For inexperienced real estate investors, the first step to getting started is to focus on building your professional team around you.
This includes CPAs, real estate attorneys, mortgage brokers, realtors, contractors, insurance agents, property management and more.
Lots of people start on accident!
That’s a great way to get started into real estate investing. It’s a minimal amount for a down payment, and you aren’t dealing with the same types of loan programs, so it’s a very smooth transition to get into the process.
It also sets you up very nicely to make that next purchase since you aren’t buying a home and selling a home at the same time.
There will be a lot of opportunities!
You can learn a lot about the process by jumping in head first but if you want to come in and start the process as a true real estate investor, the most important thing you can do to be prepared is to build a team of real estate professionals around you.
You need to have this team supporting you because real estate investing is a very time sensitive process and, of course, there is a lot of money that goes into it. Both time and money have their own sets of constraints that come with them that you don’t have control over most of the time.
If a good opportunity comes by, you’re going to want to take advantage of that. But don’t forget that there will be a lot of opportunities out there. So just because a great opportunity comes by today, doesn’t mean you aren’t going to have another one tomorrow.
Know what to take advantage of.
Very experienced real estate investors understand balancing all of the opportunities they are presented with and deciding which one to take advantage of.
Investors have to ask themselves, if an opportunity comes along on Monday, but a better one presents itself on Friday, how do you balance that out?
This is where having a clear strategy in place is key. Knowing what your next steps are in the real estate investment process (with the help of your team) eases the stress of deciding what to do.