3 Secrets To Getting Started In Real Estate
There are risks involved with becoming a Real Estate investor. It can be scary to do your first deal. Here are 3 things to consider when getting your business off the ground...
1) Take Immediate Action Every Day
Let's define "immediate action" as effort that translates into immediate impact in the world. When you send a direct mail campaign, everyone on your list receives a postcard. When you make an offer on a property, that owner now has a choice whether or not to accept your offer. That's an immediate impact.
Reading a book on real estate (although important) does not create an immediate result. Passively listening to a Podcast does not create an immediate result.
Education and long-term planning will build a solid foundation. But in the short term, you also need to take DAILY actions that create a TIMELY result. Pick up the phone and make an offer. Go walk a property. Send a mailing. Ask for a meeting with a seller or broker. Do something every day that creates an immediate result.
2) Mitigate Risk With Data
Most beginners understand there are risks when taking action. But they don't realize there are also risks with NON-action. There is risk with spending too much time analyzing. There is a risk with sitting on the sidelines. There is a risk with not taking advantage of the opportunities that are out there today.
So how do you mitigate the risk of TAKING ACTION today? How do you find all the opportunities hiding behind risk? It's simple: understand the data.
Due diligence is your insurance policy against risk. Information is powerful. And it's the best way to manage risk (and therefore increase ROI). Dive into the numbers. Call the tax assessors office. Read the zoning guidelines for your city. Understand everything you can to mitigate your risk. You will uncover opportunities that your competitors can't see.
The best thing you can do to build your real estate business is network. There are thousands of people who are experienced and successful in what you want to do. Many of these people would be happy to sit down and talk and share information with you.
If you don't have a lot of money in the beginning, you can connect with people with money. If you don't have any experience, you can connect with people who have experience. Need to build a team? It all comes down to networking. Can't find a deal? Focus on networking. Learn how to connect with people and your business will flourish.
As Joe Fairless said, "The richest people in the world build networks and everyone else looks for work."