While a lot of people consider real estate investing an “old man’s game,” I am here to tell you as a Millennial that this simply isn’t true. Sure, I firmly believe that to become a successful real estate investor, you will have to select this as a long-term path. After all, the younger you start, the greater you will benefit from it in the future. Because of this, it is highly essential that you don’t feel discouraged if you are playing a game that doesn’t seem to be popular in your age bracket.
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
Lose the Excuse About Money
Have you ever found yourself giving up on something simply because you believe that you can’t do it? I mean, more often than not, we give ourselves little excuses about why we can’t do this or that. But what does that really achieve? Essentially, it just helps us to feel better about being average and not even trying.
So don’t hold yourself back! This industry is extremely lucrative and offers a wide variety of ways to get creative. Therefore, don’t ever use money as an excuse. Remember, Rome wasn’t built in a day! The first deal I acquired in my early 20s took zero dollars out of my pocket. However, it did take tremendous hustle on my end to make up for the shortage of capital.
Network, Network, Network
Don’t be afraid to go to the local meet ups, telling everyone you meet what you do. It is highly important that you get yourself known. Whether by joining groups, talking to people at the local bookclub, or simply giving your business card to those strangers that you meet on the road, it is great to network yourself.
Oh, and let us not forget that since we live in the 21st century, don’t be afraid to tap into your Twitter, Facebook, LinkedIn, and perhaps even a Instagram account to really get your name out there! You are your own personal brand, so this step is crucial.
Take on an Apprenticeship
The best way to learn is through leveraging the knowledge of others. Regardless of whether you are old or new to the game, try working for someone else who is experienced in the field, and learn the ropes of the industry from them. Trust me, even if you are simply working for a bare minimum, this will definitely take you a WHOLE lot further than a common school education.
Not to mention, aside from using their insight, you will be able to meet the people that your mentor knows too (networking, anyone?). By going through some sort of apprenticeship, many failures that you would run into venturing out on your own can easily be avoided.
Be Ready & Willing to Make Sacrifices
If you wish to become successful in real estate investing, it is essential that you accept the fact that you will be making certain sacrifices along the way. From having to forego time going out with friends on weekends to reinvesting your profits back into the business, you just have to remember that you’re in it to win it. So stick to it and buckle up for the long haul.
Experienced investors: What do YOU think is most important to keep in mind when starting out? New investors: What has your experience been?
Leave your comments below!