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10 Tips to Start Out in Real Estate Investing

by Ryan Moeller on September 22, 2009 · 6 comments

  

Starting out in real estate can be very difficult for beginners.  There are a lot of unknowns and comfort barriers that must be overcome not to mention the time it takes.  Here are 10 tips to jump start your real estate investing career.

  1. Learn –  Read every book, article and forum you can.  Some boot camps, seminars, webinars, etc are very informative but can be costly.  Also become active in online forums.
  2. Join REI Clubs and Groups –  Join your local REI Club, networking groups and online groups.  Network like crazy and make contacts with experienced people who Do.
  3. Find a Mentor –  Always always always have a mentor and other experts in the area look over your deals.  They will help you avoid mistakes and if you found a home run deal, you will build a lot of credibility.
  4. Pick a strategy to master –  Pick one strategy and master it, do not spread yourself too thin on 5-10 different strategies and never put in the effort it takes to find the first great deal using one strategy.
  5. Partner – It is never a bad idea to partner with an expert who has experience.  You can avoid costly mistakes and learn a ton which you can utilize in future deals.
  6. Build Systems and a Team -  Find quality experts, align your goals, build efficient and effective systems and duplicate over and over.
  7. Slow Down –  Greed often gets the best of people and they go too fast and get in over their head.  Pace yourself and do not take unnecessary risks.
  8. Build reserves –  Always keep some reserves on hand for each deal in case of surprises.
  9. Generate Private Money Investors – Buying with cash and quick has so many advantages,  Private investors allow you to be extremely creative and fund great deals that conventional financing will not allow.
  10. Analyze –Critique–Improve – Look at what you know, your strategy, partners, systems, team, financing and reserves.  Analyze, critique and come up with solutions to improve every aspect of your business.  Continuous Improvement.
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{ 6 comments… read them below or add one }

Bob September 22, 2009 at 11:05 am

Great pointers. I help many investors with the purchase of investment property and the only caution I have is to be very carefull when or if you select a club or group to associate with. These can become more of a “Group Think” phenomina where one member basically charts the direction and everyone goes along. Finding a mentor who has had success in investing will always be your best bet.

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Ryan Moeller September 22, 2009 at 12:50 pm

Great comment Bob. I totally agree. Many investor groups are just one person building their buyer’s list. They are great at getting people excited and to follow.
.-= Ryan Moeller´s last blog ..3514 W 58th, Cleveland, OH 44113 =-.

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Stephen Davis October 1, 2009 at 5:57 pm

Great list. Number 7 was tough for me. I finally found a mentor that slowed me down.
.-= Stephen Davis´s last blog ..Poll Question: What is Your Preferred Method of Financing Investment Property? =-.

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ROBERT November 25, 2009 at 7:23 am

All of this “get a mentor “advice seems so simple,but,a question can be posed;i.e.,when you are a broke newbie ,how can you afford a mentor ?

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Ryan Moeller November 25, 2009 at 10:12 am

Great question Robert. A mentor does not need to be an expensive coaching program. It is better to have a mentor you can create a win-win situation with and help their business such as sharing a deal with them, bringing them a deal or helping them in some other way. Real estate is a relationship business. If you can help others, you will get help in return. I hope this helps.
.-= Ryan Moeller´s last blog ..Cash Flow Duplex =-.

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Karissa May 31, 2010 at 8:14 am

Very helpful tips for first time investors! I agree that networking is one of the most important things to focus on in real estate investing.

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