How Do I Invest in Real Estate?
People often ask me how can they begin to invest in real estate. I used to take the time to answer that question. However, It consumed a lot of my time. Time is money, after all. I became frustrated when I realized people did not use the time and knowledge I’d invested in them. This did not stop people from asking. It turns out, people did not value the free information. There is less commitment without investment. This resulted in the creation of the Wealth In Real Estate Seminar. The seminar has been more successful than taking the time to explain the process whenever someone asks.
First Things First
The way I inform people to invest in real estate has changed. I tell people, the first thing you need to do is have a plan. This will help you make the right decisions to achieve your goals. It also gives you a view of the bigger picture. If anything is missing, you will easily spot it in your plan before acting on it. I let people know that they need to create a plan. Your plan may begin with learning how to become an investor. In hindsight, one of my biggest setbacks was not knowing anything about investing in real estate when I began. I did not have anyone to learn from. I had to learn from trial and error. The Wealth In Real Estate seminar can help with everything you need to know.
Things Not Written
I inform them that they may need help along the way. I read many books but ultimately, I made mistakes based on the daily transactions a book cannot teach you. Cities, towns and states will have different rules. One of my first renovations failed because I did not have updated information from the city regarding how many units were allowed. A book can tell you to be aware of legislation but you will not know what you can or cannot do legally until you cross that bridge. The exception is having an experienced person who can guide you through the process. Wealth In Real Estate (W.I.R.E) participants receive one on one mentorship beyond the expiration of the class.
Build Your Network
I also suggest they build their network. A strong network has the potential to be more helpful in your success than your current financial situation. Your network helps grow your network exponentially. It can also present opportunities to invest in real estate that would be impossible on your own. It also creates the opportunity to become more informed of most aspects of your industry. Graduates of the W.I.R.E seminar have the opportunity to join it’s alumni group.
What About Money?
Any investment can be a heavy undertaking. Some people use their savings, borrow from the bank, borrow from friends and family, use credit cards, etc. It’s like that old saying goes, “Where there is a will, there is a way!” This is a shameless plug but the W.I.R.E seminar also teaches it’s participants various creative ways to finance their investments. You would be amazed with the things you can do once you think outside of the box!
Think Beyond the Money
People often want to invest in real estate because they think it’s a quick or easy way to get rich. They are unaware of the work required to become successful in real estate. They also don’t consider the amount of time required to become successful. Real estate is a long-term investment strategy. It takes time for property values to increase. Until they increase, make sure it operates profitably. Your investment does not end with the purchase of the property. You have to make sure you maintain quality property so that it adds value to the community. The best investors take a holistic approach. When you invest in more than the building, you invest in the community. As the community improves, so will your profits.
But, What About the Money?
Any investment can be a heavy undertaking. Some people use their savings, borrow from the bank, borrow from friends and family, use credit cards, etc. It’s like that old saying goes, “Where there is a will, there is a way!” (This is a shameless plug but. . .) The W.I.R.E seminar also teaches it’s participants various creative ways to invest in real estate. You would be amazed with the things you can do once you think outside of the box!
Getting started and succeeding in real estate investment knowing what you want to accomplish, how you want to accomplish it, how you will be able to accomplish it and with whom. Here are 5 useful steps to get started in real estate investment.
- Create a plan
- Learn as much as you can from many sources. Be sure to include experienced real estate investors.
- Build your network.
- The greatest success comes when you focus beyond the money.
- Register for the Wealth In Real Estate Seminar. Classes are forming now!