Real estate has long been regarded as a sound investment. Wholesaling and property management of commercial and residential property are just a few of the ways investors can profit from real estate, but it takes a little savvy to become successful in this competitive arena.

While certain universities do offer coursework and programs that specifically benefit real estate investors, such as the Johns Hopkins Carey Business School's Master of Science in Real Estate, a degree is not necessarily a prerequisite to profitable real estate investing. Whether an investor has a degree or not, there are certain characteristics that top real estate investors commonly possess.

Successful real estate investors:

Treat Investments as Businesses
It is important for real estate investors to approach their real estate activities as a business in order to establish and achieve short- and long-term goals. A business plan allows real estate investors to not only identify objectives, but also determine a viable course of action toward their attainment. A business plan also allows investors to visualize the big picture, which helps maintain focus on the goals rather than on any minor setback. Real estate investing can be complicated and demanding, and a solid plan can keep investors organized and on task.

Know Their Markets
Effective real estate investors acquire an in-depth knowledge of their selected market(s). The more an investor understands a particular market, the more qualified he or she will be to make sound business decisions. Keeping abreast of current trends, including any changes in consumer spending habits, mortgage rates and the unemployment rate, to name a few, enables savvy real estate investors to acknowledge current conditions, and plan for the future. Being familiar with specific markets allows investors to predict when trends are going to change, creating potentially beneficial opportunities for the prepared investor.

Maintain High Ethical Standards
Realtors are bound to act according to a code of ethics and standards of practice policy, and real estate agents are held to each state's real estate commission rules and standards. Real estate investors, however, unless they are associated with membership-based organizations, are not usually required to maintain a particular degree of ethics in their business practices, as long as they operate within the boundaries of the law. Even though it would be easy to take advantage of this situation, most successful real estate investors, and especially those who remain in the business for the long haul, maintain high ethical standards. Since real estate investing involves actively working with people, an investor's reputation is likely to be far-reaching. In the case of an investor lacking in ethics, the consequences can be damaging. Effective real estate investors know it is better to conduct fair business, rather than seeing what they can get away with.

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Develop a Focus or Niche
Because there are so many ways to invest in real estate, it is important for investors to develop a focus in order to gain the depth of knowledge essential to becoming successful. This involves learning everything about a certain type of investment, whether it is wholesaling or commercial real estate, and becoming confident in that arena. Taking the time to develop this level of understanding is integral to the long-term success of the investor. Once a particular market is mastered, the investor can move on to additional areas using the same in-depth approach. Savvy investors know that it is better to do one thing well than five things poorly.

Strive to be Good Customer Service Representatives
Referrals generate a sizable portion of a real estate investor's business, so it is critical that investors treat others with respect. This includes business partners, associates, clients, renters and anyone with whom the investor has a business relationship. Effective real estate investors are good customer service representatives by paying attention to detail, listening and responding to complaints and concerns, and representing their business in a positive and professional manner.

Stay Educated
As with any business, it is imperative to stay up to date with the laws, regulations, terminology and trends that form the basis of the real estate investor's business. Keeping current does require additional work, but it can be viewed as an investment in the future of the business. Investors who fall behind risk not only losing momentum in their businesses, but also legal ramifications if laws are ignored or broken. When it pertains to the law, ignorance is no excuse. Successful real estate investors take the time and make the effort to stay educated, adapting to any regulatory changes or economic trends.

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Know the market and network...two of the ten habits mentioned and two where I'd love to help!

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July 1, 2010

In this issue:

• Puerto Rico's Government Agrees to Delay Birth Certificate Law
• Join Us July 27 for our Latino Film Festival Soiree

Puerto Rico's Government Agrees to Delay Birth Certificate Law

LatinoJustice PRLDEF has been informed by representatives of the Puerto Rico government that it will extend the validity of all island-issued birth certificates through the end of September, creating a three month transition period while officials begin issuing new certificates July 1.

In December 2009, the Puerto Rico legislature passed a law stating that all birth certificates issued before July 1, 2010 would have to be replaced, in effect invalidating the birth records of millions of island and U.S. mainland residents. LatinoJustice PRLDEF President and General Counsel Cesar A. Perales sent a letter to the governor pointing to numerous problems with the law, and urged the governor to create a six-month transition period to cope with confusion the law was causing for government officials and residents on the island and in the mainland United States.

