Anytime you start something new, there is a learning curve. Sometimes, that curve is overwhelming. For new real estate investors, there can be confusion over what to do first and where to start. Real estate is a rewarding path, but disappointingly, many fail to get going because they simply don’t know which way to go. With so much information to sift through, new jargon to learn, and investment markets to pick from, it’s easy to feel lost. When I began as a real estate investor, I used a couple of strategies to overcome challenges I had to getting started. I hope this blog will give insight that you can apply to help you find direction as a new real estate investor.
Find an apprenticeship
How I got started was through an apprenticeship. I found a mentor and actually worked for him for free. There are people out there who will think that is crazy, but it was a great option for me. I didn’t have to go into thousands of dollars in debt, and it was a great way to learn. It put me on a path and showed me how I could get started without feeling so overwhelmed. With an apprenticeship, you can find a teacher and more focus in your own business.
Networking is your golden ticket
How I found my mentor was through networking, otherwise, I would have been all on my own. To meet people, you will have to put yourself out there. Whenever you are looking for someone to partner with, it will take some time. Be picky when you are looking for the ‘right person.” When you go out and network, you build up your contacts. You might use those contacts now or years from now. The more you get out there and talk to people, the more that you will learn about real estate investor and the quicker you will build self-confidence.
Browse through Biggerpockets.com
I somehow found Biggerpockets.com and wish that I had made the discovery much earlier in my career. There is a massive amount of free information on anything and everything having to do with real estate. There are articles, forums, and even investors to be found that can possibly fund deals for you. When you visit the forums, you can see what other investors are talking about and various hot real estate topics. You can ask questions and get answers, but remember, it’s not only about taking information, but also about giving back and helping someone else too.
It’s time you take a good look at your skills, abilities, and interests. What is it that you excel at doing? What do you like? How do your interests fit in with real estate investing? Your answers can be extremely varied, and yet, you can still find your perfect match (and path) in real estate investing. Clarity is incredibly valuable in your journey. When you are clear on you, you will know what the next step for you needs to be. For myself, I knew that I was not a math guy, but enjoyed other aspects of investing— like marketing, branding, and people. What I did was look for a business partner that loved numbers and complimented my skills. This way, we make a good team.
Be a goal setter.
I am one who sets goals and makes a plan to act on those goals. To get going on your path and stay the course, set goals and act on them. Set deadlines and benchmarks of success. You will have many distractions that attempt to derail you, but when you stick to a timeline, you will be able to stay on track.
You don’t need to know everything to take one step. That’s not the point. Adjust as you go as I do. Some of the initial actions you can take are going to a networking event or spend fifteen minutes everyday on Biggerpockets.com. Take steps. It takes out the feelings of being overwhelmed. There will be many mistakes made when starting out, but they are only learning lessons to make you a better operator.
I understand that it can be easy to get lost when you begin in real estate. I’ve been there so I get it, but the most important thing is to get started. Even if it’s a small actions. Begin with ideas like these and continue to build on them.