How Do I get Started in real estate Investing?
People often ask me two questions how do I get started in real estate investing and where do I find the money? Here are my thoughts. How does one get started in real estate investing? That’s just it you get started! A lot of people have a tremendous amount of fear, so much so it cripples them from even getting started. But the only way you will learn is to jump in and try it. Now I would never advocate jumping in blindly you have to learn everything you can. The best way I taught myself to learn is purchase the top 4 books on the topic and attend at least one seminar from an industry leader in the field. Study this information, grab the top points and then start immediately applying it. The second best thing you can do is learn from a mentor, someone who has done it and can coach and guide you through the process there is no need to go at it alone anyone who is truly successful and seasoned in this business would be willing to take someone under their wing as long as that someone has a true passion and desire to succeed and not waste time, to learn and soak up all of the valuable information being given. Here is a word of caution, do not try to re-invent the wheel! There are people out there every day who are fixing and flipping a massive amount of homes simply copy, yes copy what they are doing. And you know why they are successful because they copied what someone else Is doing. There is no new magic formula, the basic principles of success in this business have already been thought of you just have to take action on them and consistent, relentless action.
Once you are armed with information and a mentor go out and start practicing, look at deals, evaluate them, go through the numbers, walk the property get comfortable analyzing the numbers, the rehabs, and call contractors have them give you quotes. Practice makes perfect learn the whole business, get conformable with moving in and out of deals and analyzing before you jump into something and do it often. If you are not looking at deals every day of the week, you will lose your skill set. Think about how much professional athlete’s practice for sometimes just a 1 minute performance!
If you are going to be in the real estate investment business, you need to treat it like a business, most people fail because they work when they want, how they want. They have no systems, no plan. Plan your days, have a schedule, set goals and work towards achieving them. Most importantly when the leads come in follow up and follow up aggressively!
Lastly how do you get the money? There is one very simple response and it may sound like magic but it is not. If you are putting deals together that are no-brainer investments that are in line with how most investors are investing in your marketplace, the money will come! Here is how you get a head start. Get access to your local MLS do a 5-10 mile radius search for all the cash buyers in your area within the last 6 months, get their information and reach out to them by phone, mail, in person or all three!
The money guys is the easy part of this equation; you have to become a master at putting together good deals first. Once you do the rest will naturally follow.
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Everyone have a great, productive and profitable week!