Eight Strategies for Getting Started in Real Estate Investing
Advantages and drawbacks just the basics to get started in real estate investing. It’s not a how to article but articles that gives you some good info about things to do to get going. Everything in this article is tools that can be applied to helping anyone get started in real estate investing. I am going to provide you with my eight keys to getting started. Nothing is wrong or right but reflects the aim of view of the author. Laws and legal practices consist of state to state, and laws can transform over time. The author doesn’t vouch for the legality of his opinions, nor is there any intent to supply legal advice. The author strongly encourages your reader to consult with professionals as well as an attorney prior to entering in a real estate transaction or contract. The article author is not a writer but he is a real estate investor. There’ll be grammar mistakes and errors, so don’t be too critical from the grammar but focus your time on what is being said. With that said prepare yourself to think just a little differently and expand the mind. Let’s get started on an incredible adventure.
The Eight Tips are highlighted below
2. Goal setting techniques
3. Learning How to proceed
4. Attending a Real Estate Investing Seminar
5. The Billings Montana Market
6. Obtaining a Mentor
7. Your Real estate property Team
8. Just Do IT
Before we get in to the bolts and nails of real estate investment in I want to talk to you about desire. If you are going to be successful at anything in life including real estate investing you need the desire to do it. Desire is described as longing or craving, as for something that brings satisfaction or enjoyment. Desire stresses the potency of feeling and often implies strong intention or aim. In actual estate investing if you don’t have a desire to learn and grow as a human being and extremely get satisfaction out of it, then real estate investing is going to be hard to do. When I just go look at a property it brings us a lot of enjoyment. Every brings me joy from conversing with home owners, figuring out generate an income can make a deal work, to purchasing the house and to obtaining a good homeowner or tenant to the house. Real estate investing may not be for everyone but property investing can offer anyone financial freedom we all crave for. If you do not have the desire for real estate investment that is ok, it might still help you to live your dreams and help you to get in places you want to go in the near future.
Why is real estate investing a fantastic avenue for anyone to reside in out all of their dreams? Permit me to ask you a few questions. Are there enough money to complete anything you want? Do you have whatever you want? No debt? A pleasant house? Great Marriage? The liberty to do anything it doesn’t matter how much it costs and the time it takes? When you have all of these things you are one of the few people in America who does. Most people may be working fifty hours a week and making ample to pay their bills. In today’s day and age most people are living salary to pay check never really knowing whenever they will make enough to pay for the bills that just keep mounting up. If you cannot keep up with your regular bills how are you going to plan for retirement or send the kids to college or have time for you to enjoy life. The answer to most of these questions is becoming financially free. Now it’s not going to be easy everyone will need to get off the couch and out of their comfort zone. Real estate is proven to be one of the fastest ways to get your out of the corporate jungle of the nine to five and start living the life you deserve to live. Everyone wants something more important out of their life. Some desire traveling the world, spending more hours with family, volunteering, golfing, laying on the beach, giving back to the community, or something that will make them happy. There are thousands of things that make people happy.
Which makes it in real estate has a person who has a strong need to change their lives for your better and think big. Anyone can become a great property investor. It is going to take a lot of work and could be a struggle at times but in the end it will be the prettiest feeling ever. People that make it in real estate investing have the ability to a few things in common. First they run their real estate business like any other business available. Second they decide to network with anyone and everyone. Some people might be like me and have a hard time speaking with other people. If you are that’s ok, anyone can learn to become a people person, you just need hard daily work. You have to push yourself past your safe place. The third thing is that you cannot be afraid to fail. People have failed at something however the most successful people out their study from their failures. The 4th thing is that you need to put a good team together. I’ll go into putting a team together within a later chapter. The idea of putting a team together is really that when you don’t know something you have team members that know what to do and can help you with questions. The also can make sure that you are not working yourself to death. You do not want to be the person doing all things in your business. Doing everything is a receipt for failure. You will need to put together good people that you can trust and rely on. The fifth thing is you need a mentor. Sixth and final may be the desire to do it. No-one can become successful at something when they don’t want to do it and get satisfaction out of what they are doing.
2. Goal setting techniques
Having goals is among the most important aspects of achieving what you look for in life. You don’t want to have your goals up in your head you want to write them down and past whatever you have wrote on the wall somewhere or in the restroom mirror. You want to review your goals daily and focus them out loud to yourself. Using this method you remind yourself everyday why you are building your business.
