I’m often asked questions like these: “How do I buy real estate with no money?” “I understand how to buy real estate if I’m like you, Mike, but I’ve never purchased an investment property in my life – how can I do it?” “What would you do if you had to start over?” And the list goes on and on.
I know so many people that want to get into real estate but are crippled by the process. Things like finding deals – and then choosing the right one, finding money, choosing the right agent, picking the right area, making sure the comps support the purchase price, finding contractors, should I fix and flip, should I buy and hold, should I do single family, should I do multifamily – oh and I heard this really rich person say they do syndication – what the heck is that? And the list goes on and on and ON!
Getting into real estate can feel like a minefield at times and without the right coach, mentor and guide you could step on one and blow your real estate investing career to a million pieces. Before you answer the question above, let’s not get ahead of ourselves.
Getting into real estate is actually a lot easier than it sounds. I’m not saying it doesn’t take work and strategy, however, I AM saying that with the right coach, information, tools, and work ethic anyone can invest in real estate.
5 Tips to Start Investing in Real Estate NOW! (Steps 1-2)
(1) Write down your specific goals of where you want to be in 12 months
Before you go any further this first step is BY FAR the most important. I know you may be thinking “Mike…seriously give me something tactical that I can use. This is weak! I can tell you, that’s exactly what I used to say until I realized the people tell me I should write my real estate goals down had a net worth of 10-20X’s more than mine. Finally, my think skull began to absorb this.
My real estate changed when I finally had a bullseye to aim at. The old saying “if you aim at nothing, you’ll hit it every time” is so true. Where do you want to be in 12 months? 18 months? 2 years?
Do you want to have 2 units, 10 units or like Derek Clifford (someone I just interviewed on the Power Up Real Estate Podcast – Episode 7) buy 13 units in your first year. That is possible – but not if you don’t set the intention, write it down and go for it.
This is also one of the most inspiring exercises you can do. IT helps take your mind to where you want to be, where you could be, where you’re working to be rather than focusing on where you are now, and all of the reasons that you can’t get there. It starts to confront the trash in our minds about not being able to do the things that truly want to do.
The greatest obstacle to achieving real estate success is the 6 inches of real estate between your ears.
(2) Find a Mentor
Once you’ve written your goals down, now you can choose the right mentor. So many experts talk about the fact you need a mentor – and I absolutely agree – but very few talk about how to choose the right one.
Choosing the right mentor should flow out of the goals you have. Once you have your goals are written down you choose the mentor that has accomplished what you’d like to accomplish. If your goal is to fix and flip 3 houses this year find someone who is a master in flipping houses.
If you want to start acquiring rental properties so you have monthly cash flow then find someone that has at least 20-30 units that can help get you started.
Finding a mentor is like finding a piece of real estate. You need to do “market research”. I look for 2 things: 1) If they have people that they’ve coached to succeed in the area in which I’d like to invest and 2) their coaching is conducted in a way I like to learn.
For example, if all of their coachings are through online courses but you want to learn directly from the guru then they may not be the best coach for you. Executing is one thing, but being able to coach you in a replicable way is another.
Make sure you check out our 100 Day Flip or Hold Challenge. This challenge is game-changing a program where I will walk along students to help them get a piece of real estate in 100 days. For more info go to http://fliporhold100.com
Make sure you check out How to Get Started in Real Estate Part 2 for tips 3-5.