A Flexible Real Estate Investor will Eat and Sleep Well

It today’s ever changing market, it is crucial that you stay flexible in your strategies. You want to be astute to the market you are in and be willing to change your game plan it need be. What was hot a few months ago most certainly may be icy cold today. You always want to be reading, listening, networking to stay abreast of what is happening around you.

You should never be surprised when the housing market flattens, or a big company is moving their employees into or out of town. You should always be anticipating these outcomes and make investing decisions that allow you to benefit from these market fluctuations.

Yes, even in a down market you can make a boat load of money. You just have to adapt to the times. In hot times we buy and sell fast. In slow times we buy and hold for the long term. And, in declining markets we look for short sales, master leases, buying and selling foreclosures, or other creative real estate techniques.

You will want to adapt your strategies keeping a few basic but key criteria in mind:

· Where do you live? Is that where you are investing?

· What is the trend in your market? Real Estate cycles… when is it going to change?

· Are you in a Buyers or Sellers Market?

· Are Foreclosures increasing or declining?

· Is it easy to get traditional financing right now?

As you answer each of these questions, you will gain insight and be able to develop a strategy for being successful. This is an ongoing analysis. It is not something you do one time and then you got it. You need to constantly be reevaluating your market and be agile…don’t get stuck in your ways…be willing to change with the changing market. Just because you are really good at one technique does not mean that one thing will produce in every market, you need to have multiple techniques and adaptations to make money when rules, prices and markets are constantly changing around you.

Too many investors have one way of doing a deal. One way of getting a deal. One way of selling a deal. Only one way of making money. If all you have in your tool box is a hammer- you can’t help but look at everything as a nail. One of my top students had his market change dramatically and because he felt so comfortable and confident with his one way of doing things he refused to incorporate other buying and selling strategies into the mix and his deals decreased by 50%. Could you live on 50% less …right now?? It would have been much easier to brush up on other techniques than be stubborn. All he needed was some glue and a pair of scissors! After much coaxing, he finally decided take heed of my warnings and change the way he was buying and selling. Now he is back on track with more tools in his toolbox! The market does not care what you are good at or what you like to do. It will cycle with or without you!

So, have a Plan B. Always be experimenting with another marketing tool. Maybe you get your leads online from one site, don’t forget to put some direct mail out there, a real estate agent, or a newspaper add , maybe just test a few other online sites. You always want to know what is working and if anything is working better so you can shift your business techniques.

One of the ways I am able to stay up with all the changes it by doing the basic things you automatically think of; read the paper, automatic reminders online for specific topics, teleseminars, webinars, books, courses , seminars, local meetings, business networking in the community and mentors.

Finding the right mix of support and information is different for everyone. The consensus of successful, rich business folks includes mentoring and reading/education. Andrew Carnegie is one of my favorites. He not only used mentoring and networking with select men for his own improvement, but he was able to choose them so wisely they all attained millionaire status. Napoleon Hill classified it as a key Principal in “Think and Grow Rich. One way to learn to be flexible in your business is to model a mentor, but also network with people that will keep you abreast of changes in your market. Maybe a banker, a mortgage specialist, a police officer, a real estate agent, and other seasoned investors.

Interested in Working with a Real Estate Investing Mentor Click Here

May your toolbox be full of many different Tools!

Michael Jake

LocalMentor.com