Top 5 New Investor Questions
Here are some of the top five new questions investors or wannabe investors ask about real estate investing:
- What Should I do first?
- How do I find properties?
- I’ve been doing this for two (or 6 or 9 or 12!!) months and I haven’t closed a deal, what am I doing wrong?
- Can I really do this if I don’t have much money to start?
- How much money can I really make once I get started?
1. What Should I do first?
That’s easy, the first thing you should do is GET STARTED TODAY! It doesn’t have to be a monumental thing, but just start taking small, actions, every single day. Start with looking at 5 for sale by owner leads on zillow.com or your local mls (har.com in Houston). Start a daily journal of your actions, hold yourself accountable to daily action, reward yourself for your actions. And if you really want to get started today, start your education TODAY! Check out your local Real Estate Investing Association (REIA) for their free workshops. In Houston, that is the Realty Investment Community of Houston (www.richclub.org) Education, education, education, is the key to moving forward. Learn something today!
2. How do I find properties?
No one said it was going to be easy! But think about your advantages over every other investor out there; who do you know? where do you live? what types of properties are you even looking for? Marketing is the key to finding great deals. Tell everyone you know you are looking to buy properties, start advertising in your local area. You can use direct mail, Facebook and social media, newspapers, flyers, door hangers, billboards, smoke signals – it all works but you have to get started. Decide on a budget, decide on an area and get started. You might be surprised that once you start putting the word out to the universe that you’re looking for properties, you’ll start getting leads.
3. I’ve been doing this for two (or 6 or 9 or 12!!) months and I haven’t closed a deal, what am I doing wrong?
There is nothing wrong with you. Real estate investing is not easy. Despite the promises of the late night gurus, overnight success can take years. Sure you want to quit your job tomorrow but does it make sense to do so? Probably not. Learning how to find and close great deals takes learning a whole new skill set; deal analysis, negotiation techniques, how to use contracts properly, how to market for and to sell properties, networking to build your team. No one has it all their first few months so give yourself a break and take an inventory of what you think you are doing right and what you need to learn or partner on to help you move forward.
4. Can I really do this if I don’t have much money to start?
You’re reading this article for FREE, aren’t you? That’s the great thing about the internet, there is tons of free information. Unfortunately, information does not always equal knowledge so while you can probably find a Youtube video on how to brain surgery, you probably shouldn’t try it alone! The good news is that real estate investing is pretty easy to learn and there are tons of folks willing to help both for free and for a price. This help, like most things, is worth what you pay for it. As I mentioned, most local REIAs offer free Intro classes (many even will buy you a drink or feed you!). High ticket Coaching and Mentoring packages can run in the hundreds of thousands of dollars. We’ve seen some packages cost more than houses! Take your time locating an education path and finding a Coach or Mentor who will work on a customized program for you. Here are some of our Coaching packages so you can start comparing your options.
5. How much money can I really make once I get started?
How much gold can you find panning in Alaska? Diamond mining? how many fish can you catch in a barrel? There really is no limit. It’s a cliche to say, “it’s up to you” but it really goes back to how much do you want to make? Setting out your financial goals is a key step. If you don’t know how much you want to make, then it will be hard to hit that target. Do you want to replace your current income? do you want to become a millionaire? b/c a million dollars is probably not enough to let you live the truly passive lifestyle most folks seek. And is it really about the money or the lifestyle? Money in the bank is security but passive income or a flexible work schedule can be the dream of many.
I love working from home or anywhere with a laptop but being your own Boss can be tough too. What are your short-term and long-term financial goals? Get those on paper, put dates next to them and let’s get started!
Contact me today for a free 30 minute Coaching session.