I want to discuss some basics for getting started in real estate investing. Everything I’m about to share, can be applied to helping anyone get started in real estate investing. I am going to give you a few keys to getting started. Of course, REIAComps is essential to making sound decisions for your real estate business.
Let’s talk about a desire to work in the real estate investing field. Real estate investing may not be for everyone but real estate investing CAN offer anyone the financial freedom we all crave. But most important is to always take a valuation first approach to every new deal you see. You must know the best purchase price and After Repair Value (ARV) first. Never let someone tell you the value, use REIAComps to know the value for yourself.
Now the people that make it in real estate investing all have a few things in common. First, they run their real estate investing business like any other business out there. Second, you cannot be afraid to fail. Everyone has failed at something but the most successful people out there learn from their failures. The third thing is that you have to put a good team together. You do not want to be the person doing everything in your business. Doing everything is a recipe for failure. You have to put together good people who you can trust and rely on. The fourth thing is that you need a mentor. Gaining from the knowledge and experience of others is invaluable.
Having goals is one of the most important aspects of achieving what you want in life. You don't want to just have your goals up in your head. You want to write them down and work to make them happen. You want to review your goals daily and read them out loud to yourself. This way you remind yourself everyday why you are building your business.
How should you start to write down your goals? First off you should think big, and by big I mean HUGE. If your goals are too small you will easily achieve them and have nothing else to look forward to. The best ways that I have found to set your goals is to break them up into two categories. First your short term goals. This should be goals from a month out to around a year. The second is your long term goals. These goals are your think big goals and what you see for your future.
Knowledge builds confidence and destroys fear. If you are starting any kind of business you need to learn the ins and outs of that business. Attending a RE investment seminar or class can be one of the best places to learn about real estate investing and gain a wealth of knowledge. Another reason I recommend going to a seminar is because they get you motivated. When you get back from one of these seminars you will have tons of energy and knowledge.
These seminars will also provide you with several opportunities to take advantage of coaching and/or further training at a fraction of the cost. Another reason to attend a seminar is to network with other investors and build relationships with them. You can meet other investors who you can partner with on a deal, sell a deal too, people who will provide you with deals and so on. You should have hundreds of business cards made up and try to give them all out. You never know how much one business card you hand out can make you.
Find a Coach/Mentor
Having someone to help you can be your biggest learning experience. Mentors can help you with any questions you may have, walk you step by step through the investing process, give you moral support, you learn from their proven system, and also network you with others in the business. Every successful real estate investor that I know says they owe a lot of their success to the mentors they have and had in their lives. When trying to find a mentor I would suggest network with the investors at your local real estate investors club meeting.
Building Your Team
Building an effective team can make your life as a real estate investor a lot easier. You are only one person and cannot do everything or be an expert in every aspect of real estate investing. Going at a project alone can become one of the most frustrating experiences you will ever encounter. Many people have become frustrated and quit real estate investing because they try and juggle too many things. Make sure that when putting a team together you provide everyone with win-win opportunities. When someone knows that working with you is going to make them money they will put you as a higher priority on their list. But you have to prove it to them that you are the real deal.
All those things taken in mind, I hope these few tips will be helpful to you when launching your real estate investing career. Visit REIAComps to help you make your profit when you buy. Always use REIAComps to determine the best acquisition and ARV for every deal you look at. Don’t for one moment let someone tell you the value of a deal. Let REIAComps show you for yourself.