If you’re new to real estate investing, you’re probably excited and maybe even a bit nervous about getting your first deal. One thing I always encourage new investors to do is thoroughly examine each investment opportunity before jumping in. If you jump in without doing your research, you could find yourself running into issues, or simply wasting a lot of time and money.
The following are some helpful tips to help you get through your first deal:
- Focus on the process
Your goal is to complete your first deal and ultimately make a nice profit. However, if you spend so much time just thinking about the goal and skimping on the “process,” you might not end up with the results that you truly want.
Therefore, as a new real estate investor, be sure that you take the time to prepare and apply the tips and strategies found in our courses and training, as doing so will help you avoid pitfalls or making serious mistakes. Read up on things like target marketing, building rapport, how to handle appointments, negotiating skills, and so on. The more you invest in learning the business, the more success you’ll experience.
- Set goals
You’ll want to create short and long-term goals for this investment and your investing business in general. What is it you’re wanting to achieve? Have you created a mission statement yet? Do you really have a knowing of what you desire? How many deals you’re shooting for a month? A year?
Once you’ve done some preliminary work defining your goals, you can then get busy going after your first deal. You can always tweak your goals along the way.
- Put your knowledge to work
Leveraging knowledge can be powerful, so take what you’ve learned about real estate so far and actively apply it to your first deal. Take time every day to go over the training materials or courses. If you’re not quite sure about something, do more research. Put the time in. Then, take what you’ve learned and put that knowledge to work, trusting that you’re prepared, and you will experience positive results.
- Have your team ready
As a real estate investor, there will be certain people you want on your team, such as an attorney, CPA, insurance agent, title agency, etc. Do your homework and get your team in place as you learn more about the real estate investing business. This way, when you’re ready to close on that first deal, your team will be prepared too.
- Envision success
Your thoughts and words matter and can be quite powerful. As you go after your first deal, be sure your thoughts are aligned with your goal of closing on a great deal. Envision the kind of success you’re after. See the sellers signing the Purchase and Sale Agreement and feel the excitement of completing your first deal! Those positive thoughts and feelings will undoubtedly help keep the momentum moving and impact the future. The old saying, “You are what you think” is indeed a wise saying, so continue to think of yourself as a successful, prudent real estate investor, because you are!
Getting your first deal is genuinely an exciting thing, and I hope these tips have encouraged you to keep learning and growing your real estate business. You can and will get through your first deal, and then a second, and third, and so on. Go on to create the kind of lifestyle you truly desire.