6 Best-Practices All Real Estate Investors Should Keep Top-of-Mind

Are you thinking about venturing into the world of real estate investment? There are plenty of things you should know before making the plunge and signing on the dotted line. If you are just starting out you may be wondering where to even begin, but the good news is, every successful real estate investor wondered the same thing. Here are six best-practices all real estate investors should keep top-of-mind.

 

Hire a Bookkeeper

The first thing you should do is hire a bookkeeper because keeping up with documents and paperwork is a lot less stressful if you do it from the start. The documents will come in handy when tax season rolls around and you can write off your bookkeeper as an expense for your business on your taxes.

 

Learn How to Find Deals

One of the hardest parts about investing in real estate is finding the deals. This is a primary function of the business because it’s really what all of real estate investing comes down to. Without a deal, you can’t invest. If you have not, you need to set up your real estate team and systems to be part of finding the deals. An automated lead machine can help you generate leads at all times of the day so you are never losing out on deal opportunities.

 

Be Consistent

Consistency will always beat out talent, resources or experience. Think of real estate investing as a marathon, not a race. You need to accomplish little goals each day to make it to the finish line of this long process. Be sure to track and measure all of your lead-generating efforts. All you need to do to be successful in this is put in the time and effort needed to accomplish these daily goals.

 

Document Everything

You will be swamped if you don’t document and systemize all of the operations of your business and will thus limit your income and growth as well if you are disorganized. As a self-employed individual, the power and control are solely in your hands. First, you need to document and systemize everything, then you need to delegate tasks to others while maintaining clarity and control over the business. Make sure you stay as involved as possible with the business while utilizing documentation and organizing systems.

 

Buy More & Sell Less

Intend to hold every property possible. If you need more cash flow, you may need to flip occasionally, but this is fine because cash pays the bills and keeps the business going. The more properties you hold, the more money you will make in the long run and the quicker you will make the money. Any seasoned real estate investor will tell you to buy more and sell less.

 

Underpromise to Partners

When it comes to investing, people know that there are a lot of variables that are in play and that risk comes with the territory, but when things don’t work out as planned, it’s easy to point the finger. Try to avoid by underpromising to your partners, but overdelivering. Do not borrow more money than you can use.

 

With these six best practices, you will be ready to invest in real estate.

Retail is Still Thriving: These Brands are Opening Stores

Retail isn’t all doom and gloom

There are plenty of retailers that are opening stores instead of closing them. Moreover, many are planning to expand beyond this year. However, there is a fundamental change that is happening causing this weird paradigm where there are brand named box store closings everywhere while simultaneously brand named stores are opening and expanding.

The need for enormous department stores and outlet buildings has passed. These days retail is getting smaller as the industry overall is diversifying. News of thousands of closures has led many to believe that retail is dead, but there are many retail store brands that are thriving.

Online Retail Giants Opening Brick-and-Mortar Stores

A big part of this phenomenon is the emergence of online retailers in the physical retail space. Amazon isn’t the only online retail giant getting into brick-and-mortar. The now famous Warby Parker is on pace to nearly double its total number of stores to 100. Bonobos, Untuck, and Everlane are just a few brands that have built their reputations online and are now looking to expand into the retail space, buying up some of the 3K+ stores going up for sale this year. There are an estimated 1,700 new stores slated to open in 2018 but contrary to popular belief, many of those stores are well known brands like Zales, Best Buy, and Autozone.

Traditional Stores are Buying Up Space and Opening New Stores

Toys R Us closed all of their U.S. stores this year. That is after a long trend of named brand store closures including JCPenney, Sears, and Kohl’s. This year, we’ll see twice as many stores close as open, but there are many traditional retailers that will be in the latter group.

Grocery

Aldi’s has been expanding its presence in the U.S. for the last several years. This year, the German grocer will add approximately 180 new stores. Ultimately Aldi’s plans to operate at least 2,500 stores in the U.S. within the next 5 years.

Perhaps it’s a sign of the times but the biggest expansion happening this year is with discount giant Dollar General. While not necessarily a grocery store, it combines both retail and grocery at discounted rates. They plan to open 900 new stores in 2018.

UCONN Development Opportunity

Windham, Connecticut

northridge

Northridge in Windham, CT offers an outstanding development opportunity for a mixed-use project amongst a partially completed built out power center. The land development opportunity is quite unusual with 35 acres of development land with infrastructure in place surrounding an extremely successful Super Walmart as well as a Home Depot. The remaining land available lends itself to a major mixed-use project, with modern conveniences to fit into established retail mecca in Windham. The area is a vibrant established College community with the Eastern Connecticut State University in town and the main campus of the University of Connecticut at Storrs along with The University Club Golf Course within 15 minutes from the site. The Northridge mixed-use project, could provide a much-needed student housing community with amenities of health clubs, hospitality products, medical outpatient centers, entertainment experiences and new restaurant opportunities. Northridge has the land and opportunity to be a successful mixed-use project. Located along CT Route 6 the area is already a major retail hub for Windham County.

 

For information on this property, contact the listing broker, Hugh Schnip, at Hschnip@naielite.com

PRICE REDUCTION!

Downtown Hartford

Mixed Use Office/Retail Building |32,144SF||$1,449,000

 

450 Church St, Hartford, CT (2).JPG

Walking Distance to Union Station, XL Center, Bushnell Park & More!

Views of CBD & State Capitol

Rooftop Patio w/ Elevator Access

Billboard Signage Visible from I-84

Underground Parking!!

**Full 5% Fee to Buyer Broker If Closed Before July 4th!**

Contact info@naielite.com for more information!