David shared ten tips for becoming a successful real estate investor and provided me with permission to post these on my blog.
Here are David’s Tips:
1. Forge strong relationships with foreclosure agents so that when a new listing comes up you’re the first to hear about it.
2. Create a power network of fellow investors, a TRIBE, if a deal doesn't work for you, it may work for someone else in your network.
3. Try not to see other investors as competition, but as allies. This will create opportunities to be involved in more deals.
4. Set your construction budgets early, do everything in your power to stick with your budgets.
5. There are always unforeseens give your budget a line item for cost-overruns.
6. Have your Contractor visit the property with you BEFORE you close. This will remove some of the unknowns.
7. We are all motivated, both positively and negatively. If you find your positive motivation, it will be easier to find the next deal.
8. You are the greatest asset you possess. Invest in your education. Every time I attend a RE workshop I come away with a new technique.
9. Join your local Real Estate Investor Association; this is a great resource for rehab lenders.
10. Don’t be afraid to partner on a deal, partners can leverage each others strengths to create a win-win situation.
During my research for the show, I discovered that both David and his wife Melina share a heart to give back to the greater real estate community and they wish to share their success with others. I believe the cycle of living, learning, succeeding and giving back is the essence of significance. The response to our shoe was wonderful resulting in great questions on air from our listeners and calls from Realtor partners and several investor clients of mine who regularly listen to the program. The subject of fix and flips is a popular one on our show and the opportunity to learn from an expert was tremendous.