Are you just starting out?
Sometimes real estate investing is quite hard to manage. We always think that it’s just waste of money and time. For Millennials, Real Estate investing can seem bit intimidating and it’s easy to get lost in the lights and sounds of all the blogs, books, and television gurus. With these in mind, I would like to share these tips that you can use as you embark on your journey to find financial freedom through real estate.
1.) Be Resolved.
Real estate is not something to do on a whim. Investing in real estate is a lifelong pursuit to take control of your financial future – not a get-rich quick scheme. As an investor – you will struggle. You will make mistakes. You will fail. The successful investors are the ones who can take those experiences and turn them into lessons to improve their skills.
2.) You Don’t Need to Be an Expert in Real Estate Investing.
Too many individuals talk about investing in real estate but instead just get bogged down with the vast amount of information out there. People often email me and ask me advice on areas of real estate know very little about. I try to help as much as possible or at least point them in the right direction, but the simple fact is no one knows it all. You don’t need to be a total expert in real estate. Always keep in mind that knowing the know-how and the basics makes people knowledgeable enough to understand and elaborate things clearly.
3.) Learn to Love Reading.
You are obviously reading this article, so you apparently know how to read. Do more of this. If you don’t like reading – at least learn to listen to audio versions. Books have so much information in them and will surely teach you techniques and skills that you may opt to adapt. Start engaging yourself with financial and investments books. These books will help you create a brighter future. Remember, being knowledgeable is better than knowing nothing at all.
4.) As a Beginner, Connect with Local Investors.
This doesn’t meant spam them with requests – but simply reach out. Begin hanging out where they hang out. Ask them to show you some of their properties. Most investors love to show off their accomplishments, so allow them to and pick up on every titbit of information they can give you. Local investors will have a much better grasp at what works in your community
5.) Get Creative.
Robert Koyosaki said in his book, Rich Dad, Poor Dad “The poor say “I can’t afford it.” The rich say “How can I afford it?” This simple practice will change the way you view conflict in all areas, including your real estate business. Be creative and innovate things on your own. Changing one aspect to another allows oneself to be hip which can help you create a better living.
6.) Learn to Sacrifice.
How bad do you want financial freedom? If you want to use real estate to start living the life you’ve always dreamed you are going to have to sacrifice. You may need to forgo a vacation and use the money toward a down payment instead. You may need to move several times in order to build up enough capital to begin investing. You may need to learn how to use a paint brush and do your own work. Investing in real estate is the most rewarding thing you’ll ever done – but it’s not always been easy. There were years of sacrificing (time, money, and opportunities) to get financially free. Actually real estate investments take time to be profitable. Always remember that real estate investments is like a seed of a plant, it takes time be fruitful at all.
7.) Learn (and Trust) Basic Math.
The math involved in a real estate investment is not college calculus. We’re talking fifth grade math and it isn’t difficult to learn .Don’t assume anything – but use your math to make sure of the deal. Use a basic spreadsheet to analyze a deal. Once you understand the math – don’t deviate from it. Trust it. Don’t let your emotions get involved. Real estate is a number’s game and the quickest way to fail is to forget.
8.) Treat Real Estate Investment as your Own Business.
Real estate is a business, so treat it that way. Keep it organized, build systems to manage your life, and seek to improve your efficiency. The reason so many landlords get burned out and hate the role is because they treat it as either a hobby or a job. It’s neither. You are a business owner and as such it is your job to manage the business to the standard which suits you best.
I hope this list will help point you in the right direction. However, this isn’t going to tell you everything you need to know before investing in real estate but serves as good reminder for all of us Millennials, the generation of this era. I hope this quick short guide will help propel you toward success.