Feeling lost and don’t know where to start in real estate?
Real estate is rewarding on so many levels. It’s a shame to witness those who don’t get to experience those results in their own lives. Sadly, it is often not due to a lack of being aware of the advantages real estate can offer, but failing to get started. It can be a little bewildering in the beginning, speaking from experience. There is so much information out there, a whole new lingo to learn, and many options to choose from. Here are some ways to overcome these challenges—strategies I personally used to get started.
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.
5 Achievable Tasks for Real Estate Newbies Feeling Lost & Overwhelmed
1. Peruse Biggerpockets.com.
I wish I had found this website even earlier in my career. Still, I managed to stumble across it. There’s so much free information on how to do anything real estate-related on this site. You can also find investors who can fund your deals or even rehab them on here. Jump onto the forums and see what others are talking about and how they did it. Get your own questions answered, but do not forget to give back. It can’t be all take, take, take.
2. Try out an apprenticeship.
Jump into an apprenticeship. This can give you all the instruction and clarity you need. You’ll get hands on learning while you earn. This is how I got started. I actually began working for a mentor for free. Some may think that is crazy, but I learned so much and didn’t have to go thousands of dollars in debt for it. It gave me a practical step-by-step path, and I was able to hack into years of experience and education in a very short period of time.
3. Network, network, network.
I would not have found my mentor if I did not put myself out there to meet people. Finding the right person to potentially partner with or work with can take some time. Still, while you are out networking, you’ll build up your contacts for later and may even generate some live deals. It can be fun, too. The more you are out there networking, the more you will learn and the more comfortable you will feel in the business.
4. Take inventory.
Take stock of your skills, talents, and passions. What is it that you are good at? What do you like doing? How can you apply that in real estate? No matter what the answers are, there are ways to find a match. Getting clarity on this early will also help you choose a real estate strategy that you’ll enjoy and can stick with. Being self aware helps tremendously. I knew, for example, that I was not a number cruncher, though I excelled in other skills (like marketing, branding, etc.). So I found a business partner to complement my skills and round out those areas I struggled with.
5. Set goals.
Set some goals and make an action plan. Set yourself some timelines. This will help you keep on track, consistently making forward progress. You don’t have to know it all. You can always tweak things later. Just get started. Some of those first things may simply be getting to a networking function once a week and spending 15 minutes a day on Biggerpockets.com. Then it may be a goal of finding a mentor within 30 days.
It’s easy to get lost when starting in real estate. But there are easy ways to get going so you can find your focus. Start with these ideas and keep building on them.
Anything you’d add to this list?
Let me know with a comment!