Eight tips to get you started in real estate investing
This article is just the basics for embarking on real estate investing. This is not an article how but an article that gives you information on things to do to get started. All the items in this article are about tools that can help anyone to get started in real estate investing. I will give you my eight keys to start. Nothing is right or wrong, but reflects the point of view of the author. Laws and legal practices vary from state to state and laws may change over time. The author does not guarantee the legality of his opinions and there is no intention to provide legal advice. The author strongly encourages the reader to consult professionals and a lawyer before any real estate transaction or any real estate contract. The author is not a writer but a real estate investor. There will be grammatical errors and errors, so do not be too critical of grammar, but focus your energy on what is said. That said, get ready to think a little differently and expand your mind. Let&39;s start an incredible adventure.
The eight tips are as follows
2. Setting goals
3. Learn what to do
4. Participation in a seminar on real estate investment
5. The Billings Montana Market
6. Find a mentor
7. Your real estate team
8. just do
Before going into the heart of real estate investments, I want to talk about desire. If you want to succeed something in life, including real estate investing, you must have the desire to do it. Desire is defined as ardent desire or compelling need, as something that brings satisfaction or pleasure. Desire insists on the strength of feeling and often involves a strong intention or purpose. When it comes to real estate investing, if you do not want to learn and grow as a human being and truly derive satisfaction from it, real estate investing will be difficult to achieve. When I go out and look at a property, it gives me a lot of pleasure. Every aspect brings me the joy of talking with homeowners, determining how I can make a deal, buying the house and finding a good homeowner or tenant. Investing in real estate may not be suitable for everyone, but investing in real estate can offer anyone the financial freedom we all dream of. If you do not want to invest in real estate, this can help you live your dreams and help you achieve your future goals.
Why is real estate investing a great way for anyone to realize all his dreams? Let me ask you a few questions. Do you have enough money to do everything you want? Do you have everything you want? No debt? A beautiful house? Great wedding? The freedom to do anything, no matter how much it costs and how long does it take? If you have all of these things, then you are one of the few people in America to have them. Most people work maybe fifty hours a week and earn just enough to pay their bills. Nowadays, most people live with a paycheck, but they never really know how much they will earn enough to pay the bills that keep accumulating. If you can not track your monthly bills, how will you plan for your retirement, send your kids to college or have time to enjoy life? The answer to all these questions becomes financially free. Now it will not be easy, everyone will have to get out of their sofa and their comfort zone. It is proven that real estate is one of the fastest ways to get out of the nine to five race and start living the life you deserve to live. Everyone wants something different from their life. Some dream of traveling the world, spending more time with family, volunteering, playing golf, lying on the beach, giving back to the community, or doing whatever they want. There are thousands of things that make people happy.
To succeed in real estate, it takes a person willing to change his life for the better and to see big. Everyone can become a great real estate investor. It will take a lot of work and can sometimes be difficult, but in the end it will be the most incredible feeling. People who invest in real estate all have a few things in common. First, they run their real estate investment business like any other business. Second, they go out and network with everyone. Some people might be like me and have trouble talking to other people. If you agree, everyone can learn to become a person of people, it just requires a difficult daily job. You must go beyond your comfort zone. The third thing is that you can not be afraid to fail. Everyone has failed, but the most successful people learn from their failures. The fourth thing is that you have to build a good team. I will create a team in a later chapter. The concept of team building is such that when you do not know something, you have team members who know what to do and can help you with questions. The can also make sure that you do not work yourself to death. You do not want to be the one who does everything in your business. Doing everything is a receipt for failure. You need to bring together good people you can trust and rely on. The fifth thing is that you need a mentor. The sixth and last is the desire to do it. No one can succeed at something he does not want to do and does not derive satisfaction from what he does.
2. Set goals
Having goals is one of the most important aspects of achieving what you want in life. You do not just want to have your goals in your head, you want to write them and leave them behind what you wrote somewhere on the wall or in the bathroom mirror. You want to review your goals every day and read them out loud. In this way, you remember every day why you are building your business.
