Did you know that over 7 million people are actively seeking to buy United State income property within the next 12 months? According to this nationwide survey by BiggerPockets, they plan on spending $9.2 billion worth of home improvements.
With that many people involved and that much money at stake. It’s crucial you avoid rookie mistakes.
7 Steps on How To Get Started In Real Estate…
One of the best places to learn is from your local real estate investment groups. For example, the Arizona Real Estate Investment Association has over 1,700 members.
An online community resource like BiggerPockets or Active Rain can also provide you with the guidance that you’re seeking.
What is a niche?
According to BiggerPockets, a real estate investment niche is the property type that you’re going to start with. For example, are you going to focus on out-of-state single family homes, apartment buildings, tax notes, or retail commercial like storage units.
What is a strategy?
Are you going to wholesale, buy and hold, fix and flip? These strategies have different property evaluation criteria. If you’re just starting out you should just pick one.
Model after the templates of other successful folks, like Dave Ramsey. Then start to modify it to fit your business goals.
Is the property going to be local or out-of-state?
Is it going to be a class A, B, or C area?
Did you know that 4% of real estate investors use their IRA accounts to purchase property?
You have to identify sellers and attract buyers. Your future income counts on it. Education can be found for free. However, advertising is not.
From business cards to real estate marketing websites, think of marketing as a revenue generator and not a cost.
The trick is you must be consistent.
Then start the cycle over again. As you get paid, set aside 1% of your profits to continuing your education.
Never stop learning. Never stop getting paid.
Check out this 4-minute video on the steps you must take on how to get started in real estate the right way…