Start investing in real estate today!
In order to be successful in real estate investing, you have to take action. You must have a plan, and your plan should outline your action steps.
So why not get started today by following these steps??
1. 1. Think like an investor.
This is something you can do today, right now. Think like someone who is in business for themselves. If you already work an eight hour a day job like most of us, you’re probably going to have to be more efficient in planning your day-to-day activities.
To be a successful investor you will have to forget what you may have been taught about wealth and what it means to be successful. Set your goals today. Make them as lofty as you want. Remember, you are not alone. There are plenty of people, me included, who are willing to meet you. In fact, plenty of people are willing to help you achieve your goals. Of course, having a mentor or coach requires making it a win-win for both sides.
1. 2. Educate, educate, educate!
There is no reason you cannot start today reading and educating yourself on real estate investing. People have been in your shoes before. Learn what helped make them successful. But you don’t have to only focus on real estate investing books. There are plenty of other topics that will motivate and inspire you in your new career.
1. 3. Become a professional problem solver.
Being a successful real estate investor boils down to how well you can problem solve. Being able to talk to people is a critical skill. For many people, talking to strangers and problem solving is not something that will come naturally. I am a bit of an introvert, but I still got out there and had those conversations. Guess what? You will get better.
Ask good questions. This is critical. But how do you know what questions to ask? Well, every situation will be different. Ask your mentor or coach or other investor. (I happen to know one who is happy to help!)
1. 4. Build your real estate investing team.
When I first started out as an investor, I tried to do everything by myself. I quickly learned I couldn’t keep that up for very long.
As a new investor, the best use of your time is researching properties, looking at properties, making offers, solving problems and talking to sellers, buyers, and other investors. You’ll need time to find funding for your deals.
You’ll need time to network and meet real estate industry professionals. In time, you will have people who can handle administrative work, do marketing and eventually people who will do the rehab work.
You don’t need to pay people a ton of money either. My fifteen-year-old son handles administrative work and my wife helps with marketing. Leverage your resources!
1. 5. Learn the industry lingo
Well, this is related to becoming educated. The real estate industry has its own languages. Yes, languages, as in more than one. Because realtors speak in their terms, mortgage brokers have their own diction, and good luck trying to communicate with the tax guy!
As your business grows, these are all people that could be part of your team or network. You just have to learn how to communicate with them.
There you have it. Five things you can start doing today, right now, to get you on the path to being a successful real estate investor. So if you are serious about investing in real estate, why not start today?
I’d love to hear from you. What are you doing today to get started down the path of successful real estate investing?