How should you start writing your goals? First of all, you should see big and big I mean huge. If your goals are too small, you will reach them easily and have nothing else to hope for. You should start by asking if I have all the money and all the time needed in the world, what would I do, what would I buy, how would I spend my time and how would I spend my energy? Do you start writing them? Well, you should be. Think about what you want, spend time with your family, travel the world, the best cars, a castle, own a small country, run for president, have the biggest real estate investment company in your area or your country. Whatever your dreams and what you want in your life, write it down. Some of my goals are to become free: traveling around the world, having a Ferrari, having 10 vacation homes around the world. Right now, I&39;m just trying to get you out of your comfort zone and let your imagination run.
There are many ways to set goals. I have learned many ways to set goals and there is no right or wrong way. The best way I&39;ve found to set your goals is to divide them into two categories. First, your short term goals. This should be goals from one month to about a year. The second is your long-term goals. These goals are your big goals and what you see for your future.
For the first year, I would like to first make a list of what I want to achieve this year and I will give you an example of how to do it. For the first year, you want to be very precise. You must first indicate what you want your income to be at the end of the year, then the amount of money you want in the bank (it &39;s all about). money in your checking account, no assets). Then you want to indicate how much you are going to give. Giving is very important: give to a charity, give gifts to friends, family, give to your school or anything you can dream of. As long as what you give brings joy to those who need it most. Next list what bad habits you have that you want to eliminate. The weather is about quitting, spending too much money, drinking too much, working too much, not spending enough time with family, watching TV, not exercising, and doing well. other. We all have bad habits that need to be changed in order to develop as human beings. Under each of these bad habits, list some steps you can take to leave them. If you have the bad habit of being lazy and not exercising enough, what can you do to change that? Well, you can get a gym membership or a homework program. Commit yourself to follow with a plan to work 3-5 days a week. In order for you to change these bad habits, you must be fully engaged and apply a detailed plan that you have set yourself. Once your plans are in place, you should start listing several things you want to do or do in the next year. It could be starting a successful business, spending time with family, traveling to 2 to 5 locations, etc. Now, under each of these elements, you must also write a detailed plan indicating what you need and what you need to do to achieve these goals. Finally, you should take all this information. You have written on the page what you see in next year&39;s life. Doing this is a great exercise to really see what you want in life.
Objectives Year One
That&39;s what I&39;m going to do this year
Income: $ 500,000
Cash: $ 100,000
Give: $ 20,000
Bad habits that will be changes:
During the night 1. Go to bed at 11:00 pm 2. Use a timer and set it to 8 o&39;clock. 3. Set the timer on the other side of the room.
Buy things you do not need: 1. Go out cheaper 2. If you have the urge to buy something, do you think it&39;s an item that will help me achieve my goals to become financially free? 3. Tell your friends what you are doing so that they can help you stop.
What I want to achieve:
Start a successful real estate investment business: (you need to write a detailed step-by-step plan of everything you need to reach your goal)
Travel: Where do I want to visit? 1. Gators football game (what I need to do, money, etc.)
And finally your own page on what you want to achieve using words as I will and only positive words.
For long-term goals, you do not have to be as specific right now, but you need to list them and list some smaller steps or goals to reach before you can reach them. With long-term goals, always think big. Another good exercise for long-term goals is to make a collage of your goals. Put pictures of the house you want on, places you want to travel, a picture of your family, a number of your income or anything you can think of.
Knowledge builds trust and destroys fear. If you start any type of business, you must learn about all aspects. The best way I&39;ve found to learn about real estate investing is to read everything about it. But once you know it, you must apply what you have learned. Learning and reading is not a step to take. There are thousands of books on the market regarding real estate investing and everyone has something to learn. You do not want to just read good real estate investment books. You also want to fill yourself with motivational books and leadership. All successful people I know are readers who spend at least thirty minutes a day reading something that will teach them how to improve their business or help them become a better person. Some of the best books I would recommend reading are listed below.
1. Robert Kiyosaki&39;s Rich Dad Poor Dad (read this first and prepare everything in the series of Rick Dad&39;s poor dads, excellent books to start and that will allow you to broaden your mind)
2. Be a millionaire of real estate by Dean Graziosi
3. Return to Financial Freedom by Preston Ely (This is an e-book)
4. Four hours of work by Timothy Ferriss
5. The attractor factor
6. Short Sale Before Seizure Invest by Dwan Bent-twyford and Sharon Sestrepo
7. Keys to success, by Napoleon Hill
8. think and get rich by Napoleon Hill
9. How to win friends and influence people
10. Any book by John C. Maxwell (he has tons of amazing leadership books)
11. Get started in Real Estate Day Trading by Larry Goins
12. The myth of Michael Gerber
13. How to become a fast millionaire in real estate by Ron Legrand
14. The power of a total commitment
15. The computer factor
16. Something from Anthony Robins
There are many more that you can read, but it will give you a good start. You should also read books on negotiation, sales, motivation and biographies of American businessmen.
