Rewards come from taking risks -
You take a risk when you get behind the wheel of your vehicle.
Risk being you could be in a fatal accident.
Reward being making it to your destination.
This is a simple, mindless, example -
How about climbing a mountain ?
Some people think it's a huge risk, but those climbing are in it for a multitude of rewards that, far, exceed the risk.
Investments are the most common risk, realistically.
Stocks, bonds, mutual funds, tax liens and the list goes on.
All of these risks have associated rewards -
Ultimately, you won't win the lottery if you don't purchase a ticket (Unless someone gives you a ticket !).
So, my point is pretty simple:
Don't be scared to take some risks.
Be sure the risks you take are equal to the "potential" rewards AND that you can afford the loss, should that be the end result.
Pay attention to those around you, in your daily life.
You know those who are financially successful and those who want to be -
Spend some time with those who you most want to be like, relating to their success levels.
Also understand that success is personal to each of us.
Some people feel that success is driving around in expensive automobiles, eating at the finest restaurants and having preferred seating at high demand events.
Some people feel that success is internal happiness, being content with oneself and simply enjoying every moment of their life.
Some people feel..........
You get the point.
Ultimately, regardless of one's definition of success, it all involves some form of risk.
Identify your definition of success, find those who are living your definition of success and find a, respectful, way to spend time with them so you can learn.
There's an old saying that goes something like "Maybe a little bit of that person will rub off on you." -
Just remember - you don't have to be afraid of taking risk - it's NOT taking risks that you should fear.
New To You RE, LLC
It used to be location, location, location - but now it's location, price and margin/profit.
In today's market, location, alone, doesn't make the deal.
Technology has opened our eyes to resources that provide all the information one needs to determine VALUE on any given property.
Combine the technologies with a struggling economy and you'll quickly see the opportunities that are all around you - regardless of location.
ARE YOU AN INVESTOR ?:
For investors, it's business as usual, less the financing options, despite record low rates.
Regardless of the economy, opportunities are always there.
This is the time to break out the cash you've been sitting on and run for touchdowns.
Your cash enables you to be free from lenders and their "restrictions".
Fact is, you can buy property for cash, sit for 90+ days and take a loan/mortgage out on it - kind of like your own "land bank".
ARE YOU BUYING FOR FUTURE VALUE ?:
Fact is, throughout history - real estate has been cyclical.
Values go up and they come back down -
Buy your home, now, and hang out for a few years.
** Your BASIS is your, total cost, to buy and own for the period of time before you resell.
History repeating, if/when you decide to sell, you'll owe MUCH less than what you'll sell it for and THAT is your margin.
ARE YOU SPECULATING ??:
Yeah you are - in today's market.
Face it, things have changed and all the "experts" are scrambling.
At the end of any given day, real estate is always a great value - as long as you know the rules of engagement.
In short, your best advice is to learn your markets, WELL, before you opt to buy.
By doing so, you ensure the best possible outcome, regardless of the "current" market.
Clearly, by acquiring market knowledge, you have the best chance of coming out of any real estate transaction smelling like roses - which you'll be able to promise to YOUR buyer as you realize your ROI.
Take advantage of today's deals/opportunities.
Check the video, above.
This property is a $$ maker that satisfies, BOTH, the buyer and the seller.
We acquired this property for a great price and took an old, outdated, singlewide mobile home and turned it into a nice, livable, space that enables an investor to make $$ while sitting on a, great, future value.
This is one example of the creativity you can use in flipping real estate.
There are some, basic, principles that we recommend you follow -
Contact me if you need that assistance -
Have fun !!
Stress, in this business, is a HUGE factor, depending on your financial ability.
Remember, it's all about your basis.
Make your $$ on the buy and get paid when you sell.
New To You RE, LLC
At mikcohen.com - we enjoy sharing insights, helpful tips and specific information. Feel free to comment and share your knowledge and experience, but please keep it respectful.