One of the hardest things to do in life is to get started. Whether it’s a new job, a new business, or a new relationship. All of these involve challenges because of the unknown, the unforeseen, and a general lack of knowledge and experience. This can create anxiety and fear, which prevents you from moving forward on a path to success. The same is also true for getting started in real estate investing.
I want to help anyone struggling with those first steps, so they can get started in real estate investing. I have outlined what I believe are four keys for putting you on a path to success. So let’s dive into them.
KEY #1: KNOW YOUR REAL ESTATE INVESTING STRATEGIES
In the single-family real estate investing world, there are basically three investing strategies: wholesaling property, flipping property and owning rental property. Your job is to consider which one(s) you want to focus on, and put a plan together to execute on them. For example, if you want immediate income, wholesaling is the way to go. If you are looking to make large profits, consider finding a deal with enough equity where you can rehab and flip it. If you are looking to build long-term wealth and generate passive income, then you need to buy rental properties.
KEY #2: GET A SPECIFIC GOAL DOWN ON PAPER
The biggest key to getting started is setting a goal and writing it down on paper. I know I’m preaching to the choir with some of you, however, others might be thinking, “I just don’t need to do that.” Really? How will you be able to measure if you are reaching your target if you don’t really have one? Do you really want to leave it up to chance? Wouldn’t it be better to take charge and have a plan? Write your goals down.
KEY #3: NETWORK WITH OTHER REAL ESTATE INVESTORS
Other real estate investors are going to be your best resource for networking, creating a mastermind group, and building the rest of your team. You want to reach out to them, learn from them, and discuss your ideas with them. If you want to get to the next level with your real estate investing, networking is a must-do.
KEY #4: TAKE ACTION!
All that is left at this point is for you to take action. How do you do this? Go find a pen and paper and write down your action plan.
If you are still struggling with this, go to YouTube and watch “How to Take Action” by Tony Robbins. That will help put things in perspective for you and help you get started.
Now get moving! Identify the next steps and TAKE ACTION! Want to wholesale properties? Find a wholesaling group on Meetup.com and attend their next meeting. Want to buy a flip or rental property? Contact a wholesaler, talk to them about what you’re looking for, and get on their buyer’s list. Need financing for your deal? Give us a call!
Mike Hanna is a real estate investor, mentor, author, and public speaker. He has been an active real estate investor since 2002 in both single family and multi-family properties, and has been in the hard money business since 2005.