Hi Friend,
I hope you are doing well.
With the start of a New Year upon us, many people have no doubt made some New Year’s resolutions.
I have never really put much thought into what some of the Top New Years Resolutions are, however, I am wondering if you have…
In my mind there is only one New Years resolution that new real estate investors should have.
If you are a new real estate investor, and you want to purchase your first rental property, then your singular new year’s resolution should be to:
Will You Pass or Fail?
Why do New Year’s Resolutions Fail? Depending upon who you ask, there are a variety of reasons as to why New Year’s resolutions fail. One of the biggest reasons as to why I believe New Year’s resolutions fail is because people do not have a clear and specific plan as to how they are going to fulfill their resolution.
Failure Is Not An Option
Since most people fail with fulfilling their new year’s resolution, you have to ensure that you do not fall into this category. The best way to guarantee that you will be successful in achieving your New Year’s resolution is by creating a plan of action.
As a new real estate investor, if you are not currently doing the following things, you must start immediately. You need to:
1) Attend Real Estate Workshops or Meetings where you can learn from experienced real estate investors
You are only going to learn about real estate investing from people who have done it already. As such, you need to start hanging out with real estate investors if you are not already. There is so much that you can learn from them. Most important: Stop taking advice from people who do not own any rental properties.
2) Obtain a referral for a Mortgage Specialist or Mortgage Broker
You need to work with someone who can obtain financing for your rental properties. Mortgage Brokers, Mortgage Specialists and Lenders who work with real estate investors are the best people to obtain your financing from. They understand how to finance a rental property. The advice and knowledge that you will get from them will be invaluable.
3) Obtain a referral for a Realtor who understands rental properties and how to work with real estate investors.
Working with a Realtor who understand rental properties and who understands how real estate investors operate is key. You need to work with someone who knows how to find a good deal and you need to work with someone who knows how to analyze a property. You can obtain this referral from any current real estate investor that you meet at one of the real estate workshops that you are attending.
4) Set Deadlines
Nothing gets done if there are no deadlines. Make sure that you set deadlines for all of the above mentioned activities. If you do not, the weeks and months will drag on, and you will not end up taking any action. Deadlines are important. Without them, you will not move forward.
5) Be Accountable To Someone
Share your goals, ideas and dreams of buying a rental property with someone that is close to you. Tell them all about your plans of owning and managing a rental property. By sharing this with them, it will hold you accountable to doing it. You will not want to let them down, by not following through on your word. It is also a smart idea to have them check in on you. Ask them to periodically check on your progress. Ask them to help hold you accountable. This will be a huge help in pushing you into action.
Happy Investing!
Neil Uttamsingh
ps: I am an experienced real estate investor and licensed Realtor. I help people like you everyday purchase their first rental property. If you are interested in purchasing your first rental property, send me an email at NEIL@FIRSTRENTALPROPERTY.COM and I will help you get started.
pps: If you live in the Toronto Area, consider attending my FREE monthly real estate workshop called, Landlord Bootcamp For Beginners.
To read what new real estate investors are saying about the workshop, click HERE.