How in the event you start to write down you goals? First off you should think big, through big I mean HUGE. If your goals are too small you’ll easily achieve them and possess nothing else to look forward too. You should begin off by asking yourself the question if I had the cash and time in the planet what would I do, what would I buy, how would I spend my own time, and how would I spend my energy. Are you currently starting to write these down? Well you should be. Think about what you need, spending time with family, traveling the globe, the best cars, a castle, buying a small country, running for president, obtaining the biggest real estate investing business in your area or in the country. Whatever your dreams as well as what you want out of your life, record it. Some of my goals have become free, traveling the world, having a Ferrari, having 10 vacation homes near disney all over the world. Right now Now i am trying to get you out of one’s comfort zone of thinking and let your imagination run.
There are many ways to set goals. We’ve learned a lot of ways you can set you goals and there’s right or wrong way. The best ways that I have found setting your goals is to break them up into two classes. First your temporary goals. This should be goals from your month out to around annually. The second is your long-term goals these goals are you think big goals as well as what you see for your future.
For year one I enjoy first make a list of the I want to achieve this year and I will give you an example of how to do that. For year one you want to be very specific is actually a program want to list what you would like your income to be following the year, next the amount of money in the bank you want (this really is money in your bank account, not assets). Then you want to list simply how much you are going to give. Donations are a very important, this can be giving to charity, giving of gifts to family and friends, giving to your school or anything you can dream of. As long as what you give brings joy to other people who need it more than you. Next list what undesirable habits you have that you want to get rid of. Weather is be stopping smoking, spending too much on junk, drinking an excessive amount of, working too much, not spending plenty of time with family, a lot of TV, not exercising and many more. We all have bad habits that should be changed in order for use to develop as human beings. Under these bad habits list out some steps that one could take in order to quit them. Should you bad habit has been lazy and not exercising enough exactlty what can you do to change that. You can get a gym membership or a home work out program. Commit yourself you following through with a plan to work out 3-5 days every week. For you to change these undesirable habits you have to be totally committed and stick to a detailed plan you place for yourself. After you have your plans in position you should start listing a few things you want to achieve or do over the following year. This can be take up a successful business, spend more time with family, travel to 2-5 places and so forth. Now under each one of these you should also write reveal plan on what you need and just what you need to do in order to achieve these goals. Finally you ought to take all of this information there is a write on page on what you see your life being within the next year. Doing this is a good exercise to really see what you want out of life.
Goals Year One
This is what I am going To Do This Year
Undesirable habits that will be changes:
Over Sleeping 1. Go to sleep at 11 p.m. 2. Use a timer and set it for 8 hours 3. Set the timer on the reverse side of the room
Buying issues that you don’t need: 1. Going out shopping less 2. If you’ve got the urge to buy something want to yourself is thing item gonna help me to achieve my goals to become financially free? 3. Tell friends your work, so they can help to hold you back.
What I want to Achieve:
Begin a successful Real Estate Investing Business: (you should write a detailed step by step plan of everything you need in order to achieve your goal)
Travel: Where will i want to visit? 1. Gators football game (what I need to do it, money, etc)
And last your own page about what you would like to achieve using words like Let me and only positive words.
For lengthy term goals you don’t need to be as specific today, but you should list them and under them list a number of steps or smaller goals that must be achieved before you are in a position to achieve them. With the long term goals always think big. Yet another good exercise for long term goals would be to make a collage of you goals. Put photos of the house you want into it, places you want to travel, images of your family, a number of what income you would like in or whatever you can think of.
Knowledge builds confidence and destroys fear. If you’re starting any kind of business you have to learn the ins and outs of that business. The most effective way I have found to learn about real estate investing is to read about it. But once long you have to apply your learning. Learning and reading is only one step to take. There are thousands of books on the market about real estate and everyone has something you can learn from. You do not just want to read property investing books though. You should also fill yourself with motivational and leadership books. Every successful man or woman who I know if a reader plus they all spend around 30 minutes a day reading a thing that will teach them about improving their business or helping themselves to become better person. Among the better books that I would recommend reading are listed below.
