{"id":981,"date":"2012-07-03T16:13:00","date_gmt":"2012-07-03T16:13:00","guid":{"rendered":"http:\/\/investingarchitect.com\/?p=981"},"modified":"2012-07-03T16:13:00","modified_gmt":"2012-07-03T16:13:00","slug":"successful-real-estate-investors-begin-with-the-end-in-mind","status":"publish","type":"post","link":"https:\/\/investingarchitect.com\/successful-real-estate-investors-begin-with-the-end-in-mind\/","title":{"rendered":"Successful real estate investors begin with the end in mind"},"content":{"rendered":"

Most real estate investors \u00a0that do it wrong, do it backwards.<\/p>\n

They acquire a portfolio of cheap inferior properties in inferior locations with inferior schools and amenities. Then<\/strong> they try to figure out a way to place top notch tenants in them that will sign long term leases, will pay on time and will treat the property like they own it. And when time comes to sell the properties they acquired, then<\/strong> they try to figure out a way to sell them for maximum dollar.<\/p>\n

That’s trying to fit a square peg in a round hole.<\/p>\n

Stephen R. Covey said it beautifully in 7 Habits<\/a>: Effective and successful people begin with the end in mind<\/strong>. So what does that mean in the real estate investing context?<\/p>\n

You begin by thinking about the type of portfolio you would like to own. Think about it as a legacy. What type of properties you would like to pass on to your children or your loved ones? Where would they be located and what characteristics would they have? Next, \u00a0what kind of tenants would you love to have in your properties?\u00a0Take it one further. These types of tenants you described, what are they looking for in a rental property? Think about the location, schools, upgrades and overall condition of the homes they seek.<\/p>\n

Then acquire properties that fit that description by paying a fair price for them. Begin with the end in mind because the assets you acquire pick the tenants you will have and the price you will fetch when you sell. It’s both a simple and powerful concept.
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Photo Credit: Mukumbura<\/a> via Compfight<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Most real estate investors \u00a0that do it wrong, do it backwards. They acquire a portfolio of cheap inferior properties in inferior locations with inferior schools and amenities. Then they try to figure out a way to place top notch tenants in them that will sign long term leases, will pay on time and will treat […]<\/p>\n","protected":false},"author":1,"featured_media":1006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[9],"tags":[],"yoast_head":"\nSuccessful real estate investors begin with the end in mind - Investing Architect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/investingarchitect.com\/successful-real-estate-investors-begin-with-the-end-in-mind\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Successful real estate investors begin with the end in mind - Investing Architect\" \/>\n<meta property=\"og:description\" content=\"Most real estate investors \u00a0that do it wrong, do it backwards. 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