The U.S. real estate market is huge and growing. That is one of many reasons it is so appealing to investors, both new and experienced. According to estimates, the total dollar value of the commercial real estate was over $20 trillion at the end of 2021 and the size of the residential real estate market was estimated to be over $9 trillion at the same time. Many real estate investors see the opportunity to grow their wealth this way.
New real estate investors can find this investing avenue to be intimidating, but there are some traits and habits that can lead to success.
Traits of Successful Real Estate Investors
Successful real estate investors work hard to gain knowledge. They learn how to recognize an undervalued property, how to estimate rehab costs, what the economic factors are that influence the market, and how to analyze a property for cash flow. They have the patience to make the right decisions and not make hasty mistakes. They have a vision of what they want to accomplish. They know the importance of relationship building. They are honest. And they know how to use the leverage factors of money.
Ten Habits of Successful Real Estate Investors
Here are ten habits of successful real estate investors:
- Know the market. That includes understanding market and consumer trends, unemployment rates, and mortgage rates.
- Understand the risks involved.
- Base all investment decisions on facts instead of emotions.
- Develop a well-thought-out plan of action.
- Create an investing niche and focus your efforts there.
- Treat real estate investing as a business. Know and carefully manage all the costs involved.
- Utilize trusted help, especially in finding and managing properties.
- Get expert accounting and financial advice.
- Build a strong support network.
- Keep all investment partners happy.
Seek Expert Financing Assistance
Contact Array Financial, based in Raleigh, NC. Whether you are building, renovating, or purchasing real estate, we can provide a wide variety of financial solutions to meet your needs.