Real estate investing is an attractive-looking industry for many millennials. This business is intense and includes an endless amount of data, properties, charts, trends, and more. Failing to pay attention to the details or overlooking the little things can have a huge impact on your business.
The mental game behind running a business is crucial to success. A person’s mental state and their ability to cope with emotions and feelings can also have serious effects on daily operations. As an investor, it is important to establish a proper set of principles and values that essentially drive the business down the right path. These beliefs are what separate you from other people, specifically investors. If you don’t really have any idea for a place to start, check out this great article then pop back here for more free game.
Forbes released an article in February 2018 titled “18 Ways New Real Estate Investors Can Succeed In 2018”. One of our favorite pieces of advice that was featured in the article is truly a principle most people fail to include when it comes to the business of real estate investing.
Read the quote below.
9. Put Numbers Over Emotions
Fear and greed are the fuel behind too many failed investment decisions. Do not invest with your emotions. Research all the costs of an investment — not just yield and CAP rates. Look at vacancy cost, maintenance prices and tenant risk profile. Be rational about your own risk tolerance and consider these costs as potential impacts on your cash flow. You’ll be more confident in your decisions. – Chuck Hattemer, Onerent
Another great piece of real estate investing advice from the same Forbes article is available below. In addition to other principles, these two are great additions to any investor’s list.
17. Pay Attention To Market Cycles
Both new and seasoned investors should pay close attention to market cycles. All markets are cyclical and often the excitement of investing in an asset class is sparked by word of mouth. The most hype in any market is near the top of it, so evaluate what the market is doing before buying anything. When your research tells you that you are buying low and the future market outlook is positive, buy. – Mario Dattilo, Real Estate Acquisitions USA, Corp.
Real estate investing is such a diverse world that can be available to everyone. If you want to build a real estate business that can truly sustain itself and maybe even grow to other areas, there is nothing stopping you except yourself. Contact us to talk more about Washington real estate investing opportunities