1. Focus on cash flow
Focus on creating streams of cash (passive income) rather than creating piles of cash (savings).
You can use strategies like wholesaling and fix-and-flipping to generate that cash.
But……….
“Your intention with every deal should be to cash flow with the property.”
2. Use the power of leverage
3 things you can leverage:
Money
Time
Expertise
Focus on spending your time on money-making activities. Use a service like ODesk.com to find an assistant
to do smaller tasks such as:
Sending offers to unmotivated sellers
Marketing your rentals online and creating flyers
Writing and mailing your yellow letters
Use debt as a tool in your portfolio creation stages and then pay it off as quickly as possible after you
have built your portfolio.
3. Nurture your relationships
Surround yourself with people who are smart, ethical, and motivate.
3 good reason to reach out to your network:
Thank them for a referrals
Forward them articles/ information of interest
Congratulate them on career milestones.
All relationships require to give and take, so be sure to help your circle achieve their own goals. One of
the easiest ways to do this is to refer them business as often as possible.
Real estate investors find 60% of their deals through network referrals.
Co-operation economy:- the augmented wealth and resources created when business associates and
professionals in related industries promote, support and collaborate with one another.
4. Think like an investor
The difference between thinking like a real estate investor and not is the difference between
investing and speculating.
This is the first, and perhaps the most important step
The population can be divided into two groups:
1. Those that use the money
2. Those who allow the money to use them
Real estate investors “think” of money as a resource or a tool to accomplish their goals.
Don’t let emotions get in the way: always stick to your minimum deal standards!
5. Be a lifelong learner
“Knowledge is power!” knowledge alone is not power, but knowledge applied is infinite power!
Never make the same mistake twice!
Most successful people in the world are tireless learners
In today’s digital age, free real estate information abounds. You can access great information through
podcasts, forums, ebooks, and websites.
But…………
Don’t be afraid to pay for your real estate education! The unique thing about real estate is how easy it is to
make back the cost of your education with just one transaction.
For more details visit: Real estate projects
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