Eight Tips For Launching Your Real estate investment Career
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Eight Tips for Getting Started in Real Estate Investing
Introduction
Advantages and drawbacks just the basics to get started in real estate investing. This isn't a how to article but a write-up that gives you some information about things to do to get going. Everything in this article is tools that may be applied to helping anyone get started in real estate investing. I am going to present you with my eight keys to getting started. Nothing is right or wrong but reflects the aim of view of the author. Laws and legal practices vary from state to state, and laws can change over time. The author does not vouch for the legality of his opinions, nor is there any intent to provide legal advice. The author strongly encourages your reader to consult with professionals as well as an attorney prior to entering in different real estate transaction or contract. Mcdougal is not a writer but he's a real estate investor. You will have grammar mistakes and errors, so do not be too critical from the grammar but focus your energy on what is being said. With that in mind prepare yourself to think somewhat differently and expand the mind. Let's get started on a fantastic adventure.
The Eight Tips are the following
1. Desire
2. Goal setting techniques
3. Learning How to handle it
4. Attending an actual Estate Investing Seminar
5. The Billings Montana Market
6. Locating a Mentor
7. Your Real Estate Team
8. Function IT
1. Desire
Prior to getting in to the bolts and nails of real estate in I want to speak with you about desire. If you are intending to be successful at anything in your life including real estate investing you need the desire to do it. Desire is understood to be longing or craving, in terms of something that brings satisfaction or enjoyment. Desire stresses great and bad feeling and often implies strong intention or aim. In tangible estate investing without having a desire to learn and grow as a human being and extremely get satisfaction out of it, then real estate investing will likely be hard to do. When I decide to look at a property it brings me a lot of enjoyment. Every aspect brings me joy from conversing with home owners, figuring out generate income can make a deal work, to purchasing the house and to finding a good homeowner or tenant for the house. Real estate investing will not be for everyone but real estate investment can offer anyone financial freedom we all crave for. If you don't have the desire for real estate investment that is ok, it could still help you to reach your goals and help you to get in which you want to go in the near future.
Why is real estate investing an amazing avenue for anyone to reside in out all of their dreams? Allow me to ask you a few questions. Are you experiencing enough money to perform anything you want? Do you have all you want? No debt? A nice house? Great Marriage? The freedom to do anything regardless of 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 weekly and making just enough to pay their bills. In the current day and age most people are living pay check 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 monthly installments how are you going to arrange for retirement or send young kids to college or have time and energy to enjoy life. The answer to these questions is becoming financially free. Now it certainly can't 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 pit of debt of the nine to five and initiate living the life you deserve to live. Everyone wants something more important out of their life. Some dream of traveling the world, spending additional time with family, volunteering, golfing, laying with a beach, giving time for the community, or any situation that will make them happy. There are thousands of things that make people happy.
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So that it is in real estate requires a person who has a strong want to change their lives for your better and think big. Everyone can become a great real-estate investor. It is going to require a lot of work and is a struggle at times however in the end it will be the most amazing feeling ever. The people that make it in real estate investing have the ability to a few things in common. First they run their property investing business like any other business around. Second they just go and network with anyone everyone. Some people might be like me and have a hard time conversing with other people. If you are that is certainly ok, anyone can learn to become a people person, it just takes hard daily work. You have to push yourself past your comfortable zone. The third thing is that you cannot be afraid to fail. Everyone has failed at something nevertheless the most successful people out their study from their failures. The 4th thing is that you must put a good team together. Let me go into putting a team together inside a later chapter. The idea of putting a team together is so that when you don't know something you have team members that can deal and can help you with questions. The may also make sure that you are not working yourself to death. You do not want to be the person doing everything in your business. Doing everything is a receipt for failure. You will need to put together good individuals who you can trust and depend upon. The fifth thing is basically that you need a mentor. Sixth and final is the desire to do it. No one can become successful at something when they don't want to do it and do not get satisfaction away from what they are doing.
2. Goal setting techniques
Having goals is among the most important aspects of achieving what you want in life. You don't want to only have your goals up in your mind you want to write them down and past what you have wrote on your wall somewhere or in the restroom mirror. You want to research your goals daily and browse them out loud to yourself. This way you remind yourself everyday why you are building your business.
