Things I Learned the Hard Way in Real Estate & the Partner that Betrayed…
Things I Learned the Hard Way in Real Estate & the Partner that Betrayed Me! - Maor Buchnick - Entrepreneur of the Week - Post 3 + 4
#EntrepreneuroftheWeek #RealEstate #Flips #BuyAndHold #BRRRR #Mortgage #Investors #RiskManagement #NewConstruction
Post 3:
So what will we have in the following posts, it seems to me that most of you are already familiar with most types of transactions and concepts from the American real estate world, and I do not want to repeat others, so it seems to me will just tell you some success stories. Magnificent, and also, what can be done with the talent of entrepreneurship in the country as well.
So let's start with the successes (so that there will be somewhere to go later), but you matched, I did not want to tell you about successful homes I made, how much I bought, how much I renovated, how much I sold, how much I made, because it just seemed monotonous and boring. I will just say that I have earned quite a few flips and houses for rent, and if you do it right and smart, and of course understand what you are doing, it is a very significant income, depending on the scope of your activity and goals.
I'm more interested in talking to you about what needs to be done to be successful. Or in other words, my post will deal with tips for success I learned about my flesh, blood, sweat and tears .. and I'm sure anyone can take something. so lets start:
Being surrounded by good company - when I started everyone around me did not really support, “why do you need all this mess”, just dangerous, it is far, it is not safe, it is real estate. Really if I had listened to everyone I would have stood still. So my advice is do not listen to other people who are following you, who are not promoting you towards success. On the contrary, gather around you people who breathe and talk real estate so that you can feel the realm, live it, and from this place will also come the courage to start.
Get started- I know some who just study, and study, another course, another mentor, have already dug up all of Google, they are already a walking encyclopedia for real estate, but what one property did not buy. I think the real school is the territory. Only from there do you really learn and the real power in this field, unlike other fields, is not only descriptive knowledge (of course knowledge is also important and I do not recommend not knowing anything) but real knowledge and real power, is to see a good deal, and jump on it like a lion to prey, quickly and determinedly. And even then, after the acquisition know how to lead the right moves, all this is acquired only from experience, only with rolling in transactions, dealing with different situations. And no school will prepare you for this, so my recommendation to all sitting on the fence, just get started.
Reward - The contractor looks so nice, we actually connect transmitters on the same wave, my agent is my best friend, and my foreman is family time. We Israelis are warm people, love to connect and trust others as if they are our partners, but, this is exactly the recipe for falls, trust others who will do your job for you, they are here for the money, first of all. So before you start make sure that everyone on the team has a clear financial interest in the success of the deal! Will feel this way, hop he is out of the picture and you will have one important link missing. So do not skimp, and reward the good people who work with you.
Patience - well this is something I had a very hard time adapting to myself. And still working on myself and practicing breathing. I'm used to getting what I want here and now, and in real estate, it's not really like that, things take time, there are also bureaucratic processes, and sometimes I find myself sending dozens of emails every day, harassing my team, to make things happen now.
Continue reading on our site:
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