10 Tips to Become Successful in Real Estate Investment
Posted by Techyscouts | Posted on 10/10/2022
Making Your Dreams Come True With Michael Millea
Whether you’re new to investing or buying your twentieth property, Mike Millea is your guy. Put bluntly, his domain knowledge covers the entire process of scouting, closing, and managing a property. From commercial units to single-family dwellings, there’s no project too complex or trivial for Michael Millea and his team. But let’s cut to the chase, what are the proven techniques to succeed in real estate?
1) Having Your Legal Needs Covered
The biggest mistake both seasoned and novice investors make is jumping into deals without covering themselves in a legal sense. Clients visit Michael Millea and his knowledgeable staff year after year because of their technical acumen and attention to the fine print. Millea is, without a doubt, a titan of the industry; his legal background gives him the knowledge and wherewithal to ensure the success of your deals. From South Bay owner-occupied property to large commercial transactions, Millea knows how to achieve results.
2) Emotional Control
Real estate is a game of emotional control. In the same way that becoming too cautious or confident in a game of poker can make or break your success, real estate rewards individuals with a focused and collected mindset. Rather than letting the winds of change dictate your internal monologue, set course for the finish line. To counteract your self-doubt, find a reputable conservatorship real estate broker in Los Angeles today.
3) Don’t Follow the Hype
Within every market lies a group of individuals who invest their hard-earned cash in the “latest and greatest” opportunity. Don’t be one of these people. Individuals like Michael Millea succeed by steering clear of overhyped properties and sticking to their game plan, regardless of market conditions.
Success takes work, and work takes people. If you’re trekking down the path to financial abundance without a few partners, you’re slowing down the process. Having positive and motivated individuals in your corner is a guaranteed way to expedite your journey toward personal satisfaction.
5) Look for Value-Add Opportunities
Often, we see individuals look for picturesque properties. Rather it’s a multi-family property with ideal tenants or a portfolio of family homes in an affluent part of the city, don’t dismiss profits by skimming over locations deemed less than savory. If you’re attempting to find a diamond in the rough, you may miss valuable gems along the way.
6) Don’t Let Setbacks Cripple Your Efforts
Building thick skin is an essential component of becoming a successful investor. Your investing career will inevitably fill with stories of “the one that got away.” Rather than letting these small inconveniences deter you from making another offer, get back on the horse and scout a new location.
7) Become Market Agnostic
Too often, we hear feel-good phrases like “buy low, sell high” without giving it much thought. A seasoned conservatorship real estate broker in Los Angeles knows that profitable deals are plentiful in every market condition. Instead of waiting for the markets to produce ideal investment opportunities, seek deals that make sense in any economic circumstance.
8) Always Be Looking
Whether you work 80-hour weeks or part-time, maintaining focus on your desired outcome is ideal for long-term success. While driving your kids to school, fighting rush-hour traffic, and running weekend errands, keep your eyes open for properties available near your location. The perfect opportunity may be right around the corner.
9) Adhere to Your Risk Tolerance
One mistake we see new investors make is ignoring their internal risk thermometer. If you’re an investor who loves low-risk and steady returns, don’t fret when high-risk opportunities land on your doorstep. Conversely, don’t become risk-averse when the market takes a sudden turn for the worst.
10) Have Fun!
Enjoying the process and honing your skills is the most effective way to grow your wealth in 2022 and beyond. Here at my office, we strive to provide insight into complex deals, giving investors the tools they need to achieve their goals and aspirations. If you’re ready to enjoy the process of scouting and finding the ideal investment for your portfolio, my team and I would love to hear from you. Stop dreaming about owning South Bay’s owner-occupied property and become a player!