New to Real Estate Investing?
I know how it feels getting started in real estate investing. You get this overwhelming feeling that there are so many things to learn and to do that you become paralyzed. Well, I have good news and bad news for you. The good news is that you are not alone. Every single successful real estate investor and entrepreneur I know has been through the same exact situation. The process is the same for everyone. The bad news is that you have to overcome these feelings, you, actually, have to overcome yourself, if you want to get started and succeed in real estate.
Let me back up for a while and ask you a question. “Why do you want to get started in Real Estate Investing?” Obviously, you are looking for something new. Maybe you want to change your career path. Maybe you want some additional income. Maybe you want to build your retirement so that you don’t have to worry about those golden years. Whatever it is, make it big as it will assist you to overcome the obstacles in the beginning.
So, why most of the people hesitate to get started in real estate investing?
You see, this overwhelming feeling you get, causes the fear of failure. Since, nobody wants to fail the result is to procrastinate and eventually quit!
Stop getting ready to get ready. Stop spending a tremendous amount of time trying to find the perfect place to start.
The most important thing in real estate investing, especially when you get started, is to focus. There are many different strategies to create wealth in real estate but don’t go after every deal that comes your way. At least not in the beginning when you are getting your feet wet.
Many beginner investors will read a book or attend a 2-day ‘boot camp” where they will learn 10 different real estate investing strategies (!), get pumped up and ready to take over the world. The problem starts when they try to implement every single strategy they have learned … on the same deal!!
It doesn’t work this way. Pick and choose one buying strategy and one exit strategy and stick with them until you get your first deal. Don’t get distracted.
So, how are you going to overcome all these obstacles? Find a mentor and educate yourself. For example, go to your local REI Club and look for the few seasoned investors in the room (as most of the people are beginners). Ask them questions and pick their brain. Ask them for referrals about RE agents, contractors, mortgage brokers, insurance agents, attorneys, CPAs etc. These investors have already their Power Team in place.
Another important thing is to give yourself permission to succeed.
Most people give themselves time to fail not to succeed. If they don’t buy real estate or they don’t make money during the next 30-45 day, they quit. Real estate investing is a business and there is going to be a learning curve. Researching the market, evaluating properties, negotiating with sellers and buyers, closing the deal, all of these are skills that you have to develop. And this takes time. If you haven’t done this before expect to make mistakes. The secret here is to minimize this possibility by finding a mentor, continue educating yourself and surrounding yourself with like-minded individuals that will support you during your real estate journey.
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