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Andrew Mckay
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Is 2010 The Year You Will Become A Property Investor? 6 Tips To Get You Started
Six important lessons for a new property investor
Find the Experts in Your Field and Copy What They are Doing
“Imitation is the sincerest form of flattery“; you should be taking advice from those who are successful at what you are trying to do. There’s no sense in reinventing the wheel- instead, figure out who the successful investors are in your market, and mimic what they are doing.
Get in the Habit of Making Offers
Property investors want to buy at below market value . Some sellers are willing to accept these offers as they solve a problem BUT you need to make the offer.If you aren’t making offers, you aren’t doing deals. If you develop this habit early on, you will reap the benefits down the road.
Distance Yourself From the Naysayers
The last thing you need when you are just starting out is someone chirping negativity in your ear. Put as much distance as you can between yourself and those who try to discourage you. If the profits of doom are friends or family make it a point to avoid the topic of your investing while they are around.
Pick a Farm Area and Become an Expert at it
Trying to learn the market values of every neighborhood in your city can be an extremely overwhelming and daunting task. Instead, pick a small farm area and become an expert at it. Once you have mastered one neighborhood, then move on to another.
Be Consistent
Whatever your target market, you need to remain consistent with your efforts. Keep in mind that you will most likely get many rejections before you get your first deal, so make a commitment to yourself to keep going until you get that “yes” that you are looking for.
Set Realistic Expectations
Property is a medium to long term investment, do not expect to become an overnight millionaire. There is a learning curve involved that everyone has to work through, and it’s best if you realize this from the out set. You are setting yourself up for disappointment by expecting too much too fast.
Related posts:
- Will You Buy Your First Investment Property In 2010? Or Are You Stuck On The Rat Wheel Of Indecision?
- Are You Worried About Buying An Income Generating Property? Relax People Do Rent!
- Waiting To Buy A Home in Wasaga Beach, Collingwood Or An Investment Property In Barrie? Fixed Mortgage Rates Are Creeping Up
- 10 Tips For Excellent Property Listing Photos
- How Fortune Came To Mr and Mrs Investor