How when you start to write down you goals? First off you should think big, and also by big I mean HUGE. If the goals are too small you may easily achieve them and possess nothing else to look forward too. You probably should start off by asking yourself the question if I had the money and time in the world what would I do, what would I buy, how would I spend time, and how would I spend my energy. Have you been starting to write these down? Well you should be. Think about what you need, spending time with family, traveling the planet, the best cars, a castle, owning a small country, running for president, keeping the biggest real estate investing business in your area or in the country. Whatever your dreams and what you want out of your life, write it down. Some of my goals have grown to be free, traveling the planet, having a Ferrari, having 10 vacation homes all over the world. Right now I am just trying to get you out of the comfort zone of thinking and allow your imagination run.
There are lots of ways to set goals. We've learned a lot of ways you'll be able to set you goals and there is no right or wrong way. The most effective ways that I have found to put your goals is to break them up into two categories. First your short term goals. This should be goals from the month out to around a year. The second is your long-term goals these goals are you currently think big goals and just what you see for your future.
For year one I prefer to first make a list of the items I want to achieve this year and I will give you an example of how to do that. For year one you need to be very specific initially you want to list what you would like your income to be after the year, next what kind of money in the bank you want (this can be money in your bank account, not assets). After that you want to list just how much you are going to give. Donations are a very important, this can be giving to charity, giving of gifts to friends, giving to your school or anything you can dream of. Providing what you give brings joy to others who need it greater than you. Next list what improper habits you have that you want to eliminate. Weather is be giving up smoking, spending too much on junk, drinking too much, working too much, not spending plenty of time with family, excessive TV, not exercising and much more. We all have bad habits that ought to be changed in order for use to cultivate as human beings. Under each of these bad habits list out some steps that you could take in order to quit them. If you bad habit has lazy and not exercising enough exactlty what can you do to change that. It's now possible get a gym membership or perhaps a home work out program. Focus on you following through which has a plan to work out 3-5 days a week. For you to change these bad habits you have to be totally committed and execute a detailed plan you set for yourself. After you have your plans in place you should start listing a number of things you want to achieve or do within the next year. This can be begin a successful business, spend more time with family, travel to 2-5 places and so on. Now under these you should also write a detailed plan on what you need as well as what you need to do in order to achieve these goals. Finally you need to take all of this information you have a write on page on the you see your life being over the next year. Doing this is a great exercise to really see what you want out of life.
Goals Year One
This is what I am going To Do This Year
Income: $500,000
Cash: $100,000
Give: $20,000
Improper habits that will be changes:
Over Sleeping 1. Go to bed at 11 p.m. 2. Work with a timer and set it for 8 hours 3. Set the timer conversely of the room
Buying items that you don't need: 1. Going out shopping less 2. If you possess the urge to buy something think to yourself is thing item planning to 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:
Start a successful Real Estate Investing Business: (you need to write a detailed action plan of everything you need in order to achieve your goal)
Travel: Where must i want to visit? 1. Gators football game (what I need to do it, money, etc)
And last your own page about what you need to achieve using words like I am going to and only positive words.
For very long term goals you don't have to be as specific right now, but you should list them and under them list a number of steps or smaller goals that should be achieved before you are able to achieve them. Together with the long term goals always think big. Another good exercise for long term goals is usually to make a collage people goals. Put images of the house you want on it, places you want to travel, a photo of your family, a number of what income you would like in or everything else you can think of.
3. Learn
Knowledge builds confidence and destroys fear. If you're starting any kind of business you'll want to learn the ins and outs of that business. The easiest way I have found to learn about real estate investing is to read information on it. But once long you have to apply your learning. Learning and reading is only one step to take. There are many books on the market about real estate investment and everyone has something you can learn from. You never just want to read real estate investment books though. Make sure that you fill yourself with motivational and leadership books. Every successful man or woman who I know if a reader and they also all spend at least thirty minutes a day reading something will teach them about improving their business or helping themselves to turn into a better person. Some of the best books that I would recommend reading are the following.
