Real Estate Investing Principles: How to Build a Solid Business Foundation
In a day where we are WOW’d and AMAZED by marketing minds through TV, billboards, magazine ads, internet flash ads, etc., we can easily become distracted by the glamour and fantasy of things and lose touch with reality. In my last blog post, I explained that by watching HGTV and other home improvement shows, we can learn trends and styles and glean great ideas to improve our product as investors. But as one person so aptly commented, you have to filter out all of the junk. You have to chew the meat and spit out the bones!When our family initially set out to conquer the world of real estate investing, we knew we needed some direction, some guidance, some help! There is so much information, so many ideas that it is 100% overwhelming for the newbie investor. We began looking into all of the guru products and were turned off by 95% of them. After much toil, we bought Dave Whisnant’s investor course and dived into all of the nuggets he had to offer. Though we learned several good how-to’s and tips and tricks, what really launched us towards success is this:Applied PrinciplesOh man, how boring! Sounds like a graduate level physics course. To me it sounds like money in the bank…What the newbie investor needs above all else is to learn the Basic Principles of Investing, People, and Business.I realize that this is probably a worn out topic, but we need to keep wearing it out because good ideas come and go, but principles never, ever fail!Example: You don’t have to wonder if the universal principle of gravity is going to work. It will work 10 times out of 10 because it is a universal principle! There is no reason to test a principle. You can bet on it.So, this blog post and the one to follow are aimed at the newbie investor or the experienced investor that might be struggling to break through to a new level. We have all experienced this “resistance,” whether new to REI or with years of experience under our belt.I proclaim that the most important thing for a newbie investor is a foundation of solid principles. I also proclaim that what it takes to launch your investing career is also required to grow your investing business for years. Forgive me for being vague, but bear with me.Have you hit a rut in your investing business?
Are you not able to break through to that new level of investing that you have been desiring (and desiring for a long time)? We tend to look for the next “new” idea or a quick fix to propel us forward. Gurus are always marketing new ideas that are “revolutionary” and can take your business to the next level. They sound exciting and you believe it only to end up going around the same mountain back at the same place.Educating yourself is a given. You must do it and it is easier than ever to learn how to invest in Real Estate. With sites like BiggerPockets, you can learn more than you really want to know. So, please keep in mind that I am assuming that you are doing all you can to learn and stay on top of the real estate trends and markets.With that being said, I want to propose some principles in this blog and the next one that will help you be successful and grow your business.