Many real estate investors have come to me with the same concern…they know they need to take their investment to the next level in order to get that higher cash flow they’ve been thinking about and dreaming of…but they don’t. I don’t have a clear plan on how to do it.
If you’ve been thinking about taking your investing to the next level, this article is for you.
Taking your real estate investment to the next level means venturing into new and possibly uncharted territory… But to reap those rewards… you have to do it. Many investors stick with the same types of deals that they made when they first started investing. There’s nothing wrong with that… Unless you’re looking for something bigger.
The following is a list of 6 tips to help you take your real estate investing to the next level…
Tip #1: Go after bigger fish
Think about why you first got into real estate investing. I started investing because I wanted to make a lot of money and I was tired of struggling financially. I started out like many investors, dealing in single-family properties. So I decided I wanted better cash flow and I wanted it fast. I went after bigger fish.
Commercial property investment offerings offer some of the highest cash flow and returns on your investment. The number of units and the size of the properties can generate the highest returns for the amount of time and money you invest in any business.
Tip #2: Continually educate yourself
To move to the next level in your real estate career, you must continually educate yourself. Education and information allow you to find solutions to any challenges that may arise while making deals. Education also helps eliminate unnecessary risks. Unfortunately, many investors believe that their lack of knowledge prevents them from doing more difficult deals, such as large multi-unit residential or commercial properties. It doesn’t take much to get informed and educated. Read books; expect seminars; talk to experts; and never hesitate to ask questions.
Tip #3: Get a mentor
A good mentor helps you gain hands-on experience much faster and easier than going it alone. Books and courses are important. But a mentor helps him navigate the deals and overcome any challenges he faces along the way. Mentors can serve as your safety net when heading into that unfamiliar real estate investment territory. If you really want to take your real estate investing to the next level, you need a mentor. A mentor will arrive faster and with much less risk than going it alone.
Tip #4: Use a Team of Experts
There are many people who shy away from the idea of new investors taking on the risk of large, complicated projects, such as large apartment buildings or commercial real estate investments. They are correct. Very large investments are not for very inexperienced or novice investors. So why not let the experts be your experts? Your team of experts works to eliminate the risk associated with your inexperience and lack of knowledge. You can take your real estate investment career to the next level when you assemble a team of people with the experience you lack, people who already know how to navigate a large and highly profitable business.
Tip #5: Develop Marketing Skills
Marketing is necessary for any business. In fact, companies that lack a marketing system fail. To successfully take your real estate investment business to the next level, you need to develop your marketing skills and put them into action. A great way to start marketing your real estate business is through direct mail. Then, when you start getting responses to your direct mail efforts, network with places like local investment clubs, as well as bankers and lenders. Here’s an easy way to get started: take a marketing strategy, learn, and hone. Then start working on other forms of marketing (networking, for example).
Your business will go to the next level only when you start to know and use successful marketing strategies.
Tip #6: Have a Can-Do Attitude
Attitude makes all the difference…especially in real estate. A person who thinks he can’t make a deal because he’s bigger than he’s used to can’t and won’t take his business to the next level. The wrong attitude can doom you before you even try. On the contrary, a person who is hungry enough for success will achieve it simply because he does not give up.
No matter where you are with your investment, these tips can help you take your real estate investment (and your cash flow!) to the next level. Multi-unit residential and/or commercial real estate can definitely be the right vehicles to provide one of the highest cash flows in the industry.
When you combine education, expert support, marketing, and the right attitude, you have the ingredients to successfully win bigger investments, and therefore bigger and better cash flow deals. your next step is to take action.