I'd like you to be a Savvy Investor. Here are three goals you should have and tell me about them, so I can help you hit a home run? My contact info is at the top of the screen.
1. Clear Goals
Have clear goals for your investments.
I've noticed a Savvy Investor has run the numbers, and they have a time frame for how long they're going to hold a property based on the next two goals.
They will have a realistic approach to the future appreciation and those expectations will typically be based off of logic and data. They're not trying to hit a home run each time they step to the plate. Instead, their plan includes a lot of times at the plate and a continuous flow of base hits.
When I ask a great investor what type of performance they're looking for, they will tell me EXACTLY what works for them. They have this down to a science, because if the performance works, the expectations work, and their time frame for owning or selling is met.
2. Logic Based
Be logic based and unattached.
The Property Fits The Plan Not Vice Versa:
Experienced investors create a plan that is profitable and then find a property that will fit the plan. Novice investors put a plan together that is based more on the type of property they think they want and try to created a solid investment plan for a bad investment property.
Know Good Investment Was Bought Right:
They understand that holding a bad investment doesn't make it a good investment. If a property is good at the beginning, it will perform well and be profitable when it's sold. A property purchased wrong will always be wrong.
3. Old School
Use Old School Investor Requirements
Make Decisions On The NOW vs The POTENTIAL:
In past markets, investors lost site of the current performance and made decisions to buy based on the potential for future appreciation. For a period of time it worked. This is why so many, get rich quick, home investment books were written.
Plans For The DOWN vs Hoping For The UP:
Now, a buyer/investor buys a property that makes sense today, plans for and is OK if there's a downturn in value, cash flow, etc. in the future. They don't include potential appreciation in their strategies. If it happens, it's simply a BONUS.
Has Exit Strategy B And C For Flips:
When FLIPPING properties a novice buys improves, and tries to sell. If any of the variables that are typically out of the buyers hands change, the sale doesn't happen and there's a significant risk to the buyer in owning that property. Savvy Investors will buy properties and flip, with a 2nd and 3rd exit strategy, if the sale doesn't work.