Rovan Singh is a highly successful entrepreneur and seasoned real estate developer who is prolific in the field. He also founded his family’s business, which functions internationally and reaches a wide geographical range of people, particularly in Italy and Canada. He has a proven record of determination and skill and continues to improve his craft through education, research and a hands-on approach. Rovan will undoubtedly continue to have a successful career and emerge as a leading real estate investor in his area and beyond. Below are some words from him about how to manifest success:
Investing in real estate can be a tricky business if you’re not sure exactly what you are doing. I’ve put together a couple tips and techniques from years of experience and success in the real estate field to refer to when deciding whether or not to invest in a property.
Keep Track of Possible Expenses Before Making a Decision
There is nothing worse than putting a payment on the property and realizing that you may have to put in more than you thought to shape it up enough to rent or sell. Before you make a decision make sure that it is as logistically planned out as possible, and you also leave a little cushion just in case something unsuspecting comes up. You don’t want to end up losing money–you want to plan accurately and thoroughly to get the most out of your investment.
Speak to Others Involved in the Flipping
This goes hand in hand to the above point. Make sure you are milking your resources for all they are worth. This could mean making sure the agent or middle ground is giving you thorough and accurate information. This could also mean contacting carpenters, electricians, or other workers who will be involved in flipping the house and getting an estimate before you even purchase.
Do Not be Afraid to Take Calculated Risks
There is a fine line between being frivolous and taking calculated risks. Some of the best results that I’ve had have been a product of taking a chance on a property that I wouldn’t normally invest in. However, this does not mean be frivolous and skip your research. You want your risks to be very calculated and mathematics as to ensure you will gain the most profit possible.
Envision the Potential not the Current
When you are looking at a property, you want to have in mind the end goal. Envision the potential for the property and what type of audience may be a good fit. Is it a property that can be remodeled with young families in mind? Is it more of a bachelor pad? Is it something that can be converted into a corporate space? Get imaginative with the options of what space can be transformed into, and make that vision a reality