I hope this list will give you the knowledge that it has brought me. If you learn and apply what you have learned in these books, there is no reason for you not to perform well.
4. Attend a seminar on real estate investing
Participating in a seminar on real estate investing can be one of the best places to learn about real estate investing by renowned experts. Every weekend, several seminars are organized throughout the country. If you live in a big city, it will be very easy for you to find one. If you live in a city like Billings Montana, you may need to travel a bit to find one. Now, most of the best meetings cost money to attend. Some go for five hundred dollars for three days and others can go up to 20,000 dollars. There are some that I would recommend. Than Merrill is an excellent speaker to listen to. I learned a ton of it. You can find his business online through Google. Also rich dad poor dad has seminars all over the country. I attended one of their seminars in Billings, Montana for only $ 500 and I pulled a ton. There is also Preston Ely, Larry Goins and hundreds of speakers. If you find a good book that you really liked, just search for this person online and see if they are talking somewhere or if they are offering a seminar near you.
Another reason I recommend attending a seminar is that they motivate you and motivate you. I have not found anything yet that can make you feel that you can do anything. When you come back from one of these seminars, you will have a lot of energy and knowledge. Whenever I come back from one day, all I want to do is make a deal or ten.
These seminars will also provide you with several opportunities to acquire amazing tools, software or real estate investment equipment at a very affordable price. Believe me, when I tell you all the cheap seminars, try to sell yourself something. But often, they try to sell very good things.
Another reason to attend a seminar is to network with other investors and build relationships with them. You can meet other investors with whom you can partner, sell an agreement as well, people who will provide you with offers, and so on. You have to create hundreds of business cards and try to distribute them all. You never know how much a business card you distribute can do to you.
5. Learn more about the real estate market in your area
Most real estate investors start their careers by investing in their place of residence. That&39;s why I invest in real estate in Billings Montana. You can go out when you have more experience. The reason behind this is that we feel more comfortable with the areas and we know them better. It is also easier to get the local real estate information we need. Investing in your local market is also less expensive, there are less traveling expenses, you can see what you are buying and it can comfort you.
You must first decide which part of the city is the best place to invest. This can be determined by the type of real estate investment you choose to make. I have not touched on the types of real estate investing, but some include rehabilitation (repair and sale), wholesale (looking for contracts and selling to other investors), l & 39; buy for rent, and there are a few others. These are the real estate strategies that I use most often. When you look at the market, you need to know where other investors are buying their homes. Most of the best deals are found in lower middle class neighbors. By "weak", I do not mean drug-infested war zones, but "blue-collar workers" who may have older homes and homes that are not expensive. Now you can find deals in the most expensive neighborhoods, but most will be in low- and middle-income neighborhoods. Ask local real estate agents, other investors or appraisers if you want to know where customers are buying.
When discussing with investors, ask them several questions, for example about the neighborhoods they prefer, the type of houses they buy (3 bedrooms, 2 bathrooms) and their activities (rehabilitation, rent, trade wholesale). Do not consider other investors as competitors, but try to work with them.
There are different types of markets, such as growing markets, flat markets and obsolete markets. Markets that appreciate are markets where there are not enough houses or a very high demand for homes, which push up the price of homes. The high demand for housing can be explained by the growth of employment, a very attractive sector or several reasons. Flat markets are markets with little or no growth. This means that there is not much demand; buy just enough to fill all your needs. The depreciated markets are those where there are many more houses than people to fill them. This causes a drop in real estate prices. This may be due to the fact that a large employer has left the area, to a natural disaster or to a building. There is an old adage buying in a bust and selling in a boom. By depreciating markets, you can win multiple transactions, while enjoying, real estate prices are going to be much higher and harder to find. The agreement will always be there, you just need to know where to find them.
