What kind of an investor do you want to be? I am currently reading The Millionaire Real Estate Investor by Gary Keller.
As an investor myself I am constantly looking at ways to increase my investment portfolio & learning about what other real estate investors are investing in & how is a great way to enhance your current situation as well. Why re-invent the wheel as they say? Exactly. And maybe youve been successfully investing & your way works but maybe there is an easier or more lucrative approach out there? Im sure if you are reading this that you are the type of person that is always looking to find great advice out there though.
By continuing to educate yourself through books, tapes, seminars, etc you are becoming more & more of what you ultimately seek to be.
One part of the book Id like to share with you that I personally found very insightful was the following:
The Four Investment Profiles
Investor loves opportunity & buys the right thing!
Collector loves ownership & buys something!
Speculator loves the action & buys anything!
Observer loves ideas & buys nothing!
So where do you want to be? Looking over these 4 characters I see that a lot of my clients are currently the speculator or collector instead of the investor. I want to help my clients reach the investor level for ultimate success. Dont you want to be an investor too? Im sure that the collectors & speculators like to THINK that they are investors but in reality are they? No, they really arent. While some speculators get very lucky & have huge returns that is the exception & not the rule.
When investing in real estate you have to know what you are doing & make your money going into the project, not hoping for appreciation after the fact. This is exactly why I worry about speculators who want to buy & flip properties. While several clients made a lot of money doing this over the past couple of years we all knew it couldnt go on forever. And it has stopped. We all know that the market has shifted & a lot of that was fueled by the speculative investors. Some of them are looking at other soon to be hot markets & some are waiting it out. Some have had to cut their losses and get out now & hopefully will be able to return later.
Now many true investors are seeing opportunities in our area & are looking at adding properties to their portfolios. These properties may even have cash flow & the investor plans to hold them for a while.
Real estate isnt a liquid asset so if you cant afford to hold the property you better not buy it.
Some things that real estate are as Gary Keller points out as well: Attainable, appreciable, leverage able, rentable, improvable, deductible, depreciable, deferrable, stable & livable.makes it quite able doesnt it?
Id be more than happy to speak with you about real estate investing & help guide you to properties that are a fit for you. Its a buyers market here.
Which means you should be buying, but not just buying anything, but rather buying smart. I look forward to working with you in the near future.
To buy Gary's book online at amazon.com just click this link: The Millionaire Real Estate Investor It's selling used for about $11 & new at $14 - not much at all for what you get!
Yours in Success,
Susan Milner, e-PRO REALTOR