I think a few of those are of equal importance or overlap. Finding the properties, the money, negotiating, marketing, etc are all very important. I think finding the “deals” that are cash flowing are the hardest for me. I have a couple investors ready to go, but I need the deals to work for me.
You cant sell deals quickly if your not getting deals… If you dont get deals coming in, no one will give you money… Even if you cant negotiate with the seller, you can get an investor with money and negotiating skills to do the deal… If all you knew was the homeowner wants to sell and there is a good amount of equity in the deal, you will find someone to buy it for a fee, help you close it or help you negotiate it… the most important hands down is getting the calls aka marketing! if no one knew what COKE was no one would drink it. If you need something, lets say a dining room table, your not gonna get one if you dont go to a furniture store, and what store are you gonna go to?? the one that has the best sale and the most well known aka (marketing) you wouldnt know any other way…
Keith, I dont think anyone would go into business wanting to loss money, but at the same token if you go into business and you dont have any business wheres that leave you, you might not be lossing money but your not making any.
All of these things are important to the business, Im not sure theres one thats more important but Im leaning toward actually being able to generate business might be a good start, once you have studied up a bit.
I wanted to thank everyone that took the time to either chime in
and/or vote. It seemed we have two clear winners, one not on the
pole “making money” & “Finding motivated sellers” which was on
I am guessing that your question is asking what aspect of REI is most important to success. You have gotten thoughtful responses to your question.
For many, the most important aspect of REI is just taking that first step. Many new investors just never get started. They don’t get started because they have not established their ultimate REI goal. Without a specific and measurable goal and a timeline in which to accomplish it, the wannabe REI can’t develop a realistic investment plan. They don’t set goals, don’t develop objectives to achieve to meet their goals, and don’t define the specific actions they need to take to accomplsh the objectives.
They never take the first step to REI success because they don’t have a plan.
So, for my contribution to this discussion, I submit to all that the most important part of successful REI is developing a plan.