Before you answer the question: How do I get started in real estate investing? You should first ask yourself why you want to go into real estate in the first place. What do you want to get out of it? Of course you want to be successful, but how do you define success?
One thing is certain: Success is not an accident. Successful people in real estate did not become lucky all of a sudden and closed the deals of their dreams. They made a plan, allowed themselves to be mentored by successful people, and became persistent.
Have a Plan for Success
According to a thriving real estate investor (since 1998), Steve Cook: “I invested aimlessly for 2 years doing my first 100 deals and then I stopped. I evaluated what I have done, started from scratch, and came up with a good plan on how to be what I wanted to become. After this, my life has truly changed tremendously!”
So if you want to be a successful real estate investor, start by creating a plan on what you want and how you plan to get there. Be very specific, like for example ask yourself: “How do I get started in real estate investing? I want at least $100,000 profit this year.”
Then, focus on becoming good at it. Get all the education available to you in order to find out the procedures and legalities of getting started. You will lose more money if you don’t invest in books or seminars that will help you improve your skills in real estate.
Next, have specific goals on the number of calls you need to make in a day or in a week (whether by phone or in person). Decide to spend a certain amount on advertising each month. Also, pass out business cards every day.
Find a Mentor and Be Persistent
It’s very critical for you to surround yourself with successful people. These kinds of associations will help keep your thoughts right and prove that this business works.
Better yet, get a mentor and ask him the question: how do I get started in real estate investing? Find someone who can teach you actual practices in the field.
Finally, don’t give up and always be persistent. According to William Bronchick, J.D., president and co-founder – Colorado Association of Real Estate Investors, “People are often lured to real estate investing due to the promise of a quick buck. Never hold your breath because you will not get rich quick. Even the so-called overnight sensations usually take around 5 years.”