TAKE A BREATHE, things will get easier over time! – STEP 1
Don’t be stressed to do your first real estate deal! You may believe the pressure is on! People are watching you! People are judging you! You may even believe you have something to prove! Think of your effort on this journey in real estate investing as a marathon rather than a 100 yard dash race. Take each day and pace yourself. Don’t go to fast! You may burn-out or cramp up and be out of the race. You do not want to go all out as soon as you start. Its all about pacing yourself each day to get results!
GENERATE LEADS, build a lead generation machine! – STEP 2
You want to generate leads from listed properties through a Realtor as well as off-market and unlisted properties. These are properties that are not listed through a realtor and are often listed by a For Sale By owner (FSBO). The more leads you generate the more properties you can review and consider to make an offer. Each day you need to work to build a network of contacts that can help you find leads. This network can consist of Realtors, FSBOs, Wholesalers and Real Estate bird dogs. A real estate bird dog can help you look for off market properties in your target market areas.
LOOK AT MANY PROPERTIES, every deal you review can help you to learn more about real estate investing! STEP 3
As you review possible deals and walk through properties you are building your knowledge of real restate. You may see similar problems in certain areas and it helps you to know what to look for when walking through a property. It is a great idea to take notes and take photos of vacant properties to remember certain aspects or problems with the property. Get familiar with your target market area, look at a lot of properties and try to understand how pricing can be affected based on location, features and type of properties.
HAVE AN END STRATEGY, what would you do with this deal if you could get an offer accepted? STEP 4
Many new real estate investors want to make an offer to try to get a deal but they are unsure what they would do with it even if they got the offer accepted. Make sure you have an exit strategy of what you would do with the property, prior to making an offer and trying to get the offer accepted. Many new real estate investors need to understand that the exit strategy will directly impact what you offer on the property.
TIME, the first deal can be the hardest! STEP 5
Starting as a real estate investor seems it can take so much time and effort. It can but really understand that you are building a knowledge base or a foundation for all future real estate deals to come. Some of the more important keys to real estate investing can be as follows: take your time, put in real effort to learn what you need to, be patient and try to make the best offers possible based on the numbers, learn from other professionals such as realtors, contractors and more seasoned investors. Be sure to keep yourself laser-line focused, motivated and driven to make this happen each day.
OTHER GOLDEN NUGGET TIPS AND THOUGHTS:
Another key that many successful real estate investors I have met understand your “WHY” as to why you want to be a successful real estate investor. You need to have a clear understanding of why are you burning the midnight oil or getting up at the crack of dawn to make this happen? Ask yourself each day – “how bad do you really want this”? Will the end result give you that completed real estate deal you are searching for? Will it be worth all the heartache, frustration and effort you are putting into this? Maybe, ask yourself the following questions. How will you feel if you achieve your first real estate deal? Now, ask yourself the next question, how would you feel if you did not achieve a real estate deal? I know that question is hard but it is always so important to understand our reality and understand the effort that is needed to achieve our goals in life.
Remember, I have met thousands of people and have seen and heard the joy when they do their first real estate deal. It is such an experience to see how they feel or hear the excitement in their voice. They finally become a believer because that first deal is now completed and in the books! You can do anything you set your mind to, you can find mentors or find the help you need.
An important thing to remember is that some of the best real estate deals you might do, are the real estate deals you decide not to do! Learn to crawl before you walk and walk before you run! Go make it a great day. LIFE IN THE MOMENT WITH NO REGRETS! Make your real estate investing dreams a reality. Believe and Achieve! – Joe Jurek
P.S. Please leave a comment about your first real estate deal to inspire others that may be reading this article and feel like they are hitting a brick wall with real estate investing
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