Real
estate is not like other forms of investment. In this arena, you've
got to make intelligent moves, otherwise you run the risk of sinking
your opportunities before they have a chance to develop. That's why
you need the proper coaching, in order to become a success, and Ben
Shaoul has some invaluable tips.
First
off, don't sink too much money into any one investment. That's how
you fail before you even start. You have to make sure that you
diversify, and never spend too much money on one single investment.
No matter how good the opportunity looks, if things go bad you're not
going to have the money to take a loss.
Secondly,
location really is everything. There's a lot that you can do to make
a property more appealing to a certain audience, but if the
neighborhood is really bad, or the location is too far away from
things like the business district, and schools, it's always going to
be more difficult to attract people.
Try
not to tie up too much of your own money. Things like renovations
cost a lot, but that's why you take out a mortgage on the property,
so that you can pay it back. That way your money isn't tied up, and
you're not taking on the same level of risk as the bank.
Finally,
you just need to have the courage to take that first leap. Buying
your first building is scary, because they are really expensive, and
renovations cost a lot, and take a long time. So it's going to be a
while before you can count on turning a profit. But as long as
you're brave enough to take that first leap, and make your first
attempt at real estate success, you've already got a great chance to
make something happen.
