Real estate can be a great way to make some money and build a future but to be successful you need to know what you are doing. Real estate mistakes can be costly which is why so few are willing to dive in. If you are looking to make your fortune in real estate there here are some tips for the new real estate investor to get you on the right path.
Find a Mentor
You need someone that you can regularly go to for help or guidance, but that can’t be just anybody that needs to be someone who is already successful in that field. Successful real estate investors have a network of people around them, you will need to know contractors, realtors, accountant, attorneys and inspectors just to name a few. In that circle find someone who will share with you what they have learned, you’re already ahead of the game if you can learn from someone else’s mistakes rather than making them yourself.
Find a Peer Group
There are plenty of organizations and groups for real estate investors, it’s a great place to learn and to network. If you live in a big enough city then you can probably attend a local meeting. To find one you can check online at MeetUp or find a local REIA meeting on nationalreia.com. These get togethers are a great place to come into contact with potential investors, real estate agents and other contact you are going to need in the industry.
Make a Plan
You need to set reasonable and achievable goals for both the short term and the long term. For instance how many houses to you want to buy this year? Do you want to buy and hold or buy and flip? What do you want to be worth in the next 5 years? Take the time to sit down and write out these goals then make the strategy for making them happen. Break everything down into doable chunks so you know what to do today to reach your 5 year goals.
Buy Some Property
The best time to start is right now. Having a solid plan in place is great but it is useless if you don’t actually take some action to make it happen. Before you know it the 5 years will be up and you will still be in the same position. You will learn more buy doing than by reading another book on real estate investing.