I had a conversation with a begining real estate investor today, and over and over again he mentioned that he didnt have the money to get into real estate investing.
So I started thinking, what is the MOST important of real estate investing after someone has taken action to learn the trade?
I know that as an investor you have to be well rounded in all facets.
Out of curiousity, submit your vote and lets see what everyone thinks.
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.
I don’t have a lot of experience… But I would imagine that finding a motivated seller is the start of everything… IMHO…
Making money (cash flow) is the most important part of real estate investing.
Mike
Bingo!
Keith
Ok, making money or profitable deals is great key, but is that the most
important? Its kind of the chicken or egg debate.
If your not looking at deals, does it matter if their profitable?
Does the tree make a noice in the forest if it falls and nobodies there to hear it?
let me see if i can add that to the poll.
It’s not a ‘chicken/egg’ conundrum at all…why would you go into business to lose money?
Keith
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.
So what, exactly, is the purpose of this useless poll?
I’ll bet if one of the choices was “Making MOney” or “Cashflow” you’d see a lot different results.
The “most important part of REI” is ‘none of the above’…!
Keith
I would like to change my answer from Making Money to “Not Losing Your BUTT”.
Mike
Quitter!
LOL
Keith
Finding motivated sellers hands down.
Buying at the right price. Nothing else matters and/or everything will be more difficult unless you buy a property at the right price.
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
the pole.
Most important part of REI? I personally believe is in knowing how to structure the deal creatively.
Scenario: I could learn how to find motivated sellers, then go out and learn how to get buyers and now that I have BOTH then WHAT… how do I get paid or make $$?
Both learning how to negotiate entrances and legally structuring exits using a title agent would be the most important!
All the best!
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.
Once again dave-t a very good post
Doogsters - are you stalking Dave-T… :O) He will end up filing for an order of protection… :O)
Just kidding - I agree that it was a good post… Have a good evening!