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Are You Investing in Real Estate? Use The Game Monopoly As Your Guide and Win! |
I'm sure most of us have played the very popular board game called Monopoly at least once in our life. If not, the premise of the game is to roll dice, land on properties and eventually buy them. Once purchased, properties can be built on them. First you build a house and then another until you get four on a particular property. Once you reach four you are able to build a hotel and so on. This is a great lesson to all "would-be" real estate investors just entering the market but still unsure as to a game plan.
Lots of investors just jump into the market without a focus, game plan, or business plan (whatever you would like to call it). This is scary to think about it and it should frighten the heck out of those of you who are doing just that at this moment. If you are in the market without a plan, please take a few minutes and heed this advice.
Buying properties should not be looked at as "the one with the most wins". Rather you should slowly dip your big toe in the real estate waters to see if you even like it. If you ran out and bought 20 properties and then found out you didn't care for real estate investing, well too late you better get liking in soon (at least until you can get rid of them).
If your having trouble coming up with a focus, one suggestion would be to take the game Monopoly and adapt it as your business plan. This may sound somewhat ridiculous but what is meant by that is to take your time. Buy one property, fix it up, and sell it or hold it. Then when you feel comfortable with the process, decide whether or not you want to purchase another one. Once your feet are sufficiently wet, then you can move up to bigger projects if you like such as duplexes, fourplexes, six units, and eight unit properties. Once you are comfortable with that then maybe you want to try your hand at apartment buildings, commercial properties or development. This methodical approach will give you time to learn, put systems in place and really season yourself as a true real estate investor. Just as an example, we knew an investor who had only a couple of single family homes in his real estate portforlio. One day he was offered a "real deal" on a 33-unit apartment building and he took it. Soon afterwards his tenancy dropped below 50%, and his roof needed to be replaced in the tune of $60,000! Not to mention he had to figure out how to manage the property quickly or he would be looking at further decreases in tenancy and in turn even more money out of his pocket for his debt service.
The point of the article is to take your time. There are tons of good deals out there and you won't miss them by taking your time. Don't set yourself up for failure by taking too much on at one time and possibly leaving yourself vulnerable financially or finding out that you just don't like the stress of real estate investing. Use the game Monopoly as your guide for a sound business plan that will have you purchasing properties steadily and ensuring your that you become a successful real estate investor.
About AuthorMatt Bodeman and Scott A. Rozanski are the "Millionaire Real Estate Pros." They have been helping others discover how to make huge profits in the acquisition of undervalued properties for
years. In just the last year and a half alone, Matt and Scott have purchased over 50 properties using no money of their own for a profit of nearly two million dollars.
"The Millionaire Real Estate Pros'" mission is to help others discover the "No-Nonsense Way" to accumulating wealth with real estate by providing teleseminars, seminars, CD's, books, ebooks,
DVD's, Boot Camps, and their "No-Nonsense Way" To Real Estate Investment System. They help others to discover how to become empowered in their lives and to realize financial freedom.
If you are interested in discovering how to make big money in real estate the "No-Nonsense Way" and realize financial freedom for yourself without all the hype or the gaps that come with
traditional real estate products, please visit them at www.millionairerealestatepros.com
Source: ArticleTrader.com
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