More tips for new real estate investors

What advice would you give a new investor?

one. Find a coach / mentor in your area who you can turn to for guidance. The most important thing with anyone you turn to is to make sure that you are successfully doing what you want to do and talk to other people you have helped before committing your time and / or money.

Real estate investing is not a solo business. You need attorneys, CPAs (real estate investment experts), contractors, subcontractors, real estate agents, title companies, closing attorneys, inspectors, appraisers, etc. Find someone who has walked the minefield before you and can help you save time and money.

Should you pay them for their time? Absolutely. If they are willing to share with you what they have learned over the years of their own time and effort, they have paid for their skills in one way or another and it is worth paying for what you will get from them. If they’re not worth paying for, they’re not worth following.

And do not approach only your companions; reach out to those who are in a better position than you. Jim Rohn said, “You’re the average of the top 5 people you hang out with.” If you want to improve in any area, find someone to follow who is doing much better than you.

two. Get involved with a peer group that knows more than you do. Go to all the meetings you can. For real estate investors, that usually means local REIA meetings (Real Estate Investor Association Meetings you can find at NationalREIA.com). Also see MeetUp.com and any local homeowners association meetings. Owners are already doing business and can be a great source of information, as well as potential buyers and sellers to work with.

3. Set goals. Make a plan. How many houses do you want to buy in the next 12 months? How much do you want to be worth in 5 years? As you write down your goals, include strategies to achieve them. Do you want to buy 10 houses in the next 12 months? Break that up into chunks to find out what you need to do each month to make those goals a reality.

Four. Buy real estate. If you haven’t started yet, get started! If you are buying, buy more. If you don’t, 10 years will have passed and you will be kicking yourself for not buying everything you could today. The way to really learn is by doing. The books and seminars are great, but you won’t know what you know and what you don’t know until you jump in and start shopping for yourself.

It’s a tired cliche that “There has never been a better time to buy real estate”, but it’s true. I think it is always true. Sure, you have to adjust your methods and your strategies based on the economy and where you invest, but everyone works, buys, and lives somewhere. If you don’t own it, someone else will.

Get an education, connect with a mentor, make a plan, and buy real estate.

What can you add?