In almost all business ventures, people try to emulate successful business methods to make sure that they are on track for marginal success at the very least. Taking this into consideration for real estate, it is typical to base your plans on the success of others to have the best investment strategy. People try to take tips from experienced real estate investors, ones who have done it and seen it all. The knowledge you gain from listening to their ideas makes you have more belief for ultimate success.
We all want to think we have the best investment strategy, and we have the ability to know it all and come up with a formula for success. However, there is a reason why famous investors are being followed in every step they take. It’s basic knowledge that some things money is not able to buy; expertise and advice are among them. If getting rich is all you are aiming for in real estate, then perhaps taking advice from Donald Trump and Warren Buffet is mandatory. Try to take advice from as many real estate famous figures as possible because each one could have a different path or outcome.
What are famous real estate investors saying?
Donald Trump’s Real Estate Strategies
The current president of the United States has built his billionaire status on the success of Trump Organization, which is the only luxury real estate brand. If you are looking for the best investment strategy, taking a look at Trump’s success over the years is a good start. Donald Trump gives credit to his success for these reasons:
- Having a remarkable work ethic in which you are prepared to keep working harder every time and push yourself more when you are at your lowest point. Real estate is no piece of cake and Trump’s assessment is proof that success is a give and take outcome. You give effort and time so you have success and profit in return.
- Trump has shown that he is cost aware; just because he is a billionaire doesn’t mean he should go about spending his money freely. What he actually did was try to minimize the costs of his real estate empire to boost his income. To make profit, that’s how careful you must be.
- He showed great courage to take on risky real estates that existed in a declining market. It is an excellent strategic move if you understand how the market works. He bought cheap, and when the market boomed again, he sold for huge profits.
- Trump got all his knowledge and experience in real estate trading and development from his father who was also very successful in the same business. This point proves the idea of this topic, following in the footsteps of famous investors.
Warren Buffet’s Real Estate Strategies
Like Trump, Buffet is a multi-billionaire businessman who has proven to be successful in many investment areas including real estate. When it comes to the best investment strategy, no one does it better than Warren Buffet. He is considered one of the most successful investors in modern times.
- Reinvesting your profit is one of the strategies that Warren Buffet used to become so successful. He didn’t just take a step back after the first profit he made. To grow, you need to demand more of yourself and from your investment, which is why reinvesting that money in another real estate after years of profit could lead you to wealth.
- Try and differentiate yourself from your competitors. Being different has so many meanings in real estate investing. You can be different with your style of housing, different in your approach, and different in your investment strategies. Buffet argues that being different in a smart way is a way of success not hindrance.
- Be careful when borrowing money. Buffet argues that borrowing huge amounts of cash will never make you rich because you pay interests and fees on top of the loan. It is always wise to keep borrowing amounts to an acceptable payable level so that you have a way of repaying it quickly.
- Buffet’s strategies include knowing when to walk out on something that hasn’t been bringing you any success. In real estate, it is important to understand that the time has come to cut your losses and move on to the next thing. Persisting with a losing investment might backfire and make you lose everything.
There are examples in life of successful people that you should follow because what you are about to go through, they’ve done it time and time again. It is natural to have that urge to be on your own and carve your own destiny, but when too much is at stake, you better think again.
Trump and Buffet are just two examples of people who take the real investment market by storm; they revolutionized it and became household names in it. To come anywhere close to them and to have the best investment strategy it is advisable to heed their word.
Using predictive and comparative data is also a smart strategy to make intelligent decisions and pick the right properties.