Starting out in real estate can be very difficult for beginners. There are a lot of unknowns and comfort barriers that must be overcome not to mention the time it takes. Here are 10 tips to jump start your real estate investing career.
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Learn - Read every book, article and forum you can. Some boot camps, seminars, webinars, etc are very informative but can be costly. Also become active in online forums.
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Join REI Clubs and Groups - Join your local REI Club, networking groups and online groups. Network like crazy and make contacts with experienced people who Do.
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Find a Mentor - Always always always have a mentor and other experts in the area look over your deals. They will help you avoid mistakes and if you found a home run deal, you will build a lot of credibility.
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Pick a strategy to master - Pick one strategy and master it, do not spread yourself too thin on 5-10 different strategies and never put in the effort it takes to find the first great deal using one strategy.
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Partner – It is never a bad idea to partner with an expert who has experience. You can avoid costly mistakes and learn a ton which you can utilize in future deals.
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Build Systems and a Team - Find quality experts, align your goals, build efficient and effective systems and duplicate over and over.
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Slow Down – Greed often gets the best of people and they go too fast and get in over their head. Pace yourself and do not take unnecessary risks.
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Build reserves - Always keep some reserves on hand for each deal in case of surprises.
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Generate Private Money Investors – Buying with cash and quick has so many advantages, Private investors allow you to be extremely creative and fund great deals that conventional financing will not allow.
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Analyze –Critique–Improve – Look at what you know, your strategy, partners, systems, team, financing and reserves. Analyze, critique and come up with solutions to improve every aspect of your business. Continuous Improvement.