Than Merrill’s Top Real Estate Tips
If you're a fan of Than Merrill, here are some of his top real estate tips.
If you are wanting to enter the real estate investment market but are perhaps not sure where to begin, it can seem very daunting and off-putting. But getting tips from an expert, or someone who has been successful in real estate is going to be a good way to get started and lower risk. You may not have heard of Than Merrill, but he has made a name for himself in the real estate market. In particular through his involvement with the Fortune Builders website. And luckily for you, he has shared a number of tips for getting into and being successful in real estate. So, who exactly is Than Merrill, and what are his top real estate tips?
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Who is Than Merrill and what is Fortune Builders?
If you want to learn about Than Merrill, the bet place to start for information is his own website! Than Merrill has over fifteen years of experience in investing in real estate, and is the founder of several real estate investment companies. He was originally a keen football player in college and turned his attention to real estate after graduating. He is best known for his involvement in founding the real estate website Fortune Builders, which is popular among new and experienced investors alike.
Through his Fortune Builders platform, you can learn about all facets of real estate investing, and even join in on different coaching programs which will teach you all you need to know about entering into and being successful in the world of real estate.
Tip 1. Focus on building a good team
On his own website, Than Merrill writes about the importance of having a good team is when investing in real estate. While it is very possible to invest successful alone with no outside help, it is definitely a good idea to have a group of like-minded people around you. This is especially true when starting out. Then you can share in everyone’s wealth of knowledge and make success much more likely. Of course, a good team is best, and it will be with your time to seek out a good quality team. You do not want to e constantly be changing your team, and as Than Merrill himself has bee quoted as saying; ‘the quality of your team is your competitive edge – or lack of it’.
While you may no think that you want a team around you, you really cannot underestimate the importance. It does not matter how great of a dealmaker you are, or how organized you are, you only have so much time in the day. And this is where a team’s greatest asset comes in to play. A good team is a huge edge over everyone else who is stating out solo.
Tip 2. Pick an exit strategy, and a backup exit strategy
Choosing am exit strategy may seem counterproductive, especially before you have properly begun. Well, it has worked for Than Merrill, and it can also work for you too. Choosing an investment strategy, and a particular property is great, but you need an exit strategy to see the real dollars materialize. When Than Merrill speaks of an exit strategy in his website, he means to consider what the final plan is for a particular property. Will you wholesale it, rehab and flip it, or rent it out? Without a plan, you will find yourself with an expensive asset that will end up costing you more than it will make.
Than Merrill also stresses the importance of having a backup exit strategy. As an experienced investor, he knows that things do not always go to plan. So having a backup plan ready to go is important. And can mean the difference between a successful investment, and a flop.
Tip 3. Set a goal and make it realistic and measurable
In his Fortune Builders site, Than Merrill talks about the importance of setting goals. And even more important than having a goal, is making one that is realistic and measurable. So to simply say ‘become a success in real estate’ is not a good goal. It is far too vague. Rather, make it measurable means that it will be clear when the goal has been met. So for example, a measurable goal could be ‘owning 4 units’. Or ‘invest a minimum of $4,000 in trusts’.
The second part of the goal is to make it realistic. While it would be great to become an overnight success, setting a goal to become a millionaire by next week will just end in disappointment. So, work out how long it should take to meet a goal. And then you will have something real to work towards. This can make you more likely to concentrate your efforts, and success will become much more likely. Turning your goal into smaller steps is always a good strategy. What small goals would you like to achieve by next week? And next month? And next year?
Tip 4. Do not rush into a purchase
This may seem like an obvious tip., but Than Merrill knows just how easy it can be to rush into a poor investment choice because it seemed like such a good deal. Real estate investing is a marathon rather than a race, and you do not need to purchase the very first property that you can afford. Rather, it is important to spend time analyzing the pros and cons of each purchase. There can often be hidden costs in some properties, especially those that appear to be an especially good deal.
If you want to get some good tips about being successful in real estate, then Than Merrill and his publications are a good place to stat. Than has been around for long enough to know what does and does not work, and so by following his tips, you will be doing what you can to ensure you own success sin hat can be a very volatile investment market.
Charles is the founder of infoSpike.com. He enjoys real estate investing, marketing, and personal finance. Read more about Charles here.