So, what does successful investment mean as far as buying an investment property? Suppose, as an example, you decide to buy a rental single family property.
You will need to do a lot of research before buying one, and you might want to keep these points in mind.
Again, depending on your financial situation or otherwise, there may be other things you might want to add to this list.
Remember successful investment in when you make money investing in real estate, and that is your end goal.
1.
RESEARCH, RESEARCH and RESEARCH There are thousands of people investing in real estate, and many of them with lots of money at their disposal.
You can avoid a lot of heartache and financial risk taking, if you do your research.
How do you do that? Well, read different books, websites, forums, seminars, speak with real estate agents, become members of real estate investing groups (see if yahoo, or your area has a discussion group), talk with investors.
Yes, it takes time and effort, but nothing comes without effort.
Remember the more you research now, and make sensible decisions, the better off you will be once you're retired.
2.
SET YOUR GOALS - Clear, specific, but flexible goals, with time lines.

What kind of property do you want to buy- single family, townhouse, duplex, or may be an apartment complex?

What area of town are you looking at? More importantly who is your target audience?

Financial goals (see below)

Have a tentative a time line for to acquire the property.
Set goals for the amount of real estate you intend to purchase in the next year, three, ten years.
Its going to be a long road.
If you are really serious about building something lasting and worthwhile in real estate, resolve to get into real estate for the long term, for a minimum of ten to twenty years.
Real Estate is something that you step into very carefully, and should be prepared to hold onto for a long time.

3.
FINANCES This is one of the most important questions, since financial decisions determine your entire investment strategy.
You need to answer questions like:

how will you fund your investment?

How much money do you have for down payment, and how much loan do you need to purchase the property? What term of loan will you apply for? Will you be getting a second mortgage?

If you don't get tenants for a few months, can you afford to pay the mortgage?

How much will you rent out the property for? Your answer depends on your expenses, including mortgage payments, insurance, rent being charged at comparable properties, etc.

Do you want positive cashflow right away, or can you afford being break-even or even a little negative for a year/ two years?

Are you going to manage your own properties? Or will you hire a property manager.
Include expenses in your financial calculations.

Do you want to buy a rundown property, fix it and flip it? Or do you want to keep it for the long run.

Remember, there are lots of folks out there who will tell you that you could be millionaires overnight, or you can start with zero money, etc.
Please be wary of such golden promises.
Be optimistic, but do not blindly accept what is being told to you.
Remember, nothing comes easy and you have got to take risks, but if you can prevent heartaches and financial blunders if you start right and take calculated risks.