This is a question that many investors fail to ask themselves before jumping into arena of real estate investing. I can't count the number of people that I have told me they have lost, or were unhappy with their return in real estate investing. I ask what their plan was and they tell me their goal. What they failed to realize is that investing in real estate is a journey, not an event. You must plan to produce. Planning is the foundation of a succcessful journey.
It is important to note there are hundreds of ways to make money in real estate, some that fit your personality and comfort levels and some that don't. None are the best nor the worst. Some are meant for short term returns and some for long term. If you are new to real estate investing or own property without a plan, I recommend you read up. If you are not a reader, or feel that you learn better from experience, do yourself a huge favor and consult an experienced investor (or investment consultant). One great thing about most real estate investors and professionals is that they love to share their knowledge and experience. You will find that networking in Real Estate is extremely important and the successful investor already knows this. Become part of their network and add them to yours. If you happen not to know anyone in the business, find yourself a workshop or agent/mortgage broker/contractor experienced in real estate investing.
Even if you do neither, sit down and write out how you are going to reach your goal! Don't expect that investing in one piece of property will make you a millionaire, just as in the stock market, the savvy investor is the one that wins in the long run. Plan your journey and you will find success in real estate investing.
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