Successful real estate investors will tell you that each and every property they’ve ever bought was unique in some fashion. No two properties are the same. Physically they can be different when comparing say a duplex with a downtown condo. follow the same method each time real estateYet even if two buildings are of the exact same type, each will present its own set of issues. But the methodology never changes regardless of the property type.

Real estate investing is just like any other business. There’s a business process that’s established and followed each and every time. Sure, adjustments are made during every transaction but the path is still the very same. Finding a property, evaluating a budget, determining how much to pay for repairs and whether to rent it out for a long term hold or a flip is all part of the process on each transaction.

Anytime a proven business plan takes a sudden, unexpected turn it can lead to other unforeseen events. For example, take a property management firm that has been in business for 10 years. The property management company helps owners find tenants, market properties, collects the rent and takes care of maintenance issues. One day the owner decides to stop collecting rent as part of their line of business. It saves time and money out of the gate but soon discovers that property owners no longer want to do business with the company; collecting rent is high priority for them. This is a bit out of the ordinary but the point is that changing a plan or altering methods midstream can lead to disaster.

There’s no need to chart your own course when investing in real estate. All you need to do is mimic the actions of other real estate investors. Don’t try and reinvent a wheel that doesn’t need inventing. Evaluate the process and follow the established step-by-step methods for each and every property you buy. A single family home or a towering penthouse; treat them all the same.