What advice would you give to a new investor?
1. Find a coach / mentor in your region to whom you can turn for advice. Especially with the people you talk to, make sure they do what you want to do and talk to other people they have helped you before making a commitment of your time and / or your money.
Real estate investing is not a solo affair. You need lawyers, CPAs (real estate investment experts), contractors, subcontractors, real estate agents, securities firms, solicitors, forecasters Inspectors, evaluators, etc. Find a person who has crossed the minefield before you and can help you save time and money.
Should you pay for their time? Absolutely. If they are willing to share with you what they have learned over the years and their efforts, they have paid for their skills in one way or another and what you will be worth it to get paid. for. If they are not worth paying, they are not worth it to be followed.
And do not settle for your peers; reach out to those who are better placed than you. Jim Rohn said, "You are the average of the first 5 people you are dating." If you want to improve in any area, find someone to follow is better than you.
2 Get involved in a peer group that knows more than you. Go to all the meetings you can. For real estate investors, this usually means local REIA meetings (meetings of real estate investor associations that you can find on NationalREIA.com). Also check out MeetUp.com and all local homeowners association meetings. Owners already operate and can be an excellent source of information, as well as potential buyers and sellers.
3 Setting goals. Make a plan. How many houses do you want to buy in the next 12 months? How much do you want in 5 years? When you write your goals , include strategies to accomplish them. Want to buy 10 houses in the next 12 months? Cut them into pieces to determine what you need to do every month to achieve these goals.
4 Buy real estate. If you have not started yet, start! If you buy, buy more. If you do not, 10 years will have passed and you will not want to buy everything you can today. To really learn, you have to do it. Books and seminars are excellent, but you will not know what you know and what you will not know until you start buying for yourself.
It&39;s a used cliché that "There has never been a better time to buy real estate" , but it&39;s true. I believe that is always true. Of course, you need to adapt your methods and strategies to the economy and where you invest, but everyone works, works, and lives somewhere. If you do not have it, someone else will do it.
Study, work with a mentor, make a plan and buy real estate.
What can you add?