Taking your real estate investment business to the next level means going into territory you haven’t gone before to reap rewards you haven’t yet obtained. I know a lot of people who do the same types of deals they did when they first started in real estate investing. Now there’s nothing wrong with doing that if you’re content with what you’ve got. But if you’re looking for something more, you’ve got to take on greater investment opportunities. Here’s how to do just that.
Tip #1: Go After Bigger Fish
I got into real estate investing because I wanted to make some serious cash. I was sick and tired of struggling financially and I hated coming home tired every night. Well, I found real estate. I started doing some single family deals but after awhile, I found that I was still as broke as I was when I first started. I needed cash flow and I needed it fast. Go after bigger fish. Commercial property investment deals offer some of the greatest cash flow and returns for an investment dollar. The number of units and the size of the properties brought the largest returns for the amount of time and money I had invested in any deal.
Tip #2: Continually Educate Yourself
To get to the next level in your real estate career, you must continually educate yourself. Education enables you to find solutions to any challenges that may come up when you’re doing deals. Education also helps to eliminate unnecessary risk. Unfortunately, many investors believe that their lack of knowledge prevents them from doing the tougher types of deals like commercial properties. That couldn’t be farther from the truth. You must continually educate yourself. Read books. Attend seminars and don’t hesitate to ask questions.
Tip #3: Get a Mentor
A good mentor helps you gain practical experience much quicker and more easily compared to books and courses. Mentors help you navigate deals and overcome any show stopping challenges that may arise. Mentors are your safety net in areas where you don’t know where you’re headed. If you’re serious about taking your real estate investments to the next level, a mentor will help you get there quicker and with much less risk than if you were to do it alone.
Tip #4: Utilize a Team of Experts
There are many people who shun the idea of new investors taking on the risk of large, complicated projects like commercial real estate investments. They’re right. Commercial property investing is not for inexperienced investors or for do-it-yourselfers, but here’s the idea – let the experts be experts. Your team of experts works to eliminate the risk of your inexperience and lack of knowledge. You can get to the next level in your real estate investment career when you have the expertise of people who already know how to navigate their way through a deal.
Tip #5: Develop Marketing Skills
Any business will fail unless it’s marketed. Taking your real estate business to the next level means you must develop your marketing skills by putting them into action. For example, I started marketing my business using direct mail. At the time, I believed that it was the only thing I could do. As I started to get responses, I started networking myself at places like local real estate investment clubs and with bankers. Basically, I took one marketing strategy, learned it, and honed it until it produced a reward for me. Then I started working other forms of marketing. Your business is going to go to the next level when you start learning about and working more marketing strategies.
Tip #6: Have a Can-Do Attitude
Attitude makes all the difference. A person who thinks that they can’t do a deal that will take their business to the next level has already shot himself in the foot. Without even trying, he’s already doomed to failure. Conversely, a person who is hungry enough for success will attain it simply because he hasn’t given up.
No matter where you are in your real estate career, these tips will help you get to the next level. Commercial real estate is the right vehicle that provides some of the greatest cash flows in the industry. When you combine education, expertise, marketing, and the right attitude, you’ve got the makings for attaining greater investments and receiving better cash flow deals. The next step is to take action.