Have you ever thought about getting into real estate? Whether it’s purchasing rental properties or flipping homes, both present a promising source of income. Of course, it’s only promising if you know what you’re doing and are willing to learn. That said, here’s how you can get started as a real estate investor.
A message to all real estate investors just starting out.
As a new real estate investor you are essentially starting your own business – a real-estate based one of course. With that in mind, we tell anyone starting a new business the same thing. We tell them not to get caught up with activities that make it feel like you are running a business. This involve creating fancy business cards, a website, and social media profiles and so on. Now, we’re definitely not saying to avoid these activities, but when you’re first starting out, there’s many other areas to focus your efforts. The activities we’ve just mentioned can be done after you find your first deal. So where is it that you should actually be focusing your efforts? We’ll discuss this in the next section.
Here’s what you should really be focusing on.
So we’ve said that you shouldn’t be getting caught up in certain activities and instead focusing on others that contribute to finding your first deal. But what are these activities, you ask. Essentially, these activities directly correlate to you finding your first deal. It can involve anything from educating yourself about what to look for in properties to actually getting out there and seeing them. These are the two areas where your time is best spent as a real estate investor. You especially don’t want to underestimate the research portion. As with all investing, real estate is a research-intensive industry too. You want to find the best deals after all, right?
Where to start with your research.
As we’ve mentioned, your ability to conduct research and extract key information will play a large role in your success here. But what should you actually be looking into? Here are some suggestions:
State of the overall housing market. What’s the overall market like? Is it a buyer’s or seller’s market?
Specific investment strategies. How would you like to actually invest your money? Will it be through wholesaling, purchasing rental properties or fix and flips?
Specifics of your local market. All neighborhoods are different, so you should be especially familiar with what fuels yours.
Factors that affect property values. Discussed in a previous article of ours, there are many factors that affect property values. It’s important that you are well-versed in this area as you set out on your journey.
Methods of financing your deals. We’ve discussed this one too as there are tons of options available to you as an investor. Some of them don’t even require that you use your own money. Does it get any better than that?
Really, the list goes on. Essentially, you will want to be familiar with the attributes that make a solid investment deal. Of course, this depends on the type of property that you’re interested in. A good place to get started is with our very own library of real estate investment advice. We’re sure you will find just about anything you’re looking for. And if you don’t, simply reach out to us and we can help you with your questions.
The next part is getting out on the field.
After you’ve done your fair share of research, it’s time to put it into action. This is where you can start to really find some deals. After all, you can only research so much until it’s time to start seeing things in person. By taking the time to visit properties, it gives you a chance to start building your network and learn about new opportunities. The great thing here is that you will also begin to learn more and make connections about what you’ve already researched. A large portion of learning as an investor comes down to actually doing it.
And with that, you can be on your way to finding your first real estate deal. Today's market is filled with many opportunities for the savvy investor. Our Elite Legacy Education trainers will introduce you to proven strategies that can help you launch your career as a successful real estate investor.
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