Real Estate Investing Beginner Tips Noah George
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Whether you are just starting to dip your toes into the ocean that is real estate, or are free diving in the great blue yonder, you need to be aware of the rules that govern your ability to maximize your success.
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Some people like myself stumble into a niche they love, and are great at from the start of their career, while others may fail in real estate before ever truly finding what inspires them to kick butt and take no prisoners.
Keep the goal in mind: ď ˝
Sit down and make a list. A list of your short and long term "financial" goals, your skills, your abilities and your limitations. Do you desire steady residual cashflow? Do you need to make cash right now? Do you have starting capital? Are you handy with a hammer? Are you a good leader? Manager? Negotiator?
Explore your choices: ď ˝
Wholesale, retail, lease options, REOs, fast turning, rehabbing, commercial investing, short sales, loan modifications, Manufactured homes, Realtor, buy and hold, multifamily, foreclosure, land development, preforeclosure, note buying/selling, etc. Spend a short time going through this list, learning about each and deciding if the vehicle in question will get you to your real estate goals AND make you happy in the process.
Take an expert out to lunch: ď ˝
One of the best recommendations I can make is for anyone in real estate that is currently unhappy or not as productive as they would like to be, to take a "mentor" out to lunch. In my first week investing, I took five knowledgeable investors who were not trying to sell me some course, out for lunch to pick their brains. These meetings gave me insight to the game, that has carried me through to this day.
Don't spread yourself too thin: ď ˝
I know that I am not the only one that has ever piled too much on to his/her plate. Over committing to too many deals at one time (on more than one occasion) has almost cost me my entire bank roll. Unless you have completed more than 15-20 transactions, it will be wise to complete one deal, get it cash-flowing, then move onto the next.
Become a local expert: ď ˝
Becoming a local expert is really a never ending process, but when you find a niche or specialty in real estate, dominate it! Become the best investor in your town within your desired field. Be the expert that people are asking for advice and the name that everyone thinks of when they think of your niche.