How to Become a Successful REI

The number one mistake real estate investors make…lack of education. Trying to invest in real estate with out the proper knowledge is a lot like flying a plane with out pilot’s training--not very smart. As we mention quite frequently in our blog posts, Part-Time REI is all about education. Above all, you should make sure you take the time to learn about real estate investing to ensure success. So with that number one advice we start out our list of top five tips at being successful at real estate investing with none other than staying educated.

1. Educate Yourself

You should have a plan for how you intend to learn about flipping houses. Just like any industry, real estate investing is constantly moving forward. You don’t have to be a Realtor to flip houses, but in some states there are specific requirements for real estate agents to take continuing education. As an investor, you should be doing the same thing. This can be anything from reading blogs, attending workshops, online seminars, or training courses online. Also stay on top of your market. By researching new opportunity you will stay apprises of what’s going on in the real estate marketing.

2. Set Goals

Why do you want to start investing in real estate? When do you want to retire? What is your dream trip? All good motivators to achieve the place in life you want to be. Clear goals implement clarity. Along with goals, setting a clear schedule will compliment your structured goals. This includes financial goals. Without specific financial goals, you’ll find it difficult or impossible to correctly analyze potential real estate deals. Investors flipping houses typically set a purchase price goal of 30% below market value after repairs.

3. Network with Successful REIs

Converge with fellow real estate investors. Join REI groups in your city. Here you can meet other investor minded individuals like wholesalers and contractors that can help you along your journey. It is essential that you connect with those who have more experience in order to get good advice. Attend club meetings on a regular basis. Join online real estate forums as well.

Don’t make this mistake. Instead learn from others’ mistakes. Even the most experienced investors make mistakes. When a deal is less profitable than you intended it to be, take the time to make a thorough analysis of what went wrong. Ask questions on real estate blogs to investors like what mistakes they made along the way and how they avoid those mistakes today. For a list of most common mistakes to avoid check out our blog on Why Flippers Fail.

5. Implement Leverage

Think of your real estate investment as an actual business. Don’t try to do all the work yourself. The point is not to have a second job but rather a second income. Become an investor. Learn to LEVERAGE other people’s time to achieve your goals. Contractors, Realtors, wholesalers –you name it. Your goal is to invest in real estate not spend your spare time remodeling a house.

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