The real estate industry is bustling and some areas really give way to that fact. San Diego, California, for example, is a location in which people flock in order to bask in the beauty living there offers. Real estate gurus in the area include Than Merrill, Alan Hamrick, Seth O’Byrne, and John Goodell. Each one of these agents embodies the skill required in the real estate industry and are well known for making sales. Of course, their success did not happen overnight and there are a few tips that these real estate legends will pass along to those wishing to transition to a real estate investment career.
Treat it as a Business
Simply enough, the industry is not only about making sales and living day to day. Professionals will tell prospective investors to understand creating a business plan in its entirety, and to be well equipped with one. Set goals over the timeframe of one, five, or ten years, and work to achieve these goals each day.
How is your Credit Report?
Most lenders require a fairly flawless credit report from investors. Additionally, your ratio of debt to monthly income must be low in this profession. Failure to quickly pay off the loans that acquire the most debt, such as car loans, results in a poorer ratio and credit score.
Where are the Best Areas?
Investors often make the mistake of buying properties close to their homes to cut travel times in half. However, this greatly hinders their profession by preventing better properties with more appeal from being purchased. Professionals will say to invest in properties for their value, not their proximity.
There is More Than One Source, you know
Investors tend to limit their property searches to the local Multiple Listing Service (MLS). However, not all solid properties are located on these services nor are the best deals. Auction sites tend to have great properties listed at great prices.
Brush up on the Industry
This is certainly not an industry that gives way to stagnation. It is thriving and it succumbs to change. As a result, it is essential to stay current by catching up on some literature discussing recent events, success stories, and even failures.