10 Tips to Start Out in Real Estate Investing
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.
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- 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.
- 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.
- 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.
- 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.
- 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.
- Build Systems and a Team – Find quality experts, align your goals, build efficient and effective systems and duplicate over and over.
- 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.
- Build reserves – Always keep some reserves on hand for each deal in case of surprises.
- 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.
- 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.