Why
Before you get started you need to figure out what your “Why” is. Why are are you wanting to invest in real estate? What are your goals? Here is a post on finding your why.
Real Estate has changed my life and I have seen it change or help others as well. There are many different ways to invest in real estate such as fix and flips, long term rentals, short term rentals, wholesaling, etc. I will say this real estate investing is not always easy, but it is worth it.
So what are some of the advantages of investing in real estate?
- Cash Flow
- Equity and appreciation
- Leverage
- Tax Advantage
How
Investing in real estate is hard, if it was easy everyone would do it. I bought my first investment in 2009 and didn’t do another one until 2016. I didn’t know how to grow and proceed.During that time I spent my time educating myself and talking and learning from those who were investing. Finally I got back in the game and never looked back.
Step 1: Decide on your “Game Plan”
Decide what kind of strategy is best for you, your why, and your goals.
Step 2: Educate yourself
Real estate investing is complicated, and many people give up because it is tough to figure out. Some things you need to figure out and educate yourself are….
- Your market
- rental rates / market rates
- Financing options
- managing properties/ property management
You should listen to podcasts, watch youtube, read books, talk to those who have done it, or find a mentor.
Step 3: Set Goals
I am a goal setter and list maker by nature. Once you decide what you are going to invest in, set some goals and be specific. How many deals you are going to do, what date you are going to do them by, and what steps you will take to get there. Little steps/ goals lead to big goals.
Step 4: Take Action
Once you have educated yourself and set your goals, the most important thing is to take action. Do be afraid to pull the trigger. To many people get stuck on the sidelines and never get in the game out of fear.
Types of strategies:
Helpful Blog Post:
6 steps to buying your first investment
what are the best investment properties
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