Anyone up for a challenge?<\/p>\n
Hi all, Liz back with you this week! Most of you would probably agree we live in an \u201cinstant gratification\u201d society. If there is something you don\u2019t like in your life, well, all you need to do is Google it and see how you can quickly change it. We all like shortcuts and cliff notes. And most of us here on BP want real estate investing success — immediately. I’ve always loved the quote, \u201cMost overnight successes took 10 years.\u201d Isn\u2019t that true? Every success in real estate (and in life)\u00a0takes time, focus, and guts. There are no shortcuts. It really doesn\u2019t happen overnight. However, what it does take is consistent action, commitment and a plan.<\/p>\n
Here is a challenge for all those newbies out there. Here are 30 steps you can take in the next 30 days to get started in the real estate investing business. While these 30 steps are not going to make you a real estate millionaire overnight, they certainly can help provide direction and momentum. And the good news about momentum is that \u201cmomentum creates more momentum!\u201d<\/p>\n
If you are interested in taking on this 30 day challenge, I would love to hear about your progress in the comments section below!<\/p>\n
Establish your real estate investing goals. I call this your \u201cwhy<\/a>\u201d statement. What is the WHY behind your interest in real estate investing goals? What are you passionate about? Just to \u201cmake money\u201d is quite honestly not good enough.<\/p>\n Related:<\/strong> 5 Harsh Realities About Real Estate Investing Every Newbie Should Know<\/a><\/em><\/p>\n Listen, this business is not always \u201csunshine and roses.\u201d It can be tough at times. So you have to have a deep reason behind getting into this business to keep your motivation high!<\/p>\n Cash flow? Planning for retirement? Chunks of cash? If you are looking for cash flow, then \u201cflipping houses\u201d would not be an effective strategy. Your real estate strategy\/niche has to align with your investment goals.<\/p>\n Take out a blank piece of paper and on the left hand side of the paper write \u201c1 \u2013 10.\u201d Then, next to each number, write down the top skills and strengths that you currently have. This can be anything from being great with people to being quick with numbers.<\/p>\n If you can’t think of any, consider the feedback you have received from family, friends or work colleagues over the years. Sometimes others will notice our strengths quicker than we can.<\/p>\n Time is the one limited resource. If you have little time, how can you carve out more time?<\/p>\n This includes your credit score, your available cash, retirement accounts, equity in your home, and friends and family who have available equity and\/or cash.<\/p>\n You want to find and connect with successful people in these niches.\u00a0Remember, success leaves clues.<\/p>\n Schedule coffee\/lunch and learn as much as you can about how they became successful and their \u201csuccess\u201d habits.<\/p>\n Persist, but in a nice way! I like to use the sandwich method. Email and call simultaneously. Don\u2019t give up!<\/p>\n Figure out how you can spend more time with them if they are in the niche you want to be in. Find out ways to help them and they will want to help you!<\/p>\n These can be skills you need to learn or cash you need to raise or credit you need to improve. Remember, we all have skills and strengths we bring to the table, and each of us has skills we need to learn in order to be successful in a new endeavor.<\/p>\n I don\u2019t know any successful REI entrepreneur who has done it\u00a0on their own.<\/p>\n Find one other person (or a group) who has similar goals, and support one another to take action and keep one another honest.<\/p>\n I suggest The One Page Business Plan for the Creative Entrepreneur<\/em><\/a> by James Horan. This will help you focus your energies and avoid jumping into too many areas and\/or losing focus. I believe focus is the key to success.<\/p>\n The worst thing you can do is start this new venture and allow yourself to be brought down by naysayers and negative people.<\/p>\n You’ll need to constantly be\u00a0learning more and taking more action. You need both to be successful.<\/p>\n There are lots of ways to do this. Again, there are many free, as well as paid, ways to do this. Find what will work best for you.<\/p>\n You want to stay in contact with like-minded people in the niche you have chosen.<\/p>\n My husband Matt and I have been at this real estate investing business for over 10 years. We still make mistakes. But we learn from them and are committed to getting better day by day.<\/p>\n Not all property types will meet your investment goals (revisit Step #1).<\/p>\n Do you want to be an active landlord or would you rather purchase a \u201cturnkey<\/a>\u201d deal or even invest your money with an \u201cactive\u201d RE investor?<\/p>\n Some ideas include: accountant, contractor, handyman, investor-friendly realtor, wholesaler, attorney, banker, lenders, hard money or private money lenders.<\/p>\n2. Determine your investment goals.<\/h3>\n
3. Take a personal inventory.<\/h3>\n
4. Assess the \u201ctime\u201d you have to put into this new venture.<\/h3>\n
5. Assess the \u201cassets\u201d you have.<\/h3>\n
6. Create a list of three real estate strategies\/niches you are interested in.<\/h3>\n
7. Network both online (BP) and offline (local meetup groups and REI clubs).<\/h3>\n
8. Reach out to at least five successful people in these niches.<\/h3>\n
9. If you reach out to these folks and don\u2019t hear back from them, don\u2019t give up.<\/h3>\n
10. Stay in touch with these successful people.<\/h3>\n
11. Once you understand what skills and assets are needed for these niches, determine your \u201careas of improvement.\u201d<\/h3>\n
12. Seek out support.<\/h3>\n
13. Get an accountability partner.<\/h3>\n
14. Once you establish your REI strategy\/niche, write a brief business plan.<\/h3>\n
15. Read the work of, listen to and surround yourself with successful and like-minded people.<\/h3>\n
16. Become comfortable with getting into the habit of learning and taking action.<\/h3>\n
17. Gain knowledge and experience in your area of focus.<\/h3>\n
18. Continue to attend online and off line conferences and networking meetings.<\/h3>\n
19. Focus on progress, not perfection.<\/h3>\n
20. Once your strategy\/niche is established, determine the type of market you want to invest in.<\/h3>\n
21. Determine the type of property (or properties) you want to invest in.<\/h3>\n
22. Determine how far away you are willing to invest.<\/h3>\n
23. Determine how \u201cactive\u201d you want to be in the business.<\/h3>\n
24. Find team members<\/a> applicable to your niche.<\/h3>\n