All Puerto Ricans born before July 1, 2010 must apply for new birth certificates.

In his letter to the Puerto Rico governor, Perales explained that at a time of growing anti-Latino sentiment and suspicion, this law only adds to the escalating mandate to document the identity of Latinos for obtaining jobs, driver’s licenses, and government benefits. (Arizona’s SB1070 law is one recent example of this).

“While the creation of this transition period alleviates some of the confusion created by the new law, it does not address the bigger problem of putting into doubt all documentation issued by the island of Puerto Rico,” Perales said.

“We still think it is very important that the government of Puerto Rico make a stronger effort to educate government officials and the general public about this law. There are 1.5 million people born in Puerto Rico who now live on the mainland, who need their birth certificates to do everything from registering for school to applying for passports. They should not have to endure any further hardships because of this poorly-timed policy.”

Though the law does not go into effect until July 1, major problems have arisen at department of motor vehicle offices around the mainland United States, creating serious hardships for Puerto Rico-born residents. In Georgia, a resident’s birth certificate was confiscated, and in Iowa, a resident was forced to meet with a private investigator and answer questions that “proved” she was Puerto Rican. California, Ohio and Nevada created policies effective before the law took place that would not accept birth certificates from Puerto Rico as proof of birth. (These policies have all since been revised).

People born in Puerto Rico, a U.S. commonwealth, are U.S. citizens at birth. Puerto Rico's legislature said they passed the law after raids last March broke up a criminal ring that had stolen thousands of birth certificates and other identifying documents from several different schools in Puerto Rico.

For more information about the new birth certificates, including the text of the law, along with paper and electronic applications and fact sheets, visit the Puerto Rico Federal Affairs Administration's website.

Join Us for a Film Festival Soiree

LatinoJustice PRLDEF is once again partnering with organizers of the NY International Latino Film Festival to showcase Latino talent within the film industry.

Law firms are invited to have their summer associates join us this year as we host a pre-screening of The Dry Land, starring America Ferrera and Wilmer Valderrama. The film highlights a soldier’s struggle to re-adjust to normal, everyday life after returning home from the war in Iraq.

Click here to visit the movie's official website.

Ms. Ferrera and Mr. Valderrama will make appearances at both the screening and the after-party.

Tickets for the event are $125 and include the film, a cocktail reception and after-party. To purchase tickets, click here.

For more information, email mgonzalez@latinojustice.org.

Attention Boricua's...all birth certificates issued before July 1, 2010 were invalidated! A six month transition period has been put in place.

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  1

  paulhassing

  06/29/10 | Report as spam

  RE: 50 Million New Customers Every Year: Are You Ready for Them?

  Nice one, Margaret! It's a great post that teaches without pain or effort. I really enjoyed your seamless writing and valuable content. Keep 'em coming! Best regards, P.

•  
  2

  Mark Goldes

  06/29/10 | Report as spam

  RE: 50 Million New Customers Every Year: Are You Ready for Them?

  You might enjoy Moving Beyond Oil and Running on Water at http://www.aesopinstitute.org

  As time goes on, the products involved will become simpler, cheaper and greener.

•  
  3

  neil licht

  06/29/10 | Report as spam

  RE: 50 Million New Customers Every Year: Are You Ready for Them?

  Changing consumers=changing how we met their needs in products and services - Not a new idea but right on target.

  About emerging from poverty - Is that via working or social service programs? I think that fact needs to be addressed and answered.

  Here's why- If social service and government support is how folks are "emerging" from poverty then they are not a reliable trend nor a reliable consumer base because the programs feeding it can dry up very quickly.

  Can anyone answer that question re what the makeup is of this "emerging" group re earning their way out v government support programs providing support?

  Neil Licht, ndlicht1, callhereweare@verizon.net

How are you adapting to this emerging market?

Check out my little brother Frankie's work with Wu-Tang. He built the set and is also playing security in the background; opening a suitcase full of money.Yeah, yall!

Check out my little brother Frankie's work with Wu-Tang. He built the set and is also playing security in the background; opening a suitcase full of money.Yeah, yall!