If you're planning to invest in real estate, you’ll want to see some decent returns. The process can be quite simple but buying the wrong property in the wrong area that attracts the wrong tenant profile can lead to many frustrations.
Over my years as a successful real estate investor, I’ve been able to learn what works and more importantly what doesn’t work. I see many investors having troubles in their businesses that could have been avoided had they focused on the needs of their customer versus buying a property based on a “shiny” proforma.
I call this approach “ The Three Pillars of Real Estate”, and it’s what Russell Westcott and I are talking about in our latest video. Essentially, these pillars are: what you buy, where you buy, and who you put in it. And the last point of who you put in it is by far the most important if you plan to own real estate long term.
One of the biggest mistakes that people make with real estate investing is starting with the question, “Where should I invest?” Sure, there are always going to be hot areas and properties to invest in, but let’s focus on what will really make your investment a success – a perfect tenant!
I believe that investors should start by focusing on the “who” part of the equation. You need to begin with a good tenant profile, then find the right kind of home for them, and then find the right location for that home.
In this video we’ll cover the following:
- The best order to focus on when it comes to the Three Pillars Of Real Estate.
- What a tenant profile is, and why you need one. (Pay special attention to just how detailed my tenant profile is. Yours should be just as specific!)
- How you should use that tenant profile to find homes that are going to match their needs exactly.
- What effect this hyper-focused purchase procedure can have on your overall business model.
- Why it might be better to focus on steadier income.
We think that once you pay attention to the advice found in this video, you’ll quickly be able to see how you can streamline your real estate business and begin creating long-term wealth with very little time input and management.
If you’re ready to put some time into investing in Edmonton Real Estate, I invite you to choose one of the buttons below. One leads you to a simple form if you’d just like some more information and the other takes you straight to my calendar where you can book a consultation call and let us know how we can help you build your portfolio.