This post is going to be simple and to the point. These are the first four steps a new investor should do when they’re getting into real estate, based on my personal experience.
How to Get Started in Real Estate Investing
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Network with experienced investors.
The No. 1 thing I would tell anybody is to go network with other investors. Whether you do it on BiggerPockets, attend local meetups, whatever—go do this.
Related: 12 Simple Tips For Beginner Real Estate Investors
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Find a mentor.
The second thing is definitely find some sort of mentor, somebody who might be able to help you out in some way. If you don’t know how to do something yourself, there are plenty of people who do. And just because one of them turns you down doesn’t mean that other ones will. So keep fighting until you find one.
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Offer something in return.
Third, when you’re going to find that mentor, don’t be “that guy” or “that girl,” who’s super annoying and asking for so much but not giving any help in return.
Related: The 3 Most Common Real Estate Myths Beginning Investors Believe
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Know your strategy.
The No. 4 thing is strategy. Know what you want to do in real estate investing. If you do not know what you want to do, then go do little tests and figure stuff out until you find what you’re attracted to.
My success did not start until I actually focused on one thing. There are so many areas of real estate. People say, “I’m going to flip a house, I’m going to BRRRR, I’m going to buy rentals, I’m going to buy multifamily, and I’m going to do a syndicate.”
They start because it all sounds great; they’ll make lots of money. But they suck at all of them. They never really take off.
So, in 2014, when I decided I was just going to flip houses, I had my largest financial success. I was able to get better margins, better focus. Now I can add other things to it since I have a strategy in place and a focus.
That’s it! Those are the four steps I’d recommend.
What tips would you add to this list? What’s your best advice for newbies?
Share in a comment below.