You can begin your own property investing business right now if you are really determined. From my experience as a real estate investor myself, I have compiled a simple list of how-to’s, which I wish someone had told me about while I was starting. These guidelines in property investing worked for me, I hope it will make some good to you,too.
You’ve probably heard that in order to start a real estate investing business, you need to understand buying, selling, management and investment of real estate properties. That’s true!
However, you may find that you don’t have a clue of what you’re doing.
I was once there when I first started investing in real estate. I was lost- I didn’t know what to do and there was no one to help me.
You’re lucky! You won’t have to make the mistakes I did. Here are 3 important steps I learned along the way that can help you get started the right away.
These are simple steps but when used correctly, they can help you get your first deal in just a few months.
Let’s get to the first step…
Grow Your Knowledge.
Read, Watch, Engage.
Everyday is a new learning day for all of us. This could be in the form of a book, a podcast or even a Youtube video. Thanks to technology, there’s a bunch of free blogs, videos (just like this one), podcast, or free books that you can get your hands on about real estate investing. Take your time, research the different strategies you can use in real estate, and then pick one.
The strategies could be bird-dogging, wholesaling contracts, flipping houses, single-family rentals, owner financing, note buying, mobile home investing, land flipping, multifamily, self-storage units, billboard investing, RV parks, office buildings, retail, and many others. You’ve got the picture, right?
Once you have a strategy picked, learn as much as you can. Understand what it takes to find a deal, structuring it, funding it as well as closing the deal. Normally, this should take 2-3 months, if you are dedicated. And, if you’re one of those people that like to read everything twice to get 200% confidence before making the right decisions, it should take you 3-6 months.
Any more than that, and you hit the analysis paralysis stage.
Network at Your Local Community.
In the meantime, you should look for real estate clubs or events where there are like-minded people to discuss the strategy you have picked. Don’t be tempted to attend events that talk about other real estate investing strategies yet. Your mind might play tricks on you and you are left thinking that a new strategy is better than the one you’ve been studying.
You might end up reading and learning about a new strategy. Before you know it, you’ll be going through the same process over and over!
There is a book called the “One Think” by Gary Keller (you can find it in the Amazon link in the show notes). Gary explains in detail, how important it is to focus on one thing at a time when getting started.
Note: one real estate investing strategy is no better than another one- they are just different. You cannot say, single-family rentals are better than wholesaling. People make good money in both real estate investment models.
This should bring me to step number 2.
Create a Goal Map.
In starting your property investing business, with an idea of what you will be doing, it is time to create a map of your goals and metrics. First, you need to know where you are going; otherwise, you will never know how to get there. This will give you the structure needed to create the map.
Your real estate map can be divided into 3 areas:
• Finding the deal
• Structuring the deal
• Closing the deal.
Use what you learned from your research. You should set up some goals and metrics around those areas.
Now let’s move to step number 3.
Take Action, Take the Next Step
It’s time to apply everything you’ve learned in the last few months and start seeing results. As the saying goes ‘Knowledge is power’. Personally, I like to think that knowledge is only potential power. And by using your knowledge and combining it with daily actions- you will get the power to get things done.
In conclusion, you should remember that this is not going to be an easy journey, you have to be 100% committed and passionate about real estate. Roadblocks will come along the way that might make you believe that real estate is a total waste of your time.
But if you persevere, eventually, you will create a living from something you love. Creating a real estate business is not as hard as you think. Follow these 3 steps and you will start investing in just a few months.
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It is never too late to start a real estate investing business, so why wait?