Diana Hill
Online Trading Academy
Last time we covered the first five items on the Top Ten list of essential elements for being successful at real estate investing. Now, let’s cover the other five items that, though last, are not least. First however, I want to point out there are elements on this list that are tangible and intangible, elements that can be learned and some that come naturally. So, self-evaluation is a necessary part of your process. It is also the reason why having a team is so important.
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Market cycles: Money is made in every market cycle. Understanding the cycles and knowing what action to take in a cycle is a key to success in real estate investing. Monthly, OTA Real Estate publishes an analysis of over 50 markets and current market cycles. We publish this information in MyOTA for OTA Real Estate Student, providing action indicators as well. Another good resource for local market trends is Local Market Assessments published by The National Association of Realtors.
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Create a Great Team: ‘Alone we can do so little, together we can do so much.’ Helen Keller. Real Estate is all about the team and having the right people behind you. The great thing about team members is that they can be independent contractors, not employees. Who are some of the key members you should have on your team? Real Estate Broker/Agent, Title Agent, Real Estate Attorney and Accountant, just to name a few.
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Focus: ‘Clarity affords focus.’ Thomas Leonard. The first thing to focus on is which exit strategies you’ll be using, for example: rentals, wholesaling or fix and flipping. Once you’ve made that determination, the next thing to focus on is finding a property? There are many ways of finding properties, from using a professional such as a broker (your team member), to one of the many off market strategies taught at OTA Real Estate. As a new investor, pick a primary strategy and let that be your focus. As with anything in life, the more we focus our time and attention the better the results.
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Understanding the Tax Game: Many people feel that the tax rules are too difficult and not made for the average guy, that is understandable. Under the current tax rules there are advantages for the average guy owning real estate. A tax expert is an important team member. They can help you correctly position your investment to take the maximum advantage of the tax laws.
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Be Open to New Ideas: In our family we have a moto, ‘be a life-long learner’. In today’s fast paced world, it is more important than ever to keep abreast of what’s new and changing. Here are several good resources for current information and to help you learn what’s new in the world of Real Estate investing: Lessons from the Pros, National Association Real Estate Investors and OTA Real Estate.
I hope this has enlightened you as you move forward in your real estate investing.
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Editors’ Picks
EUR/USD meets initial support around 1.1800
EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.
GBP/USD bounces off lows, retargets 1.3550
After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.
USD/JPY is looking for direction around 153.00 with key US data in focus
USD/JPY reversal from 153.70 has been contained above 152.70 on Tuesday. Major currencies are trading within narrow ranges amid thin trading volumes. Investors await the release of the US GDP and PCE Inflation figures to make decisions.
Editors’ Picks
AUD/USD extends the bounce, focus back to 0.7100
AUD/USD adds to Monday’s optimism and approaches the key 0.7100 barrier ahead of the opening bell in Asia. The pair’s positive performance comes as investors keep assessing the hawkish tilt from the RBA Minutes and despite humble gains in the Greenback. Next in Oz will be the Westpac Leading Index and the Wage Price Index.
EUR/USD meets initial support around 1.1800
EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.
Gold remains offered below $5,000
Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.
Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive
Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.
UK jobs market weakens, bolstering rate cut hopes
In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.
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