5 Tips for Starting Out in Real Estate Investing
Starting out in the real estate investing business can be intimidating if you don’t know what you’re doing. Luckily, there are a lot of resources out there to help get you pointed in the right direction. Here are a few tips of the trade to get you going.
- Treat real estate investing as a business.
If you’re treating real estate investing like a hobby rather than a profession, you may not get the results you are after. Real estate investing is not necessarily a get-rich-quick scheme. Be prepared to put some effort into your business. Advertise, keep appointments, do your paperwork. Make real estate your profession.
- Have a plan.
Having a plan is important to any business when you’re just starting out. Make goals, devise a business plan, and use a strategy that will help you grow your business. Waiting around for the phone to ring isn’t going to get you anywhere. Make sure you’re being proactive.
Surround yourself with like-minded people. Make connections with others in the industry and use it to your advantage. The RPOA has a lot networking groups, meetups, happy hours and mixers where you can meet people who have been where you are and pick their brains. More times than not, people are willing to help and want to see you succeed. Go out and make some friends!
- Join or stay as a member of the RPOA.
Having a team of informed people at your side is invaluable. The RPOA, like all real estate investor associations, can provide you with an arsenal of tools that will come in handy more than once. Depending on the association, benefits could include limited legal advice, access to important legal forms and documents, a network of contractors and mentors, general advice, education, training and more.
- Stay informed.
Keeping up to date and staying informed can save you from making some big and potentially expensive mistakes. The minute you think there’s nothing else that you need to know, a law changes, or the market turns, or new strategies begin to develop and you’re left out of the loop. Read the weekly emails and magazine articles the RPOA provides to members with the latest laws and regulations and thoughts on market trends locally and nationally. Make sure you stay on top of things.
Following these simple guidelines can help set you up for success right away. Whether you are just starting out or have been in the business for a while, these are good standards to live by if you want to maximize your potential and earning capabilities. Happy investing!