In part 1 of this 2 part series I talked about how to get into real estate as a beginning investor or start to scale. We talked about the importance of writing down where you’d like your real estate portfolio to be in 12 months as well as how powerful it is to have the right mentor in your corner helping you navigate the real estate maze.
As you know, there is nothing more powerful than taking calculated, informed action. You can only listen to, watch and read so much content and then it’s time to go put it into practice.
In the last post I provided 2 of the 5 needed elements if you’re going to get started investing in real estate. In this post I’m going to give you the next 3.
5 Tips to Start Investing in Real Estate NOW! (Steps 3-5)
3) Show Up
Nothing has impacted my real estate business more than showing up at live and virtual events, networking events, meet up groups, association meetings, trade shows etc. There is something magical (yes I said ‘magical’ in a real estate blog) about meeting people face to face when you both have the same goal and want to succeed in the same area. Some times a conversation on a break at an event can lead to dinner, can lead to a phone call after the event, can lead to another phone and eventually lead to doing a deal together.
Seem WAY too far fetched?
Some of my best friends in the world I met at live events. This exact scenario above has happened to me numerous times. I have met people that have become coaching clients, investors in some of my deals, mentors in which I’ve invested into their coaching programs and the list going on and on. But even more important I have build life long friendships that I am so thankful for today due to showing up at live events.
If I were you I’d seek to go to a live event every month if possible. If you can’t make it live attend a virtual event even if you have to pay. I have found that the value far outweighs the investment. I CAN NOT reiterate this point enough, especially when you’re first starting out.
You want to get your hands on as many investment books as possible. However there are 2 that I recommend as immediate reads. Every Wednesday On the Power Up Real Estate Podcast I interview successful real estate investors. And every week I ask them what are the books that have had the most impact on them as real estate investors and business owners. There are 2 books that get listed nearly ever week and they’re both by the same author: Rich Dad Poor Dad and The Cash Flow Quadrant both by Robert Kiyosaki.
Another book that is a must read is Think and Grow Rich by Napoleon Hill. This is more of a mindset book, but helps you see the science of success and how you can start doing the things that successful people do.
I would aim to read at least 1 book a month. You may say, “but I don’t like reading.” Can I be honest with you for a minute? GET OVER IT! I’m kind of kidding. If you don’t like physically reading then buy the audio books and listen to them while you go for a run or commute to work. But the goal is to wash your mind with content that will help you because the kind of real estate investor that can replace their income and live a life of freedom.
5) Buy a Multi Family in Your Area
This is where the rubber meets the road. After you have taken time to write down your goals, get a mentor, go to live and virtual events and regular educate yourself now it’s time to buy real estate. The safest investment you can make is a small multi family. Many of the guru’s out there teaching you to “go big or go home” I completely disagree with. Let’s make our mistakes on small properties before we jump into larger properties.
Buying a small multi family (2-4 units) allows you to take advantage of both of the fix and flip world as well as the buy and hold world and mitigates your risk on your first investment. Of course you know I NEVER suggest investing ‘everything’ you have in one deal. Because if that deal goes south you are in a world of hurt. But investing in a 2-4 unit will give you instant cash flow and allow you to gradually raise the rents and then sell it for more than you purchased it for. In multifamily when the rents go up the property is work more money whether the market is rapidly increasing or not.
If you’d like to buy your first (or next) piece of real estate in a 100 days or less with me as your guide – then make sure you check out and apply for my 100 Day Flip or Hold Challenge. Go to http://fliporhold100.com where I’ve put together a short training to explain how it works.