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I talk to hundreds of investors every month and there are some thoughts I would like to share with you on my experiences with investors, particularly first time investors.
The question I hear the most for our investors is, How do I to get ready to start investing?
The answer for me is two parts.
- Are you ready to invest?
- Are you patient?
The key to investing is to be prepared financially, physically and emotionally.
- Financially – Make sure you have your credit in order and you have an understanding of the financial commitment in order to invest. Understand cash flow, entry strategies and exit strategies for real estate. Have your financial advisor’s in place, loan officer, CPA and real estate attorney.
- Physically – Can you move into your investment at any time? Do you have a property manager? Will there be any work that needs to be done to your property? If you are not ready to get physically invovled with your investment do you have the people in place to help? Have the individuals like property mangers, general contractors, and handyman’s ready to go.
- Emotionally – Does finding a renter stress you out? Do you trust a good deal when you find one? Are you missing all the great deals because you think about it one day too long? The very best real estate deal do not hang around for long. They sell and move quickly because other investors that are better prepared or willing to take more risk move quickly. Investors do not need to be cold as ice to make a deal, having help and advise is valueable. Talk to other investors, Realtors, and loan officers use their experience if your unsure. From a mental stand point investing is not easy. If it was there would be no room for you and me.
Remember to be ready financially, physically and emotionally you have to be patient.