What advice would you give to a new investor?
1. Find a teacher/counselor in your area to go to for guidance. Above all, make sure everyone you meet is doing what you want them to do, and talk to others who have helped you before you invest your time and/or money.
No one cares about selling a house. You need attorneys, CPAs (real estate investment professionals), contractors, subcontractors, real estate agents, real estate companies, closing attorneys, research, research and more. Find someone who has been in the mine before and can help you save time and money.
Should you pay for their time? In fact. If they are willing to share with you what they have learned over the years and hard work, they pay a small fee for their experience and the benefits are worth it. If they are not worth paying for, they are not worth pursuing.
And don’t just look at your friends; Help those who are older than you. Jim Rohn said, “You’re usually the first 5 people you meet.” If you want to fix everything, find the next person who is better than you.
2. Join a familiar group of friends.
Attend as many meetings as you can. For real estate investors, this usually means a regular REIA meeting (a Real Estate Investors Association meeting, found at NationalREIA.com). Also check out MeetUp.com and other homeowner forums. Employers are already in the business and can be a good source of information, as can potential buyers and sellers.
3. Have goals.
low How many homes do you want to buy in the next 12 months? How much do you want it to be worth in 5 years? When you write down your goals, include action steps to accomplish them. Looking to buy 10 homes in the next 12 months? Take a look and see what you need to do each month to reach your goals.
4. Purchase of land.
If you haven’t, start! If you buy, buy more. Otherwise, in 10 years you’ll be upset that you didn’t buy everything you can now. The way to learn is by doing. Books and tutorials are great, but you won’t know what you know and what you don’t until you start and start shopping.
It’s a cliché that says “there’s never been a better time to buy real estate,” but it’s true. I believe this is still true. Of course, you need to adapt your policies and procedures based on the economy and where you sell, but everyone has a job, a business, and a life. If it’s not you, it’s someone else’s.
Educate yourself, connect with an advisor, make a plan, and buy a home.