3 Steps To Real Estate Investing Success
This post is meant to bring you some tips and steps to guide you toward Real Estate Investing Success. If you’re interested in learning more about real estate investing, feel free to take a look at my blog’s resources, maybe something will help you out!
My first step for Real Estate Investing Success is to define your investment goals.
It’s essential to do this and ask yourself a few questions. Are you looking for long-term wealth building, or short-term profits? Are you interested in residential or commercial properties?
When I first got started I just wanted to have an income or a pay day. After a few years, I wanted a to build a system and predictable flipping business, and after that, i just wanted to focus on passive income. You’ll have different real estate goals depending on where you are at in life, your family background, your career’s demands, etc.
And its important to understand that is is okay if your real estate goals changes.
The second step is to build a strong network.
Successful real estate investors understand the full importance of networking, and take advantage of it.
You should take every opportunity to connect with your fellow investors, Realtors, lenders, and other professionals in the same industry. This network can provide you with valuable information and advice, as well as access to deals and possible partnerships.
I recommend that you look into sites like Meetup.com, or Eventbrite for local investor events. This is a great way to find an investor friendly agent. It is a great way to connect with likeminded individuals. I love it when I connect with contractors at meet ups because I feel like that contractor will be easy to work with because they understand the end goal.
Investor Tip:
Facebook groups are also really helpful, just go into the search section of facebook and type in “Your Area” Real Estate Investor groups and Facebook will do its job and populate groups that you may be interested in joining.
I always like to make sure there are a good amount of members before i join but you can find Facebook groups on Tiny Home Investing, Short Term Rentals, Flipping, Hard Money, Mid Term Rentals, and just about everything.
I have a background as a Realtor and I would also speak at any events that I was invited too. After telling my story on a panel at an event, a private money lender came and introduced himself to me and ended up being my lender for the majority of my deals for the years to come.
You never know who you can bring value to and who can bring value to you.
The third step is to analyze your opportunities.
This includes location, condition, income potential, market demand. Due diligence, crunch numbers, and make sure to seek professional advice for sound investments.
If you are in the beginning stages, check out this Deal Analyzer Workbook. It will give you the guidance step by step to analyze any property and any real estate deal on the market. It will run you through a quick formula and an advanced formula to calculating the max allowable offer you can offer.
It is vital to get this skill of analyzing deals down pat before you get into the real estate game. Understanding how to determine if a deal is a good deal allows you to be in control and not rely on Realtors, Lenders, Contractors, etc.
All in all, becoming a successful investor takes time, dedication, and a lot of continuous learning.
Stay focused, remain patient, and don’t be afraid to seek guidance and advice from more experienced professionals such as our real estate team.
If this post brought you some knowledge you needed, consider following me on Instagram, where I post similar content almost every day.
If you’d like to learn more about how we fast tracked our investing check out our Hard Money Toolkit. It is a mini-course explaining how hard money works and comes along with 4 amazing bonuses including the Deal Analyzer mentioned above.