1. Rich Dad Poor Dad by Robert Kiyosaki (see this first and also ready my way through the rick dad poor dad series, great books to start with and will expand you mind)
2. Be described as a Real Estate Millionaire by Dean Graziosi
3. Flip the right path to financial freedom by Preston Ely (it is deemed an E-Book)
4. Four hour week by Timothy Ferriss
5. The Attractor Factor
6. Short Sale Pre-foreclosure Investing by Dwan Bent-twyford and Sharon Sestrepo
7. Secrets to success, by Napoleon Hill
8. Of the same title by Napoleon Hill
9. The best way to win friends and influence people
10. Any Book by John C. Maxwell (he’s tons of amazing leadership books)
11. Producing Real Estate Day Trading by Larry Goins
12. The E Myth by Michael Gerber
13. The way to be a quick turn real-estate millionaire by Ron Legrand
14. The Power of Full Engagement
15. The It Factor
16. Anything by Anthony Robins
You will find lots more you can read these will give you a great start. You should also read books on negotiating, sales, motivation, and biographies on American business people.
I hope this list gives you the knowledge it has given me. If you locate and apply your learning from these books there is absolutely no reason that you should not become successful.
4. Attend a true Estate Investing Seminar
Attending an actual Estate Investing Seminar generally is one of the best places to learn about real estate investment from some adequately known experts. There are many seminars going on from coast to coast every weekend. If you reside in a big city it’ll be very easy to find one. If you live in a town like Billings Montana you might have to travel a little approaches to find one. Now the majority of the best meeting have a price to attend them. Some range from five hundred dollars for three days and several can be up to $20,000. There are a few that I would recommend. Than Merrill is an excellent speaker to go hear. We have learned a ton from him. You can find his company online by Google searching him. Also rich dad poor dad has seminars nationwide. I attended one among their seminars in Billings Montana for only $500 dollars and learned plenty from it. There is also Preston Ely, Larry Goins, and numerous speakers out there. If you learn a great book that you will enjoyed, then just simple look for that person online and see if they are speaking somewhere or give you a seminar close to you.
One other reason I recommend going to a seminar is because they get you pumped up and motivated. I never yet found whatever else that just gets you feeling as you can do anything. When you’re getting back from one of these seminars you’ll have tons of energy and data. Every time I get away from one all I want to do is going out and perform a deal or ten.
These seminars will likely provide you with several the opportunity to purchase amazing real estate investment tools, software or learning material at the fraction of the cost. Trust me when I tell you all of the low priced seminars sell you something. But a lot of times what they are selling is some really good stuff.
Another reason to attend a seminar is usually to network with other investors and produce relationships with them. You’ll be able to meet other investors which team you can partner with on a deal, sell an arrangement too, people who will provide you with deals and so on. You need to have hundreds of business cards made up and try to give them all the way. You never know how much one card you hand out will make you.
5. Learn About the market in your area
Most property investors start their career off my investing around their homes. This is why I do my real estate in Billings Montana. You’ll be able to venture out when you have more experience. The real reason for this is because we feel at ease with the areas and be aware of areas better. It is usually easier to get local real estate property information that we need. Purchasing your local market is also cheaper to start, there is less travel costs, you can view what you are buying and it will give you a feeling a comfort.
Initially you have to decide which portion of town is the best spot to invest in. This can be dependant on what kind of real estate investing you decide to do. I have not gone over the kinds of real estate investing but some include rehabbing (upgrading and selling), wholesaling (finding deals and selling these phones other investors), buying to lease, and there are a few others. These are the real estate strategies that I use for the most part. When thinking about the market you need to see where other investors are getting their houses. Most of the best deals will be found in low to middle class neighbors hoods. By low I can’t mean drug infested war zones, i mean blue collar safe neighbor hoods that might have somewhat older houses and houses which are not on the higher end price side. You can now find deals in the higher priced neighbor hoods most will be in the low to middle income neighborhoods. Acquire the best where others are buying ask local realtors, other investors or appraisers.
When they talk with investors ask them several questions like what neighborhoods they like, what type of houses they purchase (3 bed 2 bath), and just what they do (rehab, rent, wholesale). It’s not necassary to look at other investors as competition but attempt to work with them.
There are different types of markets including appreciating markets, flat markets, and deprecating markets. Appreciating financial markets are markets that there is no enough houses or possibly a very high demand for houses which causes the price of houses to increase. The reason there is a popular for housing might be because of job growth, an extremely appealing area, or several reason. Flat investing arenas are markets that have no or hardly any growth. This means that there’s not a lot of demand; buy ample to fill every ones needs. Depreciating finance industry is where there is a lot more houses than people to fill those house. This causes house prices to begin going down. This can be because of a large employer leaving the area, a natural disaster or just over building. It comes with an old saying buy in a bust and sell in the boom. In depreciating markets you’ll be able to pick up several deals, whilst in appreciating the house cost is going to be much higher and harder to discover great deals. The deal it’s still out there you just have to know where to find them.
