Establishing Your Methods
When getting into the real estate business it’s essential to know what method works best for you.
In order to choose the right method, start by figuring out what you want to accomplish. Do you want to make quick cash by wholesaling? Or are you looking for long-term wealth, a rental or rent-to-own method might be better. Maybe you already have a job and just want to supplement your income by flipping houses. Depending on what you want to accomplish, your method or strategy will be different.
After you decide what your method is create some criteria for buying a property and stick to it. Are you looking to invest in million-dollar homes or homes at the lower end of the market? How many baths does a property have to have? Are you okay adding a bathroom to increase property value? What types of neighborhoods do you want to be in? By creating criteria for your strategy and sticking to it, it’s much to say no to properties that might not be right fit for you.
Laser focus on one method at a time. Try not to move on to another method until you feel comfortable with the first one. It’s easy to get distracted, but be disciplined and stick to your method, don’t juggle more than you can handle.