In last week’s blog I shared with you about “Keys to Getting Started in Real Estate Investing.” I encourage you to read it if you haven’t. It easier to read if you click “read more.” Over the next several weeks I plan to take you step by step on what it takes to get started in the Real Estate Investing business.
Several years ago I decided that I would go elk hunting with some fellow hunters in a very remote area of the Colorado Mountains. Because it was such an isolated area it took a lot of groundwork just to get ready. I began studying topographical maps, walking and hiking to get into physical shape, packing all the supplies I would need (especially survival supplies). I spent about six months preparing for the trip. When the time came to go hunting, I was motivated and excited! Because of our diligent preparation there were no mishaps that shortened our trip. In fact it was incredibly enjoyable. There were five hunters in our group and we only harvested one elk. But we all considered it a success.
That trip caused me to ask myself, “How much energy and preparation had I spent on building wealth for my life?” The answer was, “not much at all.” My conclusion was this: If I had spent as much time on learning how to invest in real estate, as I did preparing for that hunt, I would probably be more successful as an investor. And that proved to be true. Below I have listed some beginning steps:
IDENTIFY YOUR REASONS- Last week when I referred to taking an inventory of yourself this is one of the things that I was referring to. I heard one man say several years ago, “If you have enough reasons you can do the most incredible things”. I believe that. It is the kind of reasons that cause you to get up early and go to bed late.
FIND A PROGRAM OR COURSE (OR TWO) ON REAL ESTATE INVESTING TO FOLLOW- You can follow my real estate course “Real Estate Mastery” or someone else’s. But find some one who has done it successfully and follow them in the beginning.
SET GOALS- When I started, I wanted to replace my job income with investment income, so I had to determine what area of Real Estate investing would help me reach that goal the quickest. I utilized a combination of “buy and hold” and “fix and flip” strategies. I set goals for the number of properties to purchase per year and determined by that number how long it would take to reach my long-term goal.
This should give you a great start!
I’ll be posting a blog every Sunday, Monday, and Tuesday. Join me again next week as I continue my series on How to Get Started in Real Estate!