Real Estate Investing Basics

3 Fundamental Tips for Real Estate Investing Newbies

Expertise: Real Estate Investing Basics, Personal Development, Flipping Houses, Real Estate Marketing, Real Estate News & Commentary, Business Management
60 Articles Written

Few things in life come easy; rarely are any of us blessed with enough God-given talent to become experts at anything without failing (a lot) first.

Want more articles like this?

Create an account today to get BiggerPocket's best blog articles delivered to your inbox

Sign up for free

Opportunities to become rich or debt and boss-free seem elusive. Create wealth through leverage and have others pay down your investments? Not many avenues are available to the 99% to achieve all this — except for through real estate investing.

Can anyone do it? Yes, pretty much.

“Then how come everyone isn’t rich, Tracy?” you may ask. Ahhh, dear reader. It’s the same reason everyone is not in ideal shape. It takes time, research, knowledge and continuous effort. So therein lies the challenge, it takes…work. If you’re willing to WORK to achieve success in real estate investing, here are 3 tips you must learn, repeat, practice, memorize, and stick to — no matter what.

3 Simple Tips for Real Estate Investing Success

1. Get and Stay Educated

Real estate investing is a complex topic, requiring the ability to evolve, recycle, adjust and adapt.

If you’re just starting out, read real estate investing books based on principles, practices and methods. I’d also subscribe to several blogs and peruse forums that allow you to interact and ask questions. Having a place to conjugate with other like-minded people can grow your knowledge base and confidence while you get your feet wet.

Regardless of if it’s visiting local real estate investing groups, attending real estate investing training courses, or reading books, trade publications or online forums, it’s imperative that you stay privy to the changes of laws and practices in the world of real estate investing. All that aside, it’s fun to connect with people who are interested in the same thing as you!

No one can claim to know everything; even experts continue to improve their approach. Making education a priority as you begin your real estate investing career can propel your learning curve.

2. Market Like Your Life Depends on It

I say that in jest, but in some cases, it may be close to the truth.

I’ve heard investors share stories of how their real estate investing wealth allowed them to adeptly handle unexpected life changes: adopting a family member’s kids, paying for life-saving cancer treatment and even creating a lifestyle conducive to a disability (of the investor) because no other career could.

Given, becoming a millionaire sipping Mai Tais in the Caribbean is a common vision for real estate investing, and it’s absolutely achievable. But no matter where your lifestyle goal falls on these scales, you can’t get anywhere in real estate investing until you acknowledge and master the heart of the business: marketing and prospecting.

There are a range of free, inexpensive and costly ways to go about gathering leads, so I encourage you to appraise your situation to see what you can budget for, what may work best in your area for the current market, and then to appeal to your target audience. Keep your “why” in mind, but always keep the lifeblood of your business going.

3. Just Do It

I know some of you out there could use a good kick in the rear from time to time. Heck, procrastinating can become a part time sport if you let it, and excuses will always be abundant.

But you absolutely, unequivocally have to take action to create traction. If you’re just getting started, doing ANYTHING can seem like a scary place to start. Even if your beginning goals are to read one book on real estate investing a month, talk to one local expert, or create a lead generation website, take action and set a date around it.

Life happens, delays are inevitable, and don’t be disappointed if things don’t happen immediately. It’s life’s way of asking you if you truly want what you requested. If so, you’ll be rewarded with challenges, disappointments and plenty of plot twists before you receive the enrichment that comes after. When you’re down, tired and defeated, keep your emotions in check — and just keep going.

It may seem simplistic, but when you’re getting started in anything of importance, it’s best to start with basic principles. Keep sharpening your skills and knowledge, focus on lead generation, and continue to take action. Soon enough, you’ll have a successful real estate investing career, too.

What do you think? Are you struggling getting started? If you’re experienced, what principles helped you build your path to progress?

The best part of these blogs is the conversation afterwards, so please leave your comments below!

