Most beginners get lost in a world of information. They analyze and try every strategy but never focus or become a master at one real estate investing strategy. I suggest an alternative plan, which will simplify things and increase the likelihood of your success. Here are 5 simple steps for investing beginners.
- Pick one and only one strategy – Avoid confusion, spinning your wheels, and analysis paralysis. Pick only one strategy and commit to becoming a master; by doing so, your learning curve becomes minimal, your to do list becomes simple, focused and success becomes realistic. Eliminating all the various other strategies helps you to become productive, knowledgeable and achieve master status.
- Focus on areas to invest – Similar to above, become a master in a few areas. By slimming down your farm, your to do list becomes simple, you become productive, a master of your focused areas and success is yours for the taking.
- Document your plan to find, finance, do and exit deals – In this step you will further dial into your strategy. By doing so, you will be able to delegate, automate, and build a team and your systems.
- Implement – Don’t stop now, you are close to realizing your goals and achieving success. Implement your to do list every day. This is where you bridge the gap between learning and doing. Many stop at learning and understanding the concepts and theories. Doers apply and implement what they learn. Become a Doer!
- Critique and Improve – Look at your strategy, and the areas you focus on, including your plan, your team, and your systems like you were an outsider. Even have mentors, fellow investors and other experts in your strategy look at what you are doing. What can be improved? What will improve your effectiveness, efficiency and help you realize your goals? Most importantly, what will most improve your profits? Go back to step 1, critique and improve on each step then start the process over periodically to achieve continuous improvement.
Do you find this helpful? What has and has not worked for you as a beginner? Please share your story and share helpful advice so we can all make 2010 and beyond, a success!