Do you know a friend, who is ahead of you in taking the first step into real estate investment?
I’d say that’s the best place to start.
It’s natural to get confused with so much of information available on the internet. It can be a challenge to filter the information and just use what is important to you.
That’s why it’d be better to get the first-hand information from someone you know. Get into detail about your friend’s experience. How did he or she take the first step into real estate investment? Furthermore, try to get much info how he or she became successful in real estate.
You can go and attend real estate investment seminar. Consider joining a real estate investor’s group. In addition, you can attend webinars. Start gathering information from the internet. Read some books on the subject of real estate investments.
At this early stage, information gathering would be more important than how information is being gathered.
Mindset is the first step
Whatever you do, do it with the timeline. The timeline is very important for self-accountability. Control your excitement of the new venture. This happens to most of us. In the excitement of imaginary success, we start running too fast and then when we get small let downs, we abandon the project completely. Try to behave like a professional and make thoughtful judgements on all the little steps you take at this stage. Keep the focus of your goal to take the first step in the real estate investment. Record your progress in tiny steps and the big achievements. Make a notebook or commitment book to record your progress. So if you fail to progress, it’ll show up in your commitment book.
Remember this is very early stage in your long journey towards real estate success. All the above steps, if taken understanding the concept correctly, will set up your mindset. Once you start off with the right footage, there’ll be less chance of turning backwards.
One prudent way of getting into the groove fast is to find a good Realtor and start seeing properties.
Why I say this is a prudent way because the process of gathering information and checking it first hand will go simultaneously, hence information will have more credibility. You would be able to ask questions to your Realtor immediately as you gather information by seeing the properties.
Don’t play games with your own self
Do not under-estimate the power of your mind. After you have started working towards your project, if you do not or can not progress as per the plan for whatever reason, your mind will start arguing with you about the reasoning of things not going your way. It will start finding the excuse. That is where self-accountability comes. If you have started writing your progress and goals, you’ll come to know, you( or your mind) is cheating yourself!
My suggestion of hiring a Realtor will serve you with the purpose of self-accountability. Your project of taking the first step in real estate investment is a big project. And to hire a professional for an advice to your project would be a positive addition. You are spending your time and you have engaged someone else in the process, so you’ll be more serious in your mind. And even if you are cheating yourself, you’ll come to realize that soon!
There is nothing wrong in realizing that you can not go ahead with your planned venture. In fact, if you realizes soon enough and save yourself time.
If you ask me, I attended a very small course of continuing education, which was conducted by my city’s local school board. I remember I paid $92 for 10 hours course, one hour a week for 10 weeks. It was a small step and I enrolled myself into the course curiously because of the title ‘Investment Properties’.
This casual step did me a big favour.
Because of its spread of 10 weeks, it helped me to grasp the concept of small-time real estate investment properties. I made a notebook and started gathering more info after each class. Approximately halfway through this course, I selected a Realtor among 4 which I interviewed. About 4 months after finishing this course, I acquired my first property.
All in all, I just applied common sense and took logical steps to progress after setting an approximate goal in my mind.
Yes, this is correct. When you start off, you can only have an approximate target or goal in your mind. You are a human being. You are not a computer.
So if you have a rough idea of how you want to write your Real Estate Success Story, it’s absolutely ok.
You’ll see, if you keep taking tiny steps, your skepticism will disappear and you’ll see yourself taking a firmer approach.
Before taking the first step into real estate investment
Before you take the first solid step or buy your first property, you should have a basic idea like…
- The Overwhelming factor in real estate investment is appreciation over time. However, the time factor is uncertain. Your purchase may appreciate handsomely in 3-4 years or it may take 10-15 years or more.
- Investment and Profitability will depend upon the type of investment like a residential house, condo, multi-unit apartment building, commercial property and so on…
- Leverage is a big part of real estate investment and very important factor for the purchaser. It helps you to buy multiple properties once your initial investment property appreciates.
- Your involvement and commitment of your time and responsibilities depend upon the type of investment property you purchase.
- You should have some idea of the legislation affecting landlord and tenant issues if you are investing in the residential real estate. It should not be difficult to get this information from online direct sources.
- Same way you should have some idea of income tax rules affecting real estate investments sales. Detailed single session of Q & A with your own income tax account will get you enough information which you require at this initial stage.