1. Rich Dad Poor Dad by Robert Kiyosaki (see this first and also ready everything in the rick dad poor dad series, great books to begin with and will expand you mind)
2. Certainly be a Real Estate Millionaire by Dean Graziosi
3. Flip the right path to financial freedom by Preston Ely (it is really 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 of success, by Napoleon Hill
8. Think and Grow Rich by Napoleon Hill
9. How you can win friends and influence people
10. Any Book by John C. Maxwell (he's tons of amazing leadership books)
11. Cleaning soap making Real Estate Day Trading by Larry Goins
12. The E Myth by Michael Gerber
13. The best way to be a quick turn real estate property 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 but these will give you a great start. It's also wise to read books on negotiating, sales, motivation, and biographies on American people.
I hope this list offers you the knowledge it has given me. If you realize and apply your learning from these books there isn't any reason that you should not become very successful.
4. Attend a genuine Estate Investing Seminar
Attending an actual Estate Investing Seminar can be one of the best places to learn about real estate 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 will 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 almost all of the best meeting cost money to attend them. Some range between five hundred dollars for three days plus some can be up to $20,000. There are many that I would recommend. Than Merrill is a superb speaker to go hear. I've 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 just $500 dollars and learned a ton from it. There is also Preston Ely, Larry Goins, and numerous speakers out there. If you find a great book that you really enjoyed, then just simple look for that person online and see if they are speaking somewhere or give you a seminar close to you.
Another excuse I recommend going to a seminar is that they get you pumped up and motivated. I've not yet found other things that just gets you feeling as if you can do anything. When you invest in back from one of these seminars you'll have tons of energy files. Every time I get away from one all I must do is going out and perform deal or ten.
These seminars may also provide you with several the opportunity to purchase amazing real estate tools, software or learning material at a fraction of the cost. Trust me when I tell you every one of the low priced seminars sell you something. Many times what they are trying to sell is some really good stuff.
One other reason to attend a seminar is always to network with other investors and build relationships with them. You can meet other investors who you can partner with over a deal, sell a deal too, people who gives you deals and so on. You should have hundreds of business cards constructed and try to give them all out. You never know how much one business card you hand out forces you to.
5. Learn About the housing market in your area
Most real estate investors start their career off my investing around their homes. This is why I do my real estate in Billings Montana. It is possible to venture out when you have more experience. The grounds behind this is because we feel at ease the areas and know the areas better. It is also easier to get local real estate property information that we need. Buying your local market is also cheaper to begin, there is less travel costs, you can observe what you are buying and it will give you a feeling a comfort.
Initially you have to decide which part of town is the best destination to invest in. This can be dependant on what kind of real estate investing you choose to do. I have not gone over the kinds of real estate investing but some include rehabbing (fixing up and selling), wholesaling (finding deals and selling the crooks to other investors), buying to rent, and there are a few others. These are the basic real estate strategies i use for the most part. When looking at the market you need to see where other investors are getting their houses. Most of the top 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 which may 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 but many will be in the low to middle income neighborhoods. While looking where others are buying ask local realtors, other investors or appraisers.
When conversing with investors ask them several questions such as what neighborhoods they prefer, what type of houses they purchase (3 bed 2 bath), along with 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 several types of markets like appreciating markets, flat markets, and deprecating markets. Appreciating finance industry is markets that there is no enough houses or even a very high demand for houses which then causes the price of houses to increase. The reason there is a high demand for housing can be because of job growth, an extremely appealing area, or several reason. Flat investing arenas are markets that have no or almost no growth. This means that there isn't a lot of demand; buy ample to fill every ones needs. Depreciating financial markets are where there is a lot more houses than individuals to fill those house. This causes house prices to get started on going down. This can be as a result of large employer leaving the region, a natural disaster or maybe over building. There is an old saying buy in the bust and sell within a boom. In depreciating markets you'll be able to pick up several deals, while in appreciating the house price is going to be much higher and harder to find great deals. The deal it's still out there you just have to know where to find them.
