Successful real estate investing requires careful planning, realistic expectations, building the right team, knowing your numbers, staying focused, being creative, and using the right tools. And as noted by the experts, treating real estate investing like a business is crucial to achieving success. This means being organized, outsourcing where necessary, and ensuring that you stay on top of your finances and property management. As Brandon Hall rightly pointed out, failing to get organized could result in being buried in admin work, which could cost you time and money.
“Real estate being a business - if you’re an unorganized person you need to sort that our at the beginning. You need to outsource accounting, you need to outsource your admin, you need to do something” because “the admin work will bury you,” said Brandon Hall.
So, if you're looking to invest in real estate, take these tips from successful real estate investors, and approach it with the same level of attention and care as you would any other business venture.
Sharon Lechter, co-author of Rich Dad Poor Dad and author of a number of best-selling financial literacy books, a real estate investor and financial advisor talked about her early years and the way money was openly discussed amongst her family. She grew up understanding concepts like depreciation and investment strategies which gave her a huge advantage at that age, an advantage she’s determined to share.
Brandon Hall, CEO of The Real Estate CPA, and Inc 5000 company and real estate investor said, “The first step to understanding real estate investing is recognizing that it is a business.” This means treating it as such, with a strategic plan, careful budgeting, and attention to detail. Real estate investing is not as complicated as it may seem, but it still requires a solid understanding of the market and the ability to adapt to changing circumstances.
The Profitable Rental is a podcast by Landlord Studio. We interview real estate experts and discuss practical advice on how you can build a profitable real estate portfolio.