers
- Office buildings
By knowing themselves and the property that suits their plan, good investors can’t help but be successful.
7. Don’t over leverage.
In real estate you can borrow up to ten times the amount that you own, but too many loans, and too much debt can be a major problem if something goes wrong.
8. Have a good mentor.
No matter how long you have been doing business, there is always something new to do, try or learn. A good mentor can not only help you toward the things that will work best for you, but can help you see, understand and avoid potential problems with your investment.
9. Have passion.
Live, love and breathe what you do! A good investor is passionate about his/her investments and gives them all they’ve got.
Mendy Lipsker
Mendy Realty Inc.
822 Montgomery St
Brooklyn, NY 11213
Phone: 646.662.5454
email: info@mendyrealty.com
website: mendyrealty.com