Tracy (G+) is an Arizona Short Sale Realtor, Investor, Rehabber, and Foreclosure Expert. She also is an avid blogger, vlogger and consultant on all things Arizona Foreclosures.

    Lissa
    Replied almost 5 years ago
    Yeah, nice article. I watch your video. I like the third one which is most important for motivation and spirit “JUST DO IT” It’s an action plan. Real estate inverter have to do because it’s fact that their like depend on it.
    Tracy
    Replied almost 5 years ago
    Thanks for taking the time to read/watch/comment, Lissa. Glad you got something out of this.
    Paul
    Replied almost 5 years ago
    Great advise for all agents. Thanks
    Tracy
    Replied almost 5 years ago
    Hi Paul, this is targeted to real estate investors, but there are those who are agents and investors. Either way, thanks for commenting.
    Paul
    Replied almost 5 years ago
    Great advise for all agents. Thanks Reply Report comment
    Scott Nipp
    Replied almost 5 years ago
    Nice little article. We’ve been learning and trying but nothing has come together as of yet. We just keep plugging along knowing that sooner or later one of these deals is going to come together and then we can get on to the next steps of learning by doing.
    Tracy
    Replied almost 5 years ago
    There’s no magic formula Scott, other than perseverance, correct marketing, and taking consistent action. On second thought, I suppose there is a formula. 🙂 Keep doing what you’re doing!
    Sharon Vornholt
    Replied almost 5 years ago
    Nice post Tracy. I especially like #3. Like you said, life happens. The timing will never be perfect so you just need to get started and figure out how to make it work. Gaining momentum will take time, but it will eventually happen if you keep plugging away. Sharon
    Tracy
    Replied almost 5 years ago
    Yes, Sharon, “eventually” isn’t always the sexiest timeline, but it’s what’s required in most cases. Thanks for commenting!
    Cal Ewing
    Replied almost 5 years ago
    Hi Tracy, great video post. These three tips you have mentioned here really are three of the most important steps I have taken in my own investing career to get from a place of being scared and unwilling to act to a place where the momentum is really growing and I am seeing results and growth every day in my real estate investing business. Knowledge dissolves fear and lowers risk and absolutely everything springs out of a person’s willingness to take action. I look forward to more videos! Cal
    Tracy
    Replied almost 5 years ago
    That’s fantastic, Cal. It’s great to hear from people out there that can attest to the fact that it’s ok to be scared, but it shouldn’t stop you from taking action. You’re seeing the benefits, which I’m sure is rewarding. Keep going!
    Thomas Phelan
    Replied almost 5 years ago
    Tracy, Good information but I have found that in the Miami area looking for a worthwhile “fix and flip” necessitates kissing a zillion frogs before finding a suitable deal. A few years back my wife and I did dozens of “fix and flips” but back then there weren’t the plethora of “Wholesalers” whose software daily cranks out endless offers. And once they have a deal do they “wholesale” it? Oh, no, they try and flip it at near retail.
    Thomas Phelan
    Replied almost 5 years ago
    Tracy, Good information but I have found that in the Miami area looking for a worthwhile “fix and flip” necessitates kissing a zillion frogs before finding a suitable deal. A few years back my wife and I did dozens of “fix and flips” but back then there weren’t the plethora of “Wholesalers” whose software daily cranks out endless offers. And once they have a deal do they “wholesale” it? Oh, no, they try and flip it at near retail. Reply Report comment
    Maggie
    Replied about 4 years ago
    Just do it procastination can ruin all your investment plans and you might might miss some opprotunities.I have learnt not to procrastinate rather “just do it!”
    Gregory M. tilton Wholesaler from Cleveland, Ohio
    Replied over 3 years ago
    Thank you. It is helpful to hear a calm, steady as she goes, voice when wandering in the wilderness of newbie real estate investing. I especially like the third point, ‘Actions speak louder than words’.