Purchasing and owning residential properties is a viable strategy for investors seeking to earn a consistent return on their investment. Unlike dealing in mutual funds, stocks of companies and bonds, they do not have to worry about market fluctuations. This is because the intrinsic value of their properties gradually increases over time. Investors can even counterbalance the losses they incur on high-risk investment schemes by including real estate properties in their portfolio. However, the real estate market is becoming competitive with each passing day. Investors need to be persistent, possess the necessary organizational skills, and develop a suitable network to succeed in their endeavors.
Brian Ferdinand – What habits do investors need to develop to be successful with their property deals?
Brian Ferdinand is an entrepreneur, property investor, and business consultant living in New York. He has over 16 years of valuable experience in real estate investments. He is currently the Managing Partner of CorpHousing LLC. This is a popular real estate company in America with branches in many parts of the country. It specializes in the management of ‘Class A’ multi-family apartments to suitable tenants on rent. He is in charge of implementing strategies that enhance the company’s brand image and its expansion into new markets. He is also the Operating Partner and proud owner of SoBeNY. This is a hospitality company that offers travelers to short-term luxury accommodation on rent in urban areas.
He states most investors want to earn a lucrative return by buying and selling residential properties. Unfortunately, not all of them can achieve their objectives. He stresses the ones who are successful inculcate and develop the following habits:
- These investors devise a viable plan to determine what types of residential properties they intend to buy,
- They then formulate a budget to determine the amount they are willing to spend and assess their additional costs,
- The investors keep abreast of the present market conditions to assess whether it is the right time to purchase properties,
- They conduct thorough research on the prevailing market prices of the properties they intend to buy,
- The investors then search for suitable loan schemes with reasonable mortgage charges to finance their property deals,
- The investors also educate themselves on the latest laws governing the purchase and transfer of ownership of residential properties,
- They try to understand and thoroughly assess the potential risks of their investments,
- The investors hire and develop a network of qualified professionals to help with their property deals, and
- Investors do not hesitate to seek referrals from their relatives and business associates before finalizing property deals.
As per Brian Ferdinand, investors can enhance their wealth by buying and owning residential properties. However, they need to inculcate certain habits to be successful in their efforts. These include devising a proper plan, conducting market research, and learning about the laws regulating property deals. They should also hire and develop a network of qualified professionals to assist them with their property management needs. Above all, they need to assess the potential risks relating to the purchase of their properties to safeguard losses in the future.