Practice Makes Perfect in Real Estate

Successful real estate investors usually don’t get that way overnight. They pay their dues by learning as much as they can about real estate.

Like anything the key to being successful in real estate investing is education and practice. Beware of the late night infomercial real estate gurus when they say you can build wealth in real estate with only 5 or 10 hours a week.

To be successful you need to be on all the time. It’s all about marketing and following through and networking and did I mention marketing. I am astounded every time I meet a so-called investor and ask them for a card and they don’t have one.

Often being a landlord is a pain.

It don’t matter if you have a management company in place or not you are always going to get calls about something being broken or some inspection the city wants to run you through. New investors should especially be aware that almost all of the tenant/landlord laws favor the tenants.

Be careful of contractors who want to be paid by the hour and not the job. Unless you are constantly there with them, they will take you for a ride every time. Make them sign a must be completed by clause and if they do not complete the job by the said date, your cost should be discounted.

Be careful of homes sold at sheriff sales or on the courthouse steps.

Yes you can find some great deals there, but make sure you do your due diligence and always try to inspect the house first. Judgments and out of this world repair costs could chomp away at your potential profit quickly. I like buying the foreclosure properties after the bank gets them back. They are still “As Is,” but you can always inspect them and have an out if you use a realtor. Better safe than sorry right.

Beware of taking advice from someone who doesn’t own any investment property, rents or swears he knows of the next big market if only he had the money.

I have learned and still believe you can never learn too much about something so when it comes to building wealth though real estate education really is the key. Whether you are a beginner or a seasoned investor the Real Estate Info Network may be just the tool to take you to your next level of investing.

The Real Estate Information Network promotes real estate education through real estate seminars, e-books and real estate investing. Learn how to make no money down deals, profit in foreclosures and short sales and how to rehab your way into real estate riches.

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