Real Estate Investing is not easy, many gurus make it sound like everybody can make millions of dollars by working part time in real estate and not doing much work.
There is no simple magic formula that can bring you quick success.
You need effort and dedication because real estate investing is not easy
It is extremely important to educate yourself first, start with free library books or local courses, but don’t pay thousands of dollars starting out thinking that someone has a magic trick and quick formula that can make you become Donald Trump, because real estate investing is not easy, you need to put sweat equity first to see results later.
In Theory real estate has simple steps:
- Find a house
- Fix it
- Sell it or rent it.
But in reality each step has many moving parts that are essential and requires your attention most of the time.
I think the hardest part when you are starting out is to be able to manage from the A to the Z, which means from sending the first marketing letter to finally getting paid by either selling the property or just renting it.
Real Estate has many different parts that need to work together to complete a transaction
- Different ways to find a house
- multiple sellers you need to talk to with different personalities
- Getting the property under contract
- Finding the right title company
- Funding the deal if you are going to buy it
- Figure out the right exit strategy
- Dealing with contractors,
- Working with realtors, and many more things that you need to consider.
If Real Estate Investing is not Easy, How do I start?
I recommend to prepare yourself for a big change in your life. First you need to study for a few months before starting out. It took me 4 months to learn, and get familiar with the local market and who I will be working with.
You need to start reading, attending courses, asking questions, and watching videos. This takes time and lot of effort, especially if you have a full time job and have a family.
Then when you decide to start, it will take most of your time.
When I started, I spend all my lunches at work making calls. After my 9-5 job was over I made more calls and scheduled appointments, analyzed properties, and I did many other tasks. I was not aware of what was going on outside real estate, sometimes I felt out of place, when I talked to my friends and family, as I was not aware what was going on and my only topic was real estate.
It took lots of patience from my wife and friends, but now they are able to see the progress that we are making and the properties that we have acquired and they come to me asking how they can start in real estate
Real Estate investing is not easy, you have to put lots of effort to get started, then more as you apply that knowledge in the real world.
Read this article about 3 habits you need to implement when starting out.
If you really want it, then this is for you
Happy investing