Making millions is everyone’s dream these days, but only dreaming can not get you what you want. So get on a ride and read this article to know how to make a million in Real Estate!
Six secrets to get millionaire status in real estate
I recently had a chance to shop with Grant Cardone, real estate mogul and self-made millionaire. He shared some of his the best secrets to success with me, and I wanted to share them with you. Here are his best tips:
- identify your passions and focus on doing what you love.
- don’t be afraid to take risks and be entrepreneurial.
- always surround yourself with positive people who will help you grow and learn.
1. The real estate deal is important.
Most people chase the wrong thing first. They focus on getting a deal, then taking on debt and then worrying about equity or cash. If you focus on getting the deal right, the rest will follow. The key is to find a good opportunity and take advantage of it. It is the only way to ensure success in the long run.
2. Never compromise location.
Location, location, location. It is the mantra of real estate agents worldwide, and for a good reason. Location is critical for real estate, and you can always fix up a property, but you can never change its location.
That is why I would rather pay a bit more for a great location than for a great building. Sure, the building might be more excellent, but if the location isn’t ideal, it won’t matter in the long run.
I have seen this play out time and again. A business moves into a great building in a terrible location and quickly go out of business because no one can find it.
Or, invest in fixing up a property only to find that competitors are located next door, and they can’t generate any business because everyone goes to the other businesses instead.
3. Units are more important than numbers.
If you are just getting started in real estate, you may be tempted to buy a small property. However, this is not the best way to get started. Most people start too small, and it is much harder to make money on smaller deals.
A better strategy is to buy a larger property with 32 or more units, and it is much easier to manage and will provide you with a steadier income stream.
4. Look for low rented properties.
In every market across America, you can find properties where the rents are below market. It is most often an owner who has been invested for a long time and has not raised rents in line with current market values.
If you’re looking for an investment property, it’s worth your time to look for these properties and see if you can raise the rent by $200 or more.
Often, you’ll be able to find a property where the rent is much lower than what is currently being charged in the area. It can be a great way to get a good return on your investment.
5. Cash flow status
Cash flow is key to a successful real estate investment. You can weather any storm the market throws your way when you have positive cash flow.
And rents will only continue to go up, so now is the time to invest in real estate. Make sure you find a property with good cash flow, and you’ll be on your way to a bright future in real estate investing.
6. Know your market cold
Warren Buffett, one of the most successful investors globally, has said that confidence is critical for a great investor. Confidence allows you to pull the trigger on investment and stick with it through thick and thin. If you lack confidence, your emotions will get in the way of making sound decisions.
Buffett also believes that knowing your market is essential for investing success. It would help if you understood how the economy works and what factors drive certain stocks or industries. This knowledge will give you the confidence to make informed decisions about where to invest your money.
Cardone’s Final Word on Investing in real estate
Real estate has been an excellent investment over the years. I have never lost money on a real estate deal, and I’ve made much money. I started with $3,000 and today have 10,000.
You need to know a few things if you want to be successful in real estate investing. First, pick the right market, and some markets are more favourable than others for investors. You also need to learn about finance and understand how to use leverage.
Another key is to find good deals and partner with people who have the same goals as you do. When everyone involved is working together for the same goal, the odds of success increase exponentially.
Lastly, it’s essential to know your market cold. It means being familiar with all aspects of a particular stock or industry, including its history and prospects. By doing your homework, you’ll be able to identify suitable investment opportunities and make wise choices about where to put your money.
In conclusion, Grant Cardone’s six secrets to real estate millionaire status are:
- Have a definite plan and goal.
- Master the art of buying and selling.
- Build a team of experts to help you.
- Use technology to your advantage.
- Be passionate about real estate.
- Stay motivated.
To achieve real estate millionaire status, follow these guidelines and never give up.