Identifying the right investments is the key to success and who knows this better than Eliott Pityn, who has been around the real estate industry for more than a decade, having started with one small property which has grown to over 300 multifamily buildings today. Many would be amazed to see his growth graph which has never slid down under grievous circumstances as his vast knowledge helped him divert his path that led to failure and choose only sure shot winners that made him one of the most successful real estate investors in Canada. He truly believes that in order to make a killing in the real estate investment space, one needs to identify the right properties which have the potential to appreciate with time.

Pityn has been a keen observer, watching the real estate industry and its functions closely, which helped him grasp its workings accurately which resulted in his phenomenal success. He started with smaller spaces. but later realized that they were not generating the kind of income he wanted and hence shifted his focus towards large, multifamily buildings having more than 20 units which gave tremendous results. He was able to grow from 50 to 300 properties by investing rightly, which bear a value of more than 40 million at present. Pityn says that to excel in this space, one needs to follow certain rules and methods that will ensure that they don’t fail in their endeavors.

According to this industry expert, effective real estate investors need to keep abreast of current property trends accordingly to specific areas which includes keeping an eye on consumer spending habits, mortgage rates, demand for rentals etc., which enables them to predict the changing trends and prepare them for any potential opportunities. Secondly, investors need to focus on a particular niche to build their level of understanding and expertise around that area. Some niches include high-end residential, low-income multi-unit housing, or multifamily buildings which he himself specializes in.

There are various other factors which directly or indirectly affect your real estate investments, claims Pityn who says that though real estate investing is one of the most preferred ways of accumulating wealth, it also brings along a lot of challenges which need to be attended from time to time with proper planning and focus in order to thrive in this ever-growing industry.

Written in partnership with Tom White

 

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