Success Leaves Clues... How Real Estate Investors can Find Them.

My primary mentor in my life always used to say this about people in general...

Brilliant people never make mistakes...

Dumb people just keep making the same mistakes...

But the average SUCCESSFUL person learns from others mistakes and prospers as a result. 

Seems simple and uncomplicated doesn't it?  It is!

I have got to believe that the majority of real estate investors fall into at least the AVERAGE category.  Yet often times we are arrogant or we falsely believe that we already know all of the answers and head down the real estate investing path... only to get taught some very expensive lessons that someone else has already learned!

OUCH!!!

How many of you have had this experience?  My guess would be more than a few.

However, this doesn't have to be you.  Really!

Okay... Pete, what do your recommend? 

First we need to...

GET A CLUE...  

In keeping with the statement my mentor always made regarding "average people learn from others mistakes"... so to does the following hold true...

SUCCESS LEAVES CLUES... Many of them!!!  

That is correct... Success Leaves Clues.  As a real estate investor you just have to know where to look to find them.  And then once you discover who is achieving success... you just MODEL IT!   

It is that simple!

But Pete... where do I find these successful real estate investors and what clues should I be looking for???

They are everywhere.  Everywhere that is that real estate investors are taking action, purchasing properties, learning lessons, overcoming mistakes, improving their processes and businesses, and constantly moving forward.  This is where you will find your CLUES!

So if you want to model success... and learn from these "successful" real estate investor... here are a few of the things that are working today.

1.   Sellers are more realistic and lenders (REOs) are always motivated... you need to stick to your purchasing criteria... and you will be successful!

2.   Your purchase price must take into account the current market and be more than a marginal deal... to do otherwise will force you to compete based on the quality of the renovation alone... This approach would be a money loser!

3.  Certain areas are better then others... stay away from the "herd".  Unless of course you prefer to act like a Lemming and rush into the cold, frigid ocean.

4.   Your renovation must be completed in a timely fashion... that means a renovation that is taking more than 12 weeks is in jeopardy... and don't kid yourself... you are in trouble!

5.   Your renovation must be of equal quality or better then properties in your market... remember your competition is looking for every advantage over you... Your big difference... you followed items 1 and 2 above.

6.   Your sales price must be 5 to 10 percent below everything listed... this is where you "cream" your competition.  You follow success tips 1, 2, and 5 and then list below everything else on the market.  No brainer!

7.   Staging your properties... and "cream" your competition!

8.   A strong team is critical... you may think you are Superman/woman, but I am here to tell you... if you insist on doing this business by yourself... your learning curve is going to long and costly.  You decide... are you that good?  I doubt it.  GET A TEAM!

9.   Don't believe everything the media is telling you... I have nothing to say about this one... other than be careful where you get your information from.

And there you have it.  9 quick and dirty "SUCCESS SECRETS" that you as a real estate investor can immediately start to MODEL and improve your performance... NOW!