Learn from seasoned investors.
Starting anything new can bring on some anxiety, but the more you’re prepared, the more likely that anxiety will be at a manageable level. I’ve seen newbie property investors come in with a lot of excitement and make some common mistakes because they jumped in with excitement only; not wisdom.
Listen, property investing is an excellent avenue to building wealth, but it’s not a business that you can just wing up a prayer and hope for the best. It takes time and energy to learn the business and a willingness to learn from mistakes. Even seasoned investors make a mistake here or there, but the key point is that they learn from it.
So can you. Here are some great tips for you to consider as you get started as a property investor:
Start creating your team
As you begin your real estate investing business, you’ll want to start building a solid team that will be helpful players. You’ll want to look for a:
- Title company – seek a title company that is familiar with closing ‘Subject To’ deals, land contracts, etc.
- Realtor – seek a realtor that understands property investing.
- Attorney – seek a reputable attorney who understands your type of investing.
- Insurance agent – shop around for good prices, as well as solid understanding of property investing.
- Property Investing mentor – you’ll have questions to run by an experienced mentor.
Join a local real estate association
Meet regularly with others who are investing in properties, but don’t let those who don’t understand our method of purchasing properties bust your bubble. Not everyone gets this sort of creative investing and some may not approve. Just smile and keep it moving, making connections with those who can bring positivity to your life. When you join a real estate association, you’ll be around others who have drive and enthusiasm for property investing, and this can inspire and motivate you greatly.
Create a plan
You’ve got to think of your real estate investing as a business. You might be tempted to think of it as a hobby or side-job, but if you start to think of it more as a business, you’re much more apt to invest in it and see it flourish. Will you be a success overnight? That’s not likely. As with any business, it takes time, effort, and strategic planning and action to experience success. But when you take time to create a plan of action and follow through, you’ll reap the benefits over time.
What will your plan look like? Well, it will vary depending on your goals. Consider up front what your marketing plan will be. How much money will you allot monthly for it? How many calls will you make per week? How will you get your business cards out there in the hands of potential clients? How often will you meet with your team players?
If you’re not sure how to create a strategic plan, hire a mentor to assist you. It’ll be well worth the investment, as so many people procrastinate in getting started because they’re not sure how to start. Those months procrastinating could have produced cash flow had they hired a mentor to help them strategize and get going.
Learn as much as you can
You don’t have to know everything, but it is essential that you keep learning about property investing in general, as well as my Unlimited Funding approach to investing. It might seem like an enormous task at first, because there is a lot of information. However, if you invest in learning regularly, say even a few hours a week, that’s 156 hours a year! Educating yourself is one of the best investments you can make.
Lastly, be persistent in your investing endeavor. It takes time to build any business, and real estate is no exception. Fortunately, you’ve got mentors available to help you with any questions or issues that you may struggle with. Take advantage of them.