Earning passive income is everyone's dream. If you want to have a satisfying, fulfilling retirement, it really can't be beaten. So many people rely on passive income every year to not only fuel their financial futures but to unlock financial freedom.

Real estate investment takes a special kind of person. We don’t mean that everyone can’t find success in this business—only that certain types of people are going to have an easier time at it than others based on their personalities. There are certain traits that successful real estate investors just have.

As real estate investors, it’s easy to get wrapped up in our own world. Buying, renovating, networking. We get so zoomed in and focused on our stuff that we miss out on some of the key details that can get us ahead in this business.  

Before you go any further, take note of the words I used in the title.  So often, landlords, management companies and accidental long-term investors use words like renter and tenant to describe the persons living in their properties.  Certainly, there is nothing wrong with using either word. They accurately describe the process and have always been used by real estate investors.  For our part, Memphis Invest has changed the terminology to resident.

We refer to all of the occupants in our properties as residents.  Why?  It changes the mindset not only of the resident, but also our team.  It invokes respect.  We use it in our contracts, during our phone calls and in all of our interactions.  It has dramatically changed the culture and atmosphere at each of our offices.  It has greatly improved our relationships with our residents and all of it is due to one little change in the words we use.  

Every investor, no matter where you are, faces competition in some way or another. Even if you don’t know them face-to-face, there will always be other properties and even multi-family properties competing for your residents.

Knowing that there’s competition for us all means that the little details matter. If you knew you could get ahead by getting into the mind of a resident and deliver exactly what they were looking for, why wouldn’t you?

New real estate investors spend a lot of time preparing to invest. They read, analyze, research, weigh strategies, examine markets, and eventually, come to the point where they feel ready enough to jump in with both feet. But as with anything, experience is the true teacher.

We all quickly learn that real estate investment isn’t quite how we pictured it in our head...and there are a few lessons we’d wish we’d learned before we got started.

Save yourself wasted time, energy, and stress. Learn these five valuable lessons now.

If we’re honest with ourselves, most of us are guilty of having some unrealistic expectations in life. Whether it’s thinking we can still squeeze into a pair of pants that fit us 20 pounds ago, or believing that we really can get rich overnight, there’s a point where healthy optimism turns into a dangerous pipedream.

We’ll be honest here: we totally, 100% absolutely believe that real estate investment is the best path to financial freedom. Whether you want to build the capital to fund your retirement, quit your job, or travel the world, it’s the best avenue you can take to be fiscally independent.

Still, there are a lot of people out there who will preach that real estate investment is an easy win. That it’s no work, that you’ll get rich quick and that the money...

Every investment property purchase comes with different factors to consider. Usually, real estate investors will ponder things like condition and location when it comes to gauging potential for cash flow. But what if it’s already earning income?

Have you ever wondered how other kinds of investments measure up to investing in real estate? What about the other way around? Maybe you’re already a real estate investor and you’re considering diversifying your portfolio—you’re not sure if real estate is still the answer. Or maybe you’re new to all of this investment business and you don’t know what variety is the best choice for building up your financial future.

Businesses are often compared to machines. It’s a tired metaphor, but it doesn’t make it less apt. Machines rely on many moving parts to function, and it is true of investing in real estate, too.

Unlike businesses, these parts don’t come in the form of jobs to be filled, departments, or complex infrastructure. Most of the time, the “parts” that a real estate investor’s business needs to function rest solely in his or her hands.

Even passive real estate investors are responsible for the moving parts of their investment portfolio.  Memphis Invest learned long ago that addressing those moving parts with investors honestly, from the beginning and including a willingness to tell some investors that they simply were not ready to move forward, was the only way to build a Turnkey company.  Why?  No matter how passive an investment is or an investor wants to be, the investment success or failure rests solely in their hands.

That’s a lot of pressure!

If you’ve ever wanted to invest in real estate, the first thought that likely comes to mind is whether or not you can afford it.

Money is the central theme around investing in real estate—spending it to get properties and improve properties, and then earning it from tenants, building up savings or a retirement fund, and then repeating the cycle as it builds on itself.

But there’s a major hurdle that can come across the path of a would-be investor: bad credit. Bad credit or a general lack of funds can seem like a massive problem. After all, doesn’t acquiring real estate require a down payment and approval for a mortgage? How in the world can you get approved if your credit is terrible?

Investing in real estate can get overwhelming, especially when you’re new to the game. It’s filled with a lot of different processes and variables. When your investments are totally self-directed and filled with possibilities that span markets nationwide, no wonder new investors find themselves feeling paralyzed!

If you’re at a loss as to what to do next, don’t worry. We've all been there. The Clothier family has been investing at some level in Memphis and Dallas for the better part of 30 years! So we know how overwhelming it can be in the real estate investing business! We've worked with over 1,600 real estate investors and currently manage over $500 Million in assets for our clients. So pay attention to the 7 steps below that you can take towards real progress in your real estate investing career. It's invaluable advice that we can honestly say has helped us get to where we are today!