5 Steps to Getting Started Investing in Real Estate

Real estate investors are usually depicted in stories or movies as being financially well off- especially in late, late night infomercials. This image has enticed many people to attempt a career in real estate, only to end up discouraged and frustrated.  To be successful as a real estate investor, you have to begin with the end in mind and implement these 5 basics right from the start:

1. Planning

This is the key to the success in of business. The plan will serve as your guide so that you don’t stray way from the path to your goal. You may be  an expert in making real estate deals, but you will not really go far  or you’ll just go in circles without the plan

For example, have you decided on the type kind of real estate investments that you’ll get into?  Real estate investing does not always mean that you own properties. Take wholesaling for example, the niche where you  are paid  by other investors for  assigning real estate deals to them, is a form of real estate investing although you are just babysitting a property and selling a piece of paper.

2. Building your Team of Experts

To complete a successful real estate deal, an investor will need the services of  experts in various areas, such as someone to make repairs to the properties, someone to oversee contracts, assess deals and someone market and sell the subject property..

You can’t be looking for your team of experts when you land upon a deal. Be smart by preparing ahead of time- identify your team before making any investments. The team will assist you in determining the right property. With the right team, you have a greater chance of succeeding at more deals at a given time.

Your power team of experts should include the following: an attorney who has a working knowledge of real estate deals, an experienced escrow company, an insurance agent, an accountant, a mentor, contractors, financial partner or lender and a solid real estate agent..

As your operation grows bigger, you’ll definitely need to add to your team, which is great.

3. Keep yourself and your staff, if any, educated

You should always be updated about new laws, ordinances regarding real estate.

4. Join and attend Real Estate Investor Clubs

Networking is the lifeblood of this kind of business. Always stay connected and in the loop with the right people – those that you will more than likely meet in real estate investor clubs.

5. Treat real estate investment as a business

Like most businesses, it will take time to generate leads and build your buyer database to actually close some deals. Be persistent .Create a system to follow up with your ongoing deals and prospects so that you don’t lose them. You have already generated this lead and spent some effort already, so you may as well follow up with it at a later point. It might bring in some referral profit if nothing else.

Get started the right way from the beginning and manage your real estate investing business with the attention to detail and the consistent effort that it deserves, so that it will prosper.

If you treat it like a business, you’ll get paid as a business would but if you treat it like a part time hobby- you’ll get paid to that scale.

Happy investing,

Karen Roberts

“The Dealmaker”