Learning your market is another key to becoming successful. Real estate Brokers and experts in your town can be the best source of information for you. Learn to use them to find out what kind of market you enter. If you are in Billings Montana we're in a pretty stable market. Billings Montana have not seen the ups and downs that other markets have seen. I will have to say that I have been noticing a bit of a downward trend although not much. Once the first time buyer credit is over with we would see a little more decline. Every market can differ by neighborhood, so make sure you know you market well. I have come across the same houses one mile apart selling for different prices.
6. Discover a Mentor
Having a mentor that will help you can be your biggest learning experience. Mentors can help you with any questions you may have, walk you step by step through the investing process, provide you with moral support, you learn from their proven system, plus network you web-sites in the business. Every successful property investor that I know says they owe lots of their success to the mentors they have together in their lives. I've had one of the best mentors around, my pops. He is teaching me new things every day and pushing me to get successful.
When trying to find a mentor I would suggest network together with the investors at your local property investors club meeting. There is a real estate investing club in Billings Montana that meets once a month. You can find specifics of real estate investing clubs in your area by searching for REA or real estate investors club then your area online. When you go to the meetings discuss with who the biggest investors are. Then find out if you could get together with them sometime and discuss real estate investment. Ask them if they would consider dealing with you to get their career going. Offer your services as a bird dog. Bird dogs are people who go out find deals or leads about deals and provide them to other investors. A bird dog gets from $500 to $3000 dollars with regards to the deal. Make sure that you have a bird dog contract signed together with the investors saying that if you find them and deal and they buy it that you get paid a certain amount of money. Being a bird dog enables you to build credibility with all the investor and they are more prone to mentor you if you have something to offer them. If you need to contact me with a question go to my web site Big Sky Property Solutions LLC.
7. Your Property Team
Building an efficient team can make your lifetime as a real estate investor simpler. You are only one person and cannot do everything or be an authority in every aspect of property investing. Going at a project alone may become one of the most frustrating experiences you'll ever encounter. A lot of people have become frustrated and quite real estate investment because they try and juggle too many things. Make sure that when locating a team together you provide everyone with win-win opportunities. When someone knows that working with you will make them money they'll put you as a higher priority on their own list. But you must prove it for them that you are the real deal.
Individuals to have on your real estate team include
o Agents ( find the top agent for level of sales in your area and also other agents who assist real estate investors)
o Real Estate appraisers (find an appraiser that has done a few hundred jobs or more and make sure they carry errors and omissions insurance)
o Real estate property contractors (good rehab crews that will get the job done in a timely manner, have 3-5 crews and on every deal get 3 estimates done. Ask for referrals from them and make certain they are licensed)
o Real estate attorneys (every investor needs a legal professional, they can help to protect your assets, make sure you find one that works with investors)
o A house management company (can manage your properties and can give you leads on property they're managing that might come up for sale)
o Title companies (conserve the legal process and make certain there are no liens against the property you're buying, choose one that does countless closings a year)
o Home inspectors(charge about $400 and can give you a great inspection and can save you thousands over time)
o And your Mentor
These people can help you in various aspects of real estate investing. You will probably find that there are a couple others that are keys to your business however this is just a list of several.
8. Just Do it
There is absolutely no better phrase out there then JUST DO IT! Once you've learned all you can networked with investors in Billings and learned real estate strategies there is nothing left to accomplish but get your feet wet. There isn't any better learning tool around then doing a deal. When you have completed that first deal you should understand what to expect and find out it is not as hard because you thought it would be. You will possess learned what you did right and just what was frustrating. Take that experience and ask yourself an amount have made it run smoother. Apply that in your next deal. Then a next deal will be easier and it keeps getting easier as you go. I'll say that every deal is different from the last but that what makes this business fun. You have to be creative and always continue learning and growing together with your business.
The average person never uses the things they learn. Don't be average apply knowing about it. When going out and performing all of your first deal act like you have done 1000's of deals. The fastest way to change a practice is to act like it's true.
Five keys for achievement
1. Specialized Knowledge
2. Tools of your professional
3. Have the mindset of a winner
4. Mentors
5. Money and the knowledge of leveraging it (you don't have to have millions to purchase real estate, there are many strategies around to use other people's money, or no money at all)
