Franklin D Roosevelt once said, “ Real Estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, and paid for in full and managed with with reasonable care, it is about the safest investment in the world”.
The first question I want you to ask yourself is, “Why Real Estate Investing?” Are you doing it for the financial gain? Do you like the idea of turning something that is abandoned and forgotten into something beautiful and desirable? I want you to tell me why you think you would be good at it. Are you a contractor, a realtor, or perhaps an expert ? Do you have the funds to make a key partnership? Are you willing to save $$ for 5 years to make this happen and put every cent on the line to make your dream of flipping houses become a reality?
These are all important questions that you need to ask yourself to get a better understanding of where your head is at. Do you actually like real estate investing or do you like the idea of real estate investing? Is this something you are willing to sacrifice for or are you looking for an easy way of making money?
I purchased my first rental property when I was 18 years old. It wasn’t something I wanted to do at first but instead something I needed to do to support myself through college. I had to force myself to become an expert in my market, if I was going to afford college. I set goals to have 10 rental properties in 10 years, start my own real estate management company and become a licensed realtor. Since then, I realized I did not like the process of being a landlord, which meant the goals I set for myself needed adjusting. I didn’t like being woken up in the middle of the night because of a water issue, nearby fire or a disgruntled tenant. So the idea that I wanted to have my own real estate management company, quickly turned sour. I invested 2 years of thought, energy, studying and employment towards this goal.
I am not going to say I wasted those years of my life, but if I would have asked myself the question “why do I want to be a property manager?” Is this something I like to do or do I like the idea of being a property manager, I would saved A LOT of time. In order to be a successful real estate investor, you have to like the process of Real Estate Investing. You have to like data researching, working with contractors, sales, and sometimes getting on your hands and knees to do the work yourself. You have to become someone who is able to deal with disappointment on a constant basis and being able to pivot from those disappointments. You have to be comfortable with being wrong, constantly losing $$ and getting back up over and over again before you are able to understand the process better and move forward. Because if you are not willing to do any of those things, you will fail miserably.
So, now that we weaved out the people who don’t REALLY want this. Let’s talk about, HOW ARE YOU GOING TO BECOME A REAL ESTATE INVESTOR?
- Become an expert in your market: EDUCATE YOURSELF.
- Become a licensed Realtor
- Start reading real estate investing books!
- Follow the right blogs
- Listen to the right podcasts!
- LEARN! LEARN! LEARN! – There will never be enough information to consume.
- Set daily, weekly, monthly, and yearly goals.
- Surround yourself around people doing what you want to do.
- Go to REIA Meetings (REAL ESTATE INVESTMENT ASSOCIATION)
- Follow Real Estate Investors online, reach out!
- Create Partnerships with:
- Hard $ Lenders
- Flip a house with a family member
- Stay Focused. You don’t need to be the contractor or the person with money. You can become the person with the expertise & partner with other people who have the skills & resources you need!
- Become a trustworthy member within your community and people will want to work with you.
In conclusion, in order to become a successful real estate investor you have to gather an understanding of what it takes then decide if it is something you really want to do. I have been investing for 6 years and it feels like I am just getting started. 6 YEARS! Ask yourself, do you have the patience for something let that? Do you want it that badly? If the answer is YES, then get ready for the longest most rewarding ride of your LIFE!
Next Monday, I will share “How to Find a Good Investment”. If you liked this blog and read it all the way through shoot me an email, “Thanks!”. I want to know that the information I am feeding on here is reaching you guys!