Some Basic And Vital Tips For Aspiring Investors

Vital things that you need to know about real estate investing

There are some things that are core to when you get involved in real estate investing that I wanna talk about. And even though there are things that you may not know or things that you may know, there are things that are often overlooked.

Treat this as a business.

Real estate investing, whether you own one property or you own fifty properties, is a business and you have to treat it as such. You want to make sure that when you’re looking for deals and you’re looking for properties that you look at it from a business perspective, and you don’t not look at it emotionally.

Can you purchase that property?

Make sure that you have the ability to fund the deal. Whether you’re getting a regular conventional loan, a hard-money loan, or a cash purchase, make sure that your credit is good enough. Do your due diligence before you find the deal. Don’t wait until you’re finding the deals.

Determine what areas are the best areas for you to buy your properties.

Whatever your goal is, if investing for long term, whether it’s appreciation or cash flow or whatever the reason is, make sure that your goals align with the property and the area. Is it going up in value? Is it going down in value? Don’t buy it just because it’s near you. Buy it because it makes sense, and more importantly, because it matches your plan.

Look at multiple sources

Do not rely on one person or one source when you’re trying to get a deal. You can use the Multiple Listing Service, Craiglist, and For Sale By Owners. You can check with people that are trying to rent their properties but can’t find a tenant, and maybe they want to sell it. Use multiple realtors. Using as many resources as you can will give you the wider choice of possible investments. Surround yourself with like-minded people and go to local real estate investing clubs. Other networking opportunities include meetup.com. You can find a lot of local investing groups or like-minded people and find a lot of things that will fit both your goals and their goals.

Find a local mortgage broker and a local bank.

here’s a lot of local lenders that can do loans because you live locally and maybe would not do a loan if you weren’t. If you’re looking to buy in your city, definitely get in touch with the local lender and a local mortgage broker to start associating with them to know what it is that they want.

Educate Yourself

Read as much as you can about real estate investing. Find as much as you can in books, online, YouTube, podcasts. You have millionaires that are constantly talking to you about how to get wealthy and how their systems work. Listen to them. Read the books. Listen to audio books. I listen to audio books every single day and all the time I’m trying to do is, if I get one piece of nugget, one thing from them, that can be something that’s going to accelerate my plan. So always always try to educate yourself.

Again, going back to who you’re handing around with, make sure that the realtor you’re associated with is doing well. Try to learn from other people’s mistakes. Don’t make the mistakes yourself.

Unfortunately, when I first got into this business, I did not have anyone to teach me and made a lot of vital errors because I didn’t know what to do. More importantly, I didn’t know what NOT to do; and when you have these experienced people helping you, whether it’s a mentor or a coach or just someone taking you under their wing, they can help you avoid a lot of the headaches that can come along with making vital mistakes. Financial mistakes can be a mental, emotional stress that takes a great toll. So a lot of people do not put a factor on the emotional stress and the emotional strain that goes along with making a bad decision or making no decision. So just remember that there are people out there to help you.