Real Estate Investing for Beginners
Real estate investing is one of the best ways to get ahead financially and build more wealth and freedom for yourself and family. In fact, I believe it is virtually a necessity for everyone to invest in some type of real estate during their lifetime. So what’s the best way to get started in investing in real estate as a beginner?
What factors will help you get on the right track to success?
Learn, Learn, Learn
It is often said that “location, location, location” is the key to purchasing a profitable real estate investment property. But in order to buy right and determine the right location first you’ll want to “learn, learn, learn.” Don’t underestimate the importance and value of education and gaining a new specialized knowledge. You can learn and earn at the same time. But every investment you make towards your real estate education will pay off later. So even if you strike out looking for no money down real estate deals; at least be prepared to invest in learning new cutting edge information. A wise person once told me you’re going to either pay for your education now or pay for it later with the mistakes you make along the way.
Create a Plan & Budget
The individual tactics used in real estate investing by beginners may change over time as they find their feet as technology and the economy changes. But it is still critical to begin with some type of roadmap. This starts with a really strong ‘why’. And will be the foundation of your career and business.
Why are you investing in real estate?
What do you want it to do for you?
This will help you make decisions along the way. Then it needs to include the steps you will take to where you want to go. One of the most important parts of this plan will be a budget.
How much money can you afford to invest?
How much money can you start saving to invest?
How much money can you afford to invest in your education regarding real estate investing for beginners?
In fact, you should start laying this out as your first step.
Choose a Real Estate Investing Strategy
There are many different ways to invest in property. One day you may be juggling multiple strategies at the same time. But most people will find they get further and faster results, if they stay focused until they master one niche. So find and pick one which appears to be the best fit for your individual goals and current resources you have available right now.
Some options include:
• Wholesaling Houses and Real Estate
• Fixing, Rehabbing and Flipping Houses
• Buying and Holding Rental Properties, Become a Landlord
• Investing in Mortgage Debt
• Investing in REITs and real estate crowdfunds
• Starting a real estate investing business
4 Tips for Successful Real Estate Investment
1. Stick to Sound Principles
Use common sense and don’t be sold on sacrificing proven investment principles like “make your money when you buy.”
2. Network a Lot
Your success in real estate investing will rely a lot on the amount of new people you meet and connect with each week, month and year. So make a plan to accomplish this.
3. Recognize this is a Marathon not a Sprint
There is nothing wrong with achieving great returns in the short term. But recognize this is a marathon, not a sprint. It’s not a competition or race with others. It’s not about who finishes first. It is about finishing strong.
4. Get Started
Just get started. Nothing in your life will change unless you make a decision in your mind to change first. Once you’ve made the decision the next step is to take massive action and work towards completing the objectives you set to reach your desired goals.
I”ll See you at the closing table,
Marcel Umphery the “R.E.I. Successmaker”