Some people want to get into investing to fatten their portfolios. Taking the plunge and making the decision to invest in real estate can be extremely useful, but it is often not for the faint of heart. New Jersey residents who are thinking about this avenue would do well to realize it takes not only some business acumen — or at least wise advice from other successful real estate investors — and discipline to succeed in this realm.
Three essential disciplines
To be a successful real estate investor, there are three important things to keep in mind:
- There is more to capital than just the money element
- The need to be a team player
- Opportunities come at the crossroads of knowledge and confidence
Of course, one needs money, but the ability to find deals that are exceptional leads to increased capital. Debt and equity are the two ingredients of capital when it comes to property. One must learn to work with lenders and develop relationships with them and one must also work with a group of investors set on making good investments. Being a good investor means soaking up every bit of knowledge about housing, even the little things like what color paint will lift the level of ambience in a room.
The most successful real estate investors work within a team. The relationship is built on honesty, excellence, execution and integrity. Having a New Jersey lawyer who is experienced in real estate law may be a significant asset to that team.