Greetings everyone! My name is Shawn Sanders and I’m from Miami, Florida. I’m a freelance real estate consultant and I’ve been in the business of real estate investing for over 10 years now.
My experience in the field of real estate is what inspired me to open up this blog and to share some valuable information with the newbies out there as well as those who are considering the idea of entering the industry.
I would also like to impart some ideas, insights, and some trade secrets on how you can have a good jumpstart in the business. Given that, I would like to discuss on this website some of the best resources that every real estate investor should know.
Going Back to the Basics
I remember when I was just starting up in the real estate business. I felt highly motivated knowing that it’s a challenging and lucrative venture. However, I couldn’t deny the traces of doubts and uncertainties that went with the decision.
The real estate business may be an excellent career option if you want to make a name for yourself, but we cannot deny the tough and rigid competition from numerous new and well-established players within the field. For a while, I wondered if I made the right business choice.
I once heard from my college professor that if you’re undecided or doubtful with the type of business that you want to invest in, always “turn back to the basics”.
This can be done by visualizing man’s basic needs for survival which include water, food, clothing, and shelter. And, then learn to work from there.
Shelter. When we say shelter, it refers to the roof above our heads and walls to keep up secure. To survive, man needs a shelter – a house which he can also refer to as “home”.
This idea from my professor was an absolute game-changer. It inspired me to pursue a real estate business and to think of other means to make it an even more worthwhile and rewarding venture.
The Real Estate Battlefield: The Statistics
Looking back at my earliest years in the real estate field, I was already aware at that time that the competition was going to come from everywhere.
Based on the Economic Census, the U.S. had more than 86,000 real estate brokerage firms; and the market for real estate companies and individual entrepreneurs comprises 5.6 million commercial buildings and over 87 billion square feet of floor area.
Moreover, according to the Association of Miami Real Estate License Law Officials, there are over 2 million active real estate licensees within the U.S. and more than 300 Million in Miami!
Becoming a Part of the Playing Field
The first thing that you have to keep in mind is to never be intimidated by the competition. You must be focused on good planning, acquiring knowledge, and having reliable resources.
The initial phase of the business serves as its foundation. Therefore, make sure that the foundation is solid in order to handle the competitive and sometimes harsh market environment confidently.
On a personal level and as an entrepreneur, you have to learn how to nurture your dreams and ambitions. You must strive to become goal-oriented and highly organized.
You must continue the process of learning by studying the latest market trends consistently and by becoming aware of the latest tools and resources that can guarantee your success.
Lastly, always remember that success doesn’t come easy in the real estate field. It is a long and aggressive game that requires a lot of patience, well-calculated risks, and strategies.
Top Resources in Real Estate Business and Investment
Becoming aware of the most essential resources for real estate investing can help you set your goals and direction. Similar to other business types, the real estate business is an expansive field with numerous aspects.
Therefore, having your own resources can give you more confidence to move forward and in a well-calculated way.
Real estate investing is not as easy as buying a house and then selling it for a reasonable profit. If you want to make the most out of the venture and maximize your gains, you must be willing to run the extra mile.
For instance, if you’re investing in a distressed property in Miami and you want to have it restored so you can sell it at a higher price, you should consider the idea of making more practical choices to minimize the cost.
Instead of looking for restoration services around Miami, consider hiring specialists which are considerably more affordable. Becoming aware of all available and cost-effective options can save you a lot of time, money, and energy when working on your investment.
Sources of Real Estate Deals
In real estate investing, finding good real estate deals is always the course of the action plan. If you’re relatively new in the field or business, one of the best things you can consider when using a miami real estate agency is to figure it if they can find deals that are off the market.
Your initial steps should include looking for bandit signs around your target area, checking out local newspaper classified ads, and targeting FSBO (For Sale by Owner) properties.
Try to come up with a realistic strategy that works best for you based on your plans, objectives, and available resources. I’ve heard some realtors are using marketing agencies like SEO Miami service To develop your own deal-sourcing strategies, you must learn to think outside the box by identifying the deals and resources that suit your needs and then weeding out the ones that aren’t worthy of your time.
When you apply for a loan to buy an investment property, you would need to apply for insurance coverage. By doing so, you are able to protect your investment and you can have peace of mind against unforeseen events.
However, since insurance policies can sometimes be ambiguous, consulting a Public Adjuster Miami offers can give you ideas about the type of insurance coverage that is most suitable to your type of investment.
In some cases and one way or another, you would need to claim for insurance at any point such as for roof damage, water/flood damage, or unauthorized break-in.
This is a situation wherein you would need the expertise of a licensed Public Adjuster who can represent your interests and negotiate on your behalf with your insurance provider.
With the expertise of a Public Adjuster, you can have better chances of maximizing the insurance coverage of your property.
Investment Rate Score
For almost a decade now, real estate investors can actually expect both short and long-term gains on their property investment.
With the low prices, interest rates at record-breaking lows, and many potential buyers deciding to rent instead, it may be a good time to buy real estate investment.
Objective evaluation of a real estate property’s inherent long-term worth requires a rating process as sophisticated and mature as the one used for stocks and funds.
Therefore, being aware of the property’s current market price is important but it may not be sufficient during the most uncertain times.
A realistic rating analysis covers all aspects of location and measures the inherent risk and volatility of its attributes.
Real estate investing is a “people business”. This means that the more connections you have, the higher your chances are of being successful. However, it is important that you also know the right people and this includes the actual players in the field such as the realtors; real estate agents, and brokers.
There is a lot that you can learn from realtors aside from the healthy competition. Real estate is a vast industry wherein you would need to team up with other people to collaborate ideas with them, learn more about the current market trends and acquire valuable insights in order to gain stability and confidence in the field.