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More Uncommon Investment Opportunities
By arlene | January 30, 2008
Don’t stop looking for investments at companies involved or associated with the real-estate industry. There are lots more options available. Check out the government-backed securities that are issued by a number of U.S. Government agencies. These securities, backed by mortgage pools, may be ideal for your personal or corporate investment needs. Many publicly and privately traded companies offer the same type of securities.
Examine the variety of real estate-related trust funds open to investment. These include Real Estate Investment Trusts (REITs), certain mutual funds, and various trusts that offer real-estate specialization. You can also take a close look at certain limited partnerships with real-estate holdings. Many public and private partnerships are open to investment.
You don’t need to limit your investment opportunities to just the popular or common options. Certainly, they’re worth investigating, but think outside of the box, too. Work closely with your financial advisor, and be sure to investigate all your options.
Seek Good Advice
The American author John Steinbeck once said, “Nobody wants advice-only corroboration.” There’s a lot of truth in that statement, which is something you need to be aware of. When you have to make important financial decisions, you want serious advice-not corroboration for the benefit of your ego. You need to be strong enough to pay attention to advice, and sometimes you need to be strong enough to reject it. When you start relying exclusively on others to make important business decisions, you’re making a fundamental mistake. Your final decisions should be your own. You’re the one who ultimately will have to live with them.
Interview people in the know. Seek them out. Ask questions, but in the end trust your own good judgment. Follow your instincts. Too many people in real estate fail to follow that “tiny voice” and live to regret it. If you’re feeling uncomfortable about some one or some transaction, there’s probably a sound reason for that feeling. Explore.
Find a Real-Estate Mentor
You don’t do it on your own. Find a mentor, an expert who is willing to invest the time educating you in a particular area of real estate or property management. A good relation with a wise counselor will help pave your way to success. One day, you will find yourself providing the same service for someone else.
To find a good mentor, try the following: See who is selling the most properties in your area. You can tell by looking in your newspaper and seeing who is running the most ads. Drive around and take note of who has the most signs in your community’s front yards. Check their credentials with the association of Realtors and the Better Business Bureau. Experience is important, but you should also try to find a person that you can easily get along with andwould like to learn from.
Find a mentor, an expert who is willing to invest the time educating you in a particular area of real estate or property management.
Talk with the Experts
A lot of people have a dream of buying a building, hiring a property manager, and then sitting back to let those monthly checks roll in. That can happen, but it’s not the best way to begin a career in property management. Certainly it’s a good idea to have an experienced property manager show you the ropes; in fact, someone who has experienced the ups and downs of property management can offer some of the best financial advice you’ll ever receive.
The best way to learn the business is to learn on your own under the watchful eye of an experienced pro. Find such a pro, and hire him or her as a consultant. You need to learn how things work (and don’t work) on your own. Having a counselor nearby allows you to do that, but with backup when you get into areas where you really need help.
After a while you’ll discover something important. You’re the only person who is completely focused on your real-estate investments. As you gain experience, you’ll need less and less of that consultant’s time. In fact, at some point you’ll probably become a consultant or advisor yourself.
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- You Have to Know Somebody to Get Going in This Business, Invest Myth
- Methods of Using Leases To Acquire And Finance Real Estate (7-12)
- Commercial Rental Property
- The Problem with Gut Feelings
- Plenty of Opportunities
- Don't Forget: It's a Business
Topics: Company, Investment, Job, Property |
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