Tips for new real estate investors
Starting out in real estate can be very difficult for beginners. There are a lot of unknowns and comfort barriers that must be overcome not to mention the time it takes. Here are 10 tips to jump start your real estate investing career.
1. Learn – Read every book, article and forum you can. Some boot camps, seminars, webinars, etc are very informative but can be costly. Also become active in online forums.
2. Join REI Clubs and Groups – Join your local REI Club, networking groups and online groups. Network like crazy and make contacts with experienced people who Do.
3. Find a Mentor – Always always always have a mentor and other experts in the area look over your deals. They will help you avoid mistakes and if you found a home run deal, you will build a lot of credibility.
4. Pick a strategy to master - Pick one strategy and master it, do not spread yourself too thin on 5-10 different strategies and never put in the effort it takes to find the first great deal using one strategy.
5. Partner – It is never a bad idea to partner with an expert who has experience. You can avoid costly mistakes and learn a ton which you can utilize in future deals.
6. Build Systems and a Team – Find quality experts, align your goals, build efficient and effective systems and duplicate over and over.
7. Slow Down – Greed often gets the best of people and they go too fast and get in over their head. Pace yourself and do not take unnecessary risks.
8. Build reserves – Always keep some reserves on hand for each deal in case of surprises.
9. Generate Private Money Investors – Buying with cash and quick has so many advantages, Private investors allow you to be extremely creative and fund great deals that conventional financing will not allow.
10. Analyze -Critique-Improve - Look at what you know, your strategy, partners, systems, team, financing and reserves. Analyze, critique and come up with solutions to improve every aspect of your business. Continuous Improvement.
by: http://www.realreturnrealestate.com
3 Responses to “Tips for new real estate investors”
Ashley M. on July 8, 2010
Hey are you coming out with some type of mentor program or something anytime soon?
It was a problem trying to flip houses at first. We didn’t have a car so it was increasenly hard to get to home owners. We took a chance and decided to rent a car and boy did it pay off. It wasn’t really that expensive and it was a good decision to make because we eventually made enough money from flipping houses to open our own catering business. Miami Catering. Thanks to my wife!
As a matter of fact, I’ve been thinking about it Ashley. Right now I’m just focusing on getting my corporation off the ground but I will definitely be coming out with a mentor program.