3 Things You Must Do Before Beginning Real Estate Investing
Many people are intrigued with real estate investing. They attend a seminar or watch an infomercial on late night television promising easy riches with little to no effort. The transition from newbie to guru, however, is a process. A process that is full of intricacies and challenges, obstacles that most are unaware they will face on their journey. Because of this, a great percentage of those motivated beginners will quit before completing their first deal.
As a new investor, how can you avoid the pitfalls so many beginners face?
- Know Your Why
Your reason for investing in Real Estate must be crystal clear. It has to be more specific than “unlimited riches.” Perhaps you want to retire a parent, or you want to quit your 9 to 5. You may want to use Real Estate to pay off debt or student loans. You may want to build enough passive income that you can live on the beach.
Whatever your why is, keep that vision and desire at the forefront of all of your actions. Rejection (and there will be a lot of it) will be easier to take when you remember why you are putting yourself through it. When you think about quitting, go back to your “why” and follow the energy you get from it.
2. Educate, Educate, Educate
Never stop learning. Develop yourself as much as you can. Invest time and money to learning. The more you learn the more valuable you become. The more valuable you are, the more you can help others. The more you help others, the closer you will be to achieving your why.
Real Estate Investing is a problem solving business. You will need to educate yourself on the problems you will face, problems your clients will face, and how to solve them. The answers are in books, Google, YouTube, social media, and forums throughout the internet.
3. Become Process-Oriented, Not Result-Focused
If you are not seeing the results you expected, your processes are not good enough. Do not worry about how much money you are making, or stress when the phone does not ring. Focus on the processes that drive those results. The tighter your processes are, the better your results will be. Plant the seeds, water them, and watch them grow.
Enjoy the journey.