Getting Started In Any New Real Estate Business
There is typically a learning curve and/or stretching outside your comfort-zone with regards to beginning to invest in a new real estate niche.
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This week I would like to discuss something known as Transitional Vulnerability. Knowing what to expect and not expect during this stage of starting any new business will help ensure you can be prepared and not caught off guard.
Transitional Vulnerability is one stage of learning a new business or skill-set when you are the most vulnerable to immediate failure and becoming discouraged. Transitional vulnerability can last weeks, months or a lifetime on your own.
Some examples of Transitional Vulnerability:
- When a butterfly first hatches from its cocoon it is in a state of transitional vulnerability.
- When a child is being born, both mother and child are in states of transitional vulnerability.
- As a baby bird learns to fly it is in a state of transitional vulnerability.
- When you start a new job you are in a state of transitional vulnerability.
- As you begin a new hobby or sport you are in a state of transitional vulnerability.
Investing in real estate is no different.
However if you fail with investing you are out literally many thousands of dollars over your lifetime assuming you never returned to investing.
When you choose to begin a side business of investing in real estate and/or investing in mobile homes for profit you are in a state of Transitional Vulnerability for at least your first few deals. This is based solely on my own experience of helping others in this field.
Make sure to understand that you will be faced with many common and unique challenges to overcome. These challenges will encourage you to stumble, become delayed, be afraid, second-guess yourself, hesitate, and eventually succeed or fail. Many of these challenges, both internal and external challenges can be overcome with correct education, training, leadership, support team, and daily accountability.
Building a profitable portfolio is hard but you can do it. If anyone on this planet is where you wish to be there is no reason why you cannot duplicate his or her success.
How to Overcome Transitional Vulnerability?
- Be prepared before you ever take action in public.
- Join BiggerPockets.com and consider becoming a Pro member for added networking.
- Post your questions and deals in the BiggerPockets Forums for added help and guidance.
- Take local investors out to lunch and ask them questions.
- When you have a potential “deal” ask to partner with a local seasoned investor in your area.
Logically speaking there are only so many steps (A, B, C, D… Z) that you should take to successfully build a profitable real estate and/or mobile home investing portfolio. Much like a pulling off a Band-aid you learning this business is going to happen one way or another. You can either learn this business overtime and improve slowly which is popularly called “Trial and Error” or you can choose to advance your knowledge with the help from seasoned investors that can be found here at Biggerpockets.com and/or working with a local seasoned investor/mentor. If you do work with a local seasoned investor make sure this person is someone others vouch for and that you like, trust, and can rely upon.
Lack of clarity is what eventually hurts most amateur real estate investors and mobile home investors from moving forward as quickly as they could with proper support.
Lack of clarity for:
- Where to advertise and market to save money and get results?
- How to speak to sellers when screening?
- How to construct offers?
- An outline of every step of the process?
- How to answer seller/buyer questions to keep the deal moving forward?
- What offers to suggest when buying and selling?
- How to sell, what paperwork to use, and properly screening for buyers or renters?
- The best ways to manage properties for receiving on-time payments from your tenants or buyers.
If you ever have any specific mobile home investing questions or general real estate investing questions do not hesitate to ask or comment below.
Love what you do daily,
Photo: Mark Zimmermann