Does Real Estate Investing have to be Sexy
Is real estate sexy! To own properties to rent properties to be the “Donald Trump” or the local guy in the neighborhood that owns all this real estate. Real Estate is a very interesting product to own. The people that own Real Estate either are very open about it, they walk around saying they own properties. Or, they let people know they are interested in real estate and maybe its because they are trying to attract investors.
There are some who don’t want people to know that they own real estate. Its like the millionaire next door who lives in this house has this normal house, this normal car and he owns 10‐30 properties and he runs this real estate business and nobody knows about it.
The reason I start out by saying ” Is Real Estate Investing Sexy” its really because you don’t want to hear too much about your real estate investments, you don’t want to hear too much about the fact that you own real estate investments. You want to buy a property, you want to invest in a property whether its with joint ventures whether its by yourself. You want get that property under title, you want to put renters in there, you want to advertise that and how you do that is up to you. This should be very slow very meticulous, very quiet kind of activity.
Real Estate Investing should not be sexy
It should be a very passive kind of way to earn income. The fact that you have renters in there you should do a very good due diligence. Refer to previous video i have out on what to look for when getting tenants in there. You want to make sure that things are always rented, you want to make sure your properties are always serviced properly that its being maintained properly.You get the renters, the renters pay you rent regularly they don’t pay you rent you have a process in place to take care of that.You get all the income, you get all the expenses paid so you pay your mortgage, your interest, your taxes, your insurance all the utilities that you are responsible for.
All those things need to have a standard meticulous process where you can do yourself or you can have a property manager. All the finances need to be managed, manage all the transactions at the end of the year , you have all your journals, you should be looking at your properties every month and determining what needs to be done.
It all depends, maybe you are investing in multi family homes so you have several units so you look at how those are cash flowing. Maybe you want to sell them so you make sure that you are dealing with the right Realtor or if you are selling it yourself you are putting the right marketing in place.
When the property goes up for sale you’ve done all the proper staging, proper advertising and videos along with the photos. You become very diligent in the process, you become very good at what you are doing but again its very boring. It shouldn’t be sexy, this isn’t something you want to be heard in the news about.
Treat Real Estate Like a Business
You treat your property, you treat your real estate activities like a business, you treat your tenants with respect and they will treat your property with respect. Real Estate Investing should not be sexy, its not sexy, its a very mandate activity with good cash flow. This is from a rental prospective.
Fix and flip its the same kind of thing. You hear all these horror stories of people buying homes and they end up carrying the property and losing money in renovations. Do your due diligence.
You want to make sure you are dealing with people that know what they are doing or you know what you are doing. Get educated! Make sure you are up to speed with all the skills that are needed. Sales,marketing, project management, property management, accounting, bookkeeping, all those things.
Everything I have been saying so far is pretty boring, right!
So Real Estate Investing is not sexy and it should not be sexy, it should be very very boring but very lucrative and very profitable.