Becoming a Successful Real Estate Investor is all about Knowing What You Want, Being Prepared, And Building a Solid Team. Being a Real Estate Investor can be fun, profitable, and allow you to live the life of your dreams. But it can also be hard work, and I don’t advise jumping into it blind. The great thing is, it’s easy to get educated about how to do it if you look in the right places. And if you have an open mind and are open to learning and growing as you go, it can be the best thing you’ll ever do.
Consider getting started in Real Estate Investing if you can tick any or all of the following boxes:
1. You're interested in Improving the long-term financial future of your family.
This is pretty much a no-brainer for everyone, but the fact is, if you want to become a successful real estate investor, it is a great motivating factor. Think about being able to support your family easily, send everybody off to college with no problem, and being able to leave a sizable fortune to all of your next of kin when you hit the pearly gates. Sounds great, doesn’t it? You can do it.
2. You have room to invest (good credit, access to capital or partners who can help you).
This is key - be in the position for success by lining up your resources before you jump into the investing game. If you have a partner who can help you mitigate some of your risk, a contact who can fund deals and share profits, and good credit to back it up, you’ve already gotten off on the right foot. But don't be discouraged if you don't have these things- there are many people who are seeking to partner up, so visit your local REIA and start expressing your interest in investing. We started with nothing and no credit...it was difficult, but not impossible!
3. You have a little extra in the budget if something goes wrong.
There are always going to be unexpected repairs, little things that go wrong, and expenses that pop up out of nowhere- it’s just part of the game. Having a little cushion to back you up will give you the confidence to deal with these issues and face way less stress.
4. You have access to local experts who know the ins and outs of your particular area.
As a real estate coach and founder of the Appleton REIA (Real Estate Investors Association), I know firsthand how important it is to have knowledge that is specific to your particular city, town, and geographical area. That’s why I advise people not to jump into investing by choosing a national “guru” program before investigating what your area offers as far as investor education. Check out your local REIA, they can definitely guide you in the right direction.
So, after reading that, do you still want to get into investing? I’m sure you do. Now let’s take a look at some of the things you can do to get "started off on the right foot”, as they say.
Get Your Plan Straight
This first part is all about strategy. What kind of investments are you looking to make? Wholesale, rent to own, buy and hold (long-term) property, or the traditional “flip?” These are all viable ways to make money investing. Just make sure that you take a look at your area and figure out what makes sense for that area. Having trouble figuring out what area you’d like to invest in? Again, look for a local REIA or Investors group to help you sift through your options. (Another option is to sign up for a local coaching program). At Appleton REIA we have two coaching options now available. You can do One on One or Group Coaching. Check out both options at Appleton REIA Coaching.
Pool Your Resources
Obviously, you’ll need some initial resources to invest. Do some research with a local mortgage broker to figure out your financing options (if you're going to buy and hold rentals), get your savings together, research hard money lenders, or make sure your partner is ready to rock and roll.
Get Your Team Together
If you go it alone without a coach, there are tons of people there to help you out, so don’t try to go at it alone. Make sure you talk to the following professionals:
Once you’ve got professionals to back you up and give you advice, get started! And don’t worry about hitting a home run on your first deal. Becoming a successful real estate investor is a process. You’ll get the swing of it soon, and with a little practice, patience, and perseverance you’ll be on the way to achieving your goals.
Need more advice on how to become a successful real estate investor and a place to get general real estate advice, coaching, or access to industry resources?