Learning your market is another key to success. Real estate brokers and experts in your area can be the best source of information for you. Learn how to use them to know the type of market you are in. If you are in Billings Montana, our market is relatively stable. Billings Montana has not experienced the ups and downs that other markets have experienced. I must say that I noticed a slight downward trend, but not much. Once the credit for the purchase of a first home is over, we could see a little more down. Each market can vary from one neighborhood to another, so make sure you know your market. I saw the same houses just one kilometer away selling at totally different prices.
6. Find a mentor
Having a mentor to help you can be your biggest learning experience. Mentors can help you with any questions you may have, guide you step-by-step through the investment process, provide moral support, learn from their proven system, and connect with others. 39, other people in the area. All the successful real estate investors I know say that they owe a lot of their success to the mentors that they have and have had in their lives. I had one of the best mentors, my dad. He teaches me something new every day and pushes me to succeed.
When you are trying to find a mentor, I suggest you create a network with investors when meeting your local club of real estate investors. Billings Montana is a real estate investor club that meets once a month. You can find information about real estate investment clubs in your area by looking for REA or real estate investors club, then your area in Google. When attending meetings, ask who are the biggest investors. Then ask if you could meet them one day or the other and discuss real estate investing. Ask them if they are considering working with you to start their career. Offer your services as a bird dog. Birds are people who are looking for offers or lead them and give them to other investors. A bird dog earns between $ 500 and $ 3,000 depending on the operation. Make sure to sign a contract with investors to indicate that if you find them and you negotiate them and buy them, you will be paid a certain amount. Being a bird dog helps you gain credibility with the investor and is more likely to give you advice if you have something to offer. If you would like to contact me for an issue, visit my Big Sky Property Solutions LLC website.
7. Your real estate team
Building an effective team can make life easier for you as a real estate investor. You are only one person and can not do everything or be an expert in all aspects of real estate investing. Participating alone in a project can become one of the most frustrating experiences you may encounter. Many people are frustrated and invest a lot in real estate because they try to juggle too much. Make sure that when you form a team, you offer everyone win-win opportunities. When someone knows that working with you will bring him money, he puts you first on his list. But you have to prove to them that you are the real deal.
People to have in your team of real estate investors include
o Real estate agents (look for the best agent for sales volume in your area and other agents who work with real estate investors)
o Real estate appraisers (find an appraiser who has performed a few hundred jobs or more and make sure that he has errors and omissions insurance)
o Real estate contractors (good rehabilitation teams able to do the work on time, from 3 to 5 teams and on each transaction to get 3 estimates.) Ask for referrals and make sure that you are in good hands. they are allowed.)
o real estate lawyers (every investor needs a lawyer, he can help you protect your assets, be sure to find one that works with investors)
o A property management company (can manage your properties and give you leads on the properties they manage that could be sold)
o Securities companies (take care of the legal process and make sure that there is no lien on the property you buy, choose one that carries out hundreds of closings a year)
o Home inspectors (charge about $ 400 but will give you an excellent inspection and could save you thousands of dollars in the long run)
o and your mentor
All of these people can help you in various aspects of real estate investing. You may find that there are some other factors that are essential to your business, but it is only a list of a few.
8. just do it
There is no better sentence out there, so just do it! Once you have learned everything you can network with investors in Billings and learned about real estate investing strategies, all you have left is to get your feet wet. There is no better learning tool than to make a deal. Once you have completed your first transaction, you will know what to expect and find that it is not as difficult as you thought. You will have learned what you did well and what was frustrating. Take this experience and ask yourself what would have made it work more easily. Apply this to your next agreement. Then, the next transaction will be easier and it will become easier and easier. I will say that each transaction is different from the previous one but that is what makes this activity fun. You must be creative and continue to learn and grow with your business.
The average person never uses what she learns. Do not be mean, apply your knowledge. When you go out and make your first transaction, act as if you had made thousands of transactions. The fastest way to change a habit is to act as if it was the truth.
Five keys to success
1. Specialized knowledge
2. Tools of a professional
3. Have the mentality of a winner
5. Money and knowledge to take advantage of it (it is not necessary to have millions to invest in real estate, there are many strategies to use the l & 39; other people&39;s money or no money)
This will conclude this article on the beginnings in real estate investing. I hope this has given you some ideas on how to get started. I have not given you a strategy yet, but look for others in future articles. These are simple steps that you can use to get started. If you read this article, thank you for your attention.