Learning your companies are another key to success. Real estate Brokers and experts in your town can be the best source of information for you. Learn to make use of them to find out what kind of market you enter. If you are in Billings Montana we are in a pretty stable market. Billings Montana has not seen the ups and downs that other markets have experienced. I will have to say which i have been noticing some a downward trend but not much. Once the first time buyer credit is over with we would see a little more decline. Every market may differ by neighborhood, so make sure you know you market well. I have seen the same houses one mile apart selling for many different prices.
6. Discover a Mentor
Having a mentor that will help you can be your biggest chance to learn. Mentors can help you with any questions you may have, walk you in depth through the investing process, give you moral support, you study their proven system, and also network you online websites in the business. Every successful real estate investor that I know says they owe lots of their success on the mentors they have along in their lives. I’ve had one of the best mentors around, dad. He is teaching me something new every day and pushing me to become successful.
When trying to discover a mentor I would suggest network with the investors at your local property investors club meeting. There is a real estate investing club in Billings Montana which fits once a month. You can find information about real estate investing clubs in your area by searching for REA or property investors club then your area on the internet. When you go to the meetings ask around who the biggest investors are. Then ask if you could get together with them sometime and discuss real estate investing. Ask them if they would consider working with you to get their career going. Offer the services you receive as a bird dog. Bird dogs are those who go out find deals or leads about deals and present them to other investors. A bird dog gets from $500 to $3000 dollars with respect to the deal. Make sure that you possess a bird dog contract signed with the investors saying that if you realise them and deal and they buy it that you get paid a certain amount of money. Being a bird dog allows you to build credibility with the investor and they are very likely to mentor you when you have something to offer them. If you need to contact me using a question go to my internet site Big Sky Property Solutions LLC.
7. Your Real-estate Team
Building a highly effective team can make your life as a real estate investor easier. You are only one person and should not do everything or be a professional in every aspect of real estate. Going at a project alone may become one of the most frustrating experiences you are going to ever encounter. A lot of people have become frustrated and quite real estate investing because they try and juggle way too many things. Make sure that when placing a team together you provide everyone with win-win opportunities. When someone knows that working with you is going to make them money they are going to put you as a higher priority on their list. But you need to prove it in their mind that you are the real deal.
Website visitors to have on your real estate investing team include
o Realtors ( find the top agent for amount of sales in your area and also other agents who work with real estate investors)
o Real estate property appraisers (find an appraiser which has done a few hundred jobs or higher and make sure they carry errors and omissions insurance)
o Real-estate contractors (good rehab crews that can get the job done in a timely manner, have 3-5 crews and on every deal get 3 estimates done. Request referrals from them and ensure they are licensed)
o Property attorneys (every investor needs an attorney, they can help to protect your assets, be sure to find one that works with investors)
o A property management company (can manage your properties and can give you leads on property they may be managing that might surface for sale)
o Title companies (maintain your legal process and ensure there are no liens against the property you might be buying, choose one that does countless closings a year)
o Home inspectors(charge about $400 and definitely will give you a great inspection and could save you thousands ultimately)
o And your Mentor
All of these people can help you in a variety of aspects of real estate investing. You will probably find that there are a couple others which might be keys to your business however this is just a list of a few.
8. Just Do it
There is absolutely no better phrase available then JUST DO IT! Once you have learned all you can networked with investors in Billings and learned real estate strategies there is nothing left to do but get your feet wet. There isn’t any better learning tool around then doing a deal. Once you have completed that first deal you will know what to expect and find out it is not as hard when you thought it would be. You should have learned what you did right as well as what was frustrating. Take that experience and ask yourself what might have made it run smoother. Apply that to your next deal. Then the next deal is going to be easier and it just get easier as you go. Let me say that every deal differs from the last but that why is this business fun. You ought to be creative and always go on learning and growing using your business.
The average person never uses what you learn. Don’t be average apply knowing. When going out and performing all of your first deal behave like you have done 1000’s of deals. The easiest way to change a habit is to act like it is a fact.
Five keys for fulfillment
1. Specialized Knowledge
2. Tools of the professional
3. Hold the mindset of a winner
5. Money along with the knowledge of leveraging it (you don’t have to have millions to get real estate, there are many strategies out there to use other people’s money, or no money at all)