Whether you are a millennial just graduating from college or a career-driven adult with three kids, there is opportunity for you as a real estate investor. It is never too early or too late to begin your rewarding real estate investing career.
If you are younger when you begin, it will make your path a little bit easier. Generally, younger individuals have less outside responsibilities and things holding them back. If age is something that is holding you back, don’t let it. Take a look at this real estate investing mini-guide to inspire you to start living and doing what you want in life and career.
Capture what you have going for you
It’s so important to take a look at your strengths and take advantage of the areas in your life where you excel. No matter how old or young you are, where you live, and what is going on around you, motivation is available to everyone. Find what sets your soul on fire and use that. Find your motivation! Even if you are older and life has worn you down and discourage you, do what you need to do to re-ignite your spirit. Motivation is the fuel that powers you through the worst of times and absolutely essential to your success.
Time is one of the most valuable (and hard to find) resources available in the current economy. If you wait to become an investor, you will see time slipping from your fingertips. Create a plan to follow and stick to it, because the time you have is so precious.
Your relationships as a real estate investor are critical to your success. Keep your contacts and connections strong, and always remember to instill value. Relationships are a fascinating and essential tool to your success. Don’t use people, but know that you will need other people that are strong and successful around you to help you succeed. Build the relationships and connections now, so that you have them in the future. Remember, bring value first and give something to the relationship as well.
Tech at your fingertips
Technology and information is readily available and easy to access. This makes it so much easier to begin in real estate investing. Take full advantage of the tools of social media and internet. Use them for marketing, research, and connecting with your clients. With technology, you are able to reach more people than you could have otherwise. I use platforms like BiggerPockets as a way to learn and social media to connect with other investors all over the world.
The beginning- what you need to know
You will begin in real estate investing based on what your current situation happens to be. I suggest that wherever you must begin, try to start with a main residence type of property. What other types are good for new investors? Take note of the next two examples and see if either will work for you.
The property in need of ‘TLC’
Purchasing a cheaper property, that has potential, is not a new story. You buy inexpensively, renovate, and clean it up to sell at a higher price— which hopefully leads to a profit. If you buy at a fixed rate mortgage, which is something that I highly suggest, you will have a fixed payment for as long as it takes until the property sells.
A small multi-family unit is a great place to begin, because you could purchase a duplex— live on one-side and rent out the other. This allows you to save on your own rent and save for another investment property. Owner-occupants can also find low interest rates
These are just a few tips and insights to help you get started. It’s up to you to start doing something great and making your life the way that you dream.