Real Estate is a dynamic industry with many moving parts. There are many roads you can go down and choosing the correct path, the first time, will catapult you into success much faster. In this article, I am going to cover how to get started in real estate so that you can have that much needed jump-start.
The first question that must be answered is: WHY am I doing this?
Obviously, we all want more money, that is understood. But on a deeper level, why do you want that money? Is it for a house, a car, your child’s education, for retirement, for time freedom, what is it? If you have that picture clear in your mind, it will be much easier to overcome the inevitable roadblocks that we all face in building a business.
The next question that should be answered is: What are my strengths and weaknesses?
If you understand what you are good at and spend most of your time doing that business activity, you will have a better chance for success. By determining what you are weak at, you can delegate the tasks which you find less inspiring or more difficult. If you are not in a position to pay someone a full-time salary to do all of your menial tasks, I would recommend checking out a site called Elance. Here you can outsource your individual tasks or find a virtual assistant to do more of a consistent flow of your work.
Lastly, you should find out what needs to be done out there:
What in your local community needs attention? What needs to be done for your state, for your country, for the government, for the world, for your family, your friends, for other business owners, and anyone that pops up in your mind as someone who is probably facing some challenges right now? Foreclosures are huge right now. Renters are prolific. Think short sales, REOs, commercial foreclosures, loan modifications, rehabbing, rent to own, seller financing, providing investors with above average and safe returns, and anything else unique that you can come up with that solves someone’s problem. If you think about it, this is how most big, successful companies were founded: solving other people’s problems.
Once you have these foundational questions answered, you can start searching for the right real estate business model for you. It is very important to pick just one strategy out of the gate and run with it. If you have too many business models that you are trying to get going at the same time, you will not become an expert at any of them. Once you pick one, specialize in that, become an expert at it, systematize it, and then you can pick your next business model to go after.
Once you know for sure which business model you want to go with, then you can take the last and most important step:
Pick the right Real Estate Mentor
If you get this step right, and you have followed the advice above, you are all but guaranteeing your success. The right mentor will have paved a path for you. You do not have to create a business model, test ideas out, spend a ton of money on un-proven marketing campaigns, learn how to run marketing campaigns, network to establish relationships, and on and on. You can offer them a free service to get in the door and then start working with them to build rapport. Once you have a relationship established with your mentor, you can explain your long-term goals and how you are looking for a mentor. If they see you as a hard-working and honest individual, there is a good chance that they will have a project for you to tackle. If you are efficient, diligent, and good at taking instruction, they will let you into their world and their success will soon rub off on you.