“If you are going to buy your way into real estate, I don’t see a better option than Redfin,” Micenko told Inman. Redfin’s data on consumers’ work history, wages,
Is real estate investing a dying field? Is it worth breaking into real estate investing?
Real estate investing isn’t a dying field. Though, it’s getting harder and harder to get into it. Why? There are more people willing to buy overpriced properties when markets are high versus when markets are low due to the economy.
Most experienced real estate investors make the most money when markets are low and the economy is bad. These are times when there is fear among everyone. People are scared to spend their money. And do what everyone else is doing. Which is nothing.
If you’re serious about breaking into real estate investing, it’s definitely worth it if you find something that works with your personality. The hardest part is finding your niche and doing something that works for you.
Personally, it took me awhile to find my niche as a mobile home investor. But once I did, I became a specialist as explained here:
Here are a few things to keep in mind if you’re thinking about becoming a real estate investor:
- More competition when the market is hot
When financing is readily available and markets are hot, you’ll find more competition among real estate investors. New investors are willing to overpay for properties just to get a deal (if you can even call it that!). But as an experienced and smart investor, you have to be patient. Wait for the right opportunity. And act fast when it happens.
- The best deals aren’t advertised
When it comes to real estate investing, the best deals are the ones that no one knows about. They aren’t advertised. Sometimes they’re not even listed on the multiple listing service (MLS). These are the deals you find through and/or just scouting and marketing in neighborhoods where you want to invest.
New real estate investors have a hard time getting into the game because they look for deals where everyone else is looking. Be different. Do what the pros do. Find opportunities in places where the masses don’t look. Take the time to build up your network. Scout out and market neighborhoods. Talk to owners directly. With , opportunities will start coming your way.
- Networking is key
As an experienced real estate investor and author, I can tell you networking is key when it comes to being successful in real estate. Take the time to build up your network. Find people who are reliable, honest and can help you with your business.
Many new real estate investors skip this step. Instead, they focus on finding the “deal.” Though, what happens is they end up scrambling for help when opportunities come their way. Or even worse, don’t even find any leads to pursue. All this happens due to having a weak or nonexistent network.
Hope this helps. If you’re interested in learning more about being a successful real estate investor for the long term, you may want to read the book
Best of luck!