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| Real Estate Investing: It’s not in the property |
RECBL - Real Estate News
Thomas Edison was quoted as saying, “Genius is 1% inspiration and 99% perspiration.”
If you are new to real estate investing you probably have a ton of questions. Real estate investing is more than just the purchasing, owning, managing, renting and/or selling real estate for profit. Real estate investing, realistically, is a career and way of life.
There are people whom have chosen a path, who’ve pursued degrees to become lawyers, doctors and even bartenders because those career areas are compelling and give them reason to live a certain lifestyle.
I am not talking about getting a license to become a real estate agent so you can become the middle man of property transactions. I am talking about becoming a real estate investor which does not require a real estate license but does require skills such as patience, a willingness to succeed and most of all knowledge of the industry you call real estate investing.
To become successful in the real estate investing industry, here are 10 must-haves to help get you started in your new lifestyle.
Know Your “WHY?”
Ask yourself the main reason you are choosing real estate investing as your career and lifestyle. You may say money but go beyond the obvious and dig deep. Is it to help yourself, your family and/or your community? Is it to create a legacy which will continue long after you’re gone? Understanding your “WHY” will support your passion, drive, motivation and focus. Keep your “WHY’s” written down and close to you at all times so you never lose focus of your purpose for your choice.
Create Realistic Goals
This can be a tough one, however, if you have spent time on your “WHY” your vision for your goals will develop easier than you may realize. And in the same manner you have written down your “WHY’s” and kept them close to you, write down your goals and place them in plain view throughout your home so you can read them at every turn. In everything you do have purpose. Your goals are your roses, stop to enjoy them and remind yourself as to the purpose of your “WHY’s”. Maintaining that focus and passion will forge your goals into results.
Find a mentor
This step is probably one of the most challenging. Finding a mentor requires you to test your comfort zones and allow yourself to become a clean slate for someone to help you become what you have never been before. This step requires more than just visiting your local REI meetings and introducing yourself to a seasoned real estate investor. This step is about finding someone who is passionate about mentoring. Remember, a mentor is both an experienced and trusted advisor. A mentor is as passionate about teaching and mentoring just as much as you are about learning and being mentored. You want to find real people, with real knowledge who provide real estate mentoring and who produce real results in real estate.
Create a to-do-list
You’re probably thinking, “How many lists am I going to have to make?” The answer is, “However many lists it takes to help you get started and keep moving forward.”
Start with creating a simple to-do list. Make the list aesthetically pleasing so you are able to read it easily. You can create a daily, weekly and monthly to-do list. Whether it’s on a piece of stationary or your smart phone, make sure to create a list which inspires you to stay motivated and focused in order to get your tasks completed.
Create a minimum of three columns.
- First column: Task – what is task you want to complete (e.g. attend 3 REI meetings)
- Second column: Time – what time are your tasks to be completed? (e.g. REI meetings at 6:30 pm)
- Third column: Due Date – how soon do you want this task to be completed (e.g. Dec 1, 4 and 6)
Become the Socialite
Announce yourself into the market by telling people who you are and what it is you do. Your mindset makes a huge difference in how people will accept you and what you do. If you want to be a real estate investor then you must believe you are a real estate investor. Whether you’re a novice or pro is irrelevant, it’s all about your belief in yourself. You must embrace the real estate investor mindset and work ethic.
Advertising and Marketing Yourself
Vehicle signage, business cards and flyers still work, however you want to get your name on the Internet. Social media can help tremendously in this area. You can reach more people in a shorter period of time. Facebook, Instagram, Google+, YouTube are all fantastic ways to help get the word out about yourself. If people don’t know who you are or what it is you can do, breaking into the real estate industry can be even more challenging. The Internet is the number one area to get your business to the next level. Eighty six percent of first time home buyers hit the Internet first in search of their dream home. This step is definitely a to-do list item especially due to the positive impact it can make on your introduction.
Build a buyers list – Lead Generation
This is a critical step and everyone is trying to do this. This reason this step is so important is because you want to have a network of people who are looking for real estate, just like you. You want to find cash buyers who are accustomed to buying real estate for cash. You want to know what other real estate investors are buying and where they are buying. This step is all about lead generation. If you are looking to find real estate cash buyers there are many different ways from software purchases, real estate lead providers, visiting the county recorder’s office and getting a list of all cash sales in the last 30 days in your area. The goal is to find real estate cash buyers and their parameters so you have an idea of what to look for so you can find it, lock it down and flip it for a profit.
Deal or No Deal?
Now you are in the meat and potatoes of the real estate investing industry. Finding a deal may look easy for some and that’s only because they have done everything else already to make sure they can get to this point. The only way you are really going to be able to determine whether or not you have found a deal is if you run the numbers. Remember, if the numbers don’t make sense, then your deal is not a deal. Also, the deal not only has to be a deal for you, but also for the real estate investors you have connected with. You want to make sure you are able to win-win-win situation for you the seller, you and the buyer. It’s a balance you will have to learn to implement correctly.
Get an Agent
Some say this is a must. You probably remember reading earlier that a real estate license is not a necessity and it isn’t, however having a great real estate agent who knows and understands the areas in which you are interested in can be a real game changer. Also, you want to be able to find a real estate with an investor mindset as well. (You’ll understand this more in depth as you meet different agents.) An agent with an investor mindset will have a bettering understanding of you and your goals. You may have to meet with a few agents to determine who you feel comfortable working with but in the end it pays off and you can build a long-lasting relationship.
Continue your pursuit for your goals
This article opened with a Thomas Edison quote and we will close with a Thomas Edison quote. Thomas Edison was also quoted as saying, “Many of life's failures are people who did not realize how close they were to success when they gave up.” True, true, true!
You will experience obstacles in your pursuit for your goals. Obstacles are not dead ends. Obstacles are milestones on your path to success. Most people experience rejection and give up. If you give up you will never realize how close you were to success. When you experience obstacles, remember your “WHY’s”. Reach into whatever pocket you have your “WHY” list so you never lose focus of your purpose for your choice.
You can try doing all of this yourself or you can connect with a network of investors who can teach, train and mentor you in all of these areas. This is your opportunity to make a difference, not just for yourself but to accomplish the bullet points you have on your list.
Don’t wait, click here to connect and get started.
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