Hi Folks,
I hope you are doing well.
Recently I have been contacted by several people wanting to know how they can get started investing in real estate. I have found that there are a lot of common traits between people who are interested in becoming real estate investors.
One of the defining traits is that these people have a ‘dream’.
They have a dream to one day own real estate as an investment.
I find that I continue to give the same information to these individuals who contact me, wanting to know how to get started.
As such, I am going to provide 3 valuable tips to the aspiring real estate investor. If you find that you are in the same boat as the people I just described, you will find value in this article.
Here are the tips in no particular order…
1) Associate Yourself with Experienced Real Estate Investors
I cannot stress this point enough. If you are someone that wants to buy your first rental property, you have to associate yourself with experienced real estate investors.
There is no amount of reading on the internet that you can do that will replace the advice from an experienced investor.
Many times I get contacted by people who want to begin investing, yet who have never spoken to an actual real estate investor in person before.
You need to seek out these people in person and learn from them.
Ask them questions, and inquire with them how they have found their real estate investing career to be thus far.
You cannot expect to go very far as a real estate investor if you don’t seek the advice of existing investors.
2) Get Your Financial House In Order FIRST…
People contact me all the time who have no job, bad credit and no money…yet they want to buy a rental property.
This always confuses me as I find it difficult to understand sometimes why people want to buy a rental property, yet do not want to take care of their own situation first.
If you have bad credit, fix it by making your payments on time.
If you don’t have a job, please get one.
If you don’t have any money, start saving, or find a joint venture partner who will provide the money for the downpayment.
Get your financial house in order and fix yourself before you go and try to buy a rental property. It’s common sense, is it not?
3) Just Do It…
Once you have a strong network of real estate investors around you, you are on the right track.
If you have a job, good credit and money saved for a down payment, good for you.
Now it is time to pull the trigger and buy your first rental property.
Far too often I hear from people who talk about buying a rental property yet never do it.
Without officially keeping track of the numbers, sometimes I feel that it is 1 out of 100 people who actually do it. (buy a rental property)
It is often sad to see how so few people do it, yet they talk about it all the time.
So there you have it. These are 3 quick tips for the wannabe real estate investor.
Remember to always:
1) Associate yourself with experienced real estate investors
2) Get your Financial House in order first, and
3) Just do it! Buy that first rental property…
Happy Investing!
Best Regards,
Neil Uttamsingh
