What does it take in order to be a successful real estate investor? As long as you’re in the right mindset, there’s not much you need. You don’t need to read every book and get stuck in analysis paralysis evaluating all of the “what ifs.”
However, there’s one tool that is an absolute necessity to succeed as a real estate investor. If you’re ready to take action, all you need to do is make sure your investment is solid and profitable. And the only tool you need to do this is a calculator!
I have a cheap calculator I bought at an office supply store, and I’ve used it to calculate the return on every single deal that comes across my desk. Anytime I assess a deal, the numbers are my ultimate priority, and they should be yours too.
Don’t fall in love with real estate. You shouldn’t care what the house looks like. It doesn’t matter what color it is, or what type of bushes are in the front yard. Your investment property doesn’t need a beautiful backsplash, or a million bells and whistles.
Don’t get fixated on these small, insignificant details. If the house is safe and solid home for your tenant, then it’s a great house! Remember, you’re not going to be living there. An investment property is not your opportunity to design; find a different creative outlet!
You as the investor should focus on one thing: ROI! Return on investment is what’s going to bring you passive income month after month. So get out your calculator and assess the deal. If the numbers are right, take action! If you want to see exactly how to calculate ROI, I’ve got a video where I’ll walk you through how to do it.
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