Want to Become a Successful Real Estate Investor in Appleton - or anywhere? Here's How!
Investing in real estate can be fun, profitable, and allow you to live the life of your dreams. But it can also be hard work, soI don’t advise jumping into it blindly.
However, one positive to investing is that it's easy to find education about how to do it if you know where to look. 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.
One thing to ask yourself before you get started is if you REALLY want to get started investing. If you answer yes to any of the following questions, it might be a good fit.
1. You Have Access to Local Experts
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.
2. You Want to Improve Your Long-Term Financial Future
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.
3. You Have Your Resources Lined Up
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.
4. You Have Some Wiggle Room in Your Budget
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.
Now that you are sure you really want to start investing, let’s take a look at some of the things you can do to get "started off on the right foot”, as they say.
Line Up Your Plans
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).
Obviously, you’ll need some initial resources to invest. Do some research with a local mortgage broker to figure out your financing options, get your savings together, or make sure your partner is ready to rock and roll.
Assemble Your Team
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? Visit us at www.appletonrealtor.com.