Treat REI as a Buisness. Get started on the right foot

[Matthew Morrow]

Hello everyone,

As an investor, mentor, and team lead of an investor focused real estate group- we instill these values and approach to real estate investing with all of our clients and partners. Thought this was worth sharing.

Treat investing as a genuine business rather than a side hustle. Here are the key takeaways for anyone on this path:

1. Business Plan:

Start with a clear plan. Define your goals, target market, and financing strategy. This is your roadmap.

2. Market Knowledge:

Deeply understand your market. Know the trends, demographics, and future developments to make informed decisions.

3. Financial Management:

Keep a tight grip on your budget, including acquisitions, renovations, and unexpected costs. Financial discipline is crucial.

4. Legal Compliance:

Ensure you're on top of zoning laws, landlord-tenant laws, and that your contracts are solid. Legal integrity is non-negotiable.

5. Team Building:

As you grow, so does your need for a professional team. Realtors, property managers, contractors, and legal advisors are invaluable.

6. Adaptation and Learning:

The real estate market is ever-changing. Stay informed and be ready to pivot your strategy as needed.

7. Customer Focus: (tenants)

Never forget the end-user of your properties. High standards and ethical practices will build your reputation.

Shifting your mindset to treating real estate investing as a serious business is fundamental to success. It demands strategy, discipline, and a professional approach.

Would love to hear your thoughts or strategies on approaching real estate investing from a business perspective!

[Chris Seveney]

Quote from @Matthew Morrow:

Quote from @Jonathan Greene:

I am curious why you have made the same post in four separate forums and think it's not spam.

Hey @Jonathan Greene,

Totally get where you’re coming from and why it might look a bit spammy.

Honestly, I just wanted to spread some helpful info across various groups because I know folks hang out in different spots and might be into different things. Was just aiming to share some useful tips for anyone getting started, without asking for anything. When I started on BP the forums were overwhelming and I only chose a few to follow. 

Hope that clears it up a bit, and if it’s against policy I’ll gladly pull em down. 

Cheers
Matt 

 As others mentioned, strongly recommend only posting in one group, posting the same post in multiple groups is very spammy and not looked at in good light.