September 30, 2013 in Makeover Monday
I have the second episode of “Makeover Monday”…“Baby Steps to Success for Creating a Business and a Lifestyle You Love for you today.
Today I want to talk about Choosing A Real Estate Investing Strategy
What Are Some Tips For Choosing a Real Estate Investing Strategy?
I have found that most real estate investors try a couple of real estate investing strategies before settling on one. But choosing a real estate investing strategy can be tricky for some folks. Some people may choose a combination of strategies to focus on like wholesaling and rehabbing. But I really believe that in most cases a strategy will choose you. There will be one or two that you really like. Here are 3 reasons you might choose a particular strategy:
- You may find one that just feels right from the beginning.
- It might be one that you get up each day and are excited about working in your business.
- It could be that you choose your strategy based on your knowledge and skills.
The 3 main strategies I want to talk about today are:
- Rehabbing or Fix and Flip and
- Buy and Hold – Outright Purchase or Lease Options
These are the 3 most common strategies real estate investing so those are the ones I will focus on initially. Which one you choose will definitely influence your lifestyle. Here are some things I go over:
- Wholesaling is a job. Some of the parts of that “job” are marketing, looking at (potential) deals, making offers and selling those properties.
- Rehabbing is a very hands on strategy.
- Buy and hold definitely has the potential to be a passive income business. But especially in the beginning, you will have to be either directly involved in the day to day operations or hire a property manager.
So your first thing to figure out is which strategy you will focus on in your real estate investing business. Just remember that this may change over time as you and your business grows and evolves.
I’ll see you next time for another Makeover Monday; Baby Steps to Success for Creating the Business and the Lifestyle you Love. Next time we will start to break down these 3 main strategies.
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