Sure, you have a job. And sure, it’s paying the bills. But it’s not the fulfilling career you’ve always dreamed of having. And it’s not helping you to get ahead financially.
If you’re feeling stuck in your 9-to-5, you’re not the only one. Research shows that over 70% of employees don’t feel happy about their career choices. The good news? You can quickly change your career path by breaking into the dynamic and potentially lucrative real estate investing field.
Here are five steps to investing in real estate that can get you started today!
Find a Mentor
If you’re wondering how to get started in real estate, the first critical step to your success is finding a mentor, asking them questions, and reading everything you can get your hands on.
Here’s why having a mentor is especially critical starting out.
When you begin your career in real estate investing, you’ll no doubt find it difficult to set up your real estate business, find deals, make offers, and develop an appropriate exit strategy. However, having someone else to give you valuable advice with each step can quickly help you to have several deals per month, rather than just a few deals in a year’s time.
For starters, your mentor can guide you through the process of restructuring your time and income. This will put you in the best position to leave your 9-to-5 and start building the type of business you’ve always dreamed of owning.
Also, when you speak to a real estate mentor, your mentor can share lessons with you about his or her successes and failures—lessons that may help you to avoid making critical mistakes in the beginning. In addition, your mentor can help you to confidently analyze potential deals as well as provide helpful recommendations and connections.
Choose Your Niche and Market
Picking your real estate investing niche and market is one of the most crucial steps to investing in real estate as well. After all, not all markets are lucrative. And, once you find a promising market, a niche is what will pay you the big bucks.
For example, take a look at fields outside of real estate. The specialized professionals—like contractors, engineers, technicians, dentists, and medical surgeons—are the ones who bring in the most bacon. In the same way, you need to narrow down your area of focus and work on mastering it.
Some popular investment niches today include single-family homes, small or large apartment buildings, office properties, and industrial properties, for example.
Going back to the first step, read about the niche that interests you the most, and try to find a mentor who has extensive experience. Your mentor can also point you to the local market that may give you the best return on your investment. The better you become in your chosen niche, the more credibility you develop.
The Steps to Investing in Real Estate Include Securing Capital
If you’re wondering how to get started in real estate, it’s critical that you learn to bring in investors to secure capital.
The truth is, you can’t build and scale your business efficiently on your own. You need partners who are willing to contribute their capital to help you to complete deals that will make both of you money. In the real estate investing world, these are passive investors.
To draw passive investors, you absolutely have to network. For example, you’ll need to attend industry conferences, clubs, or meetings, where you can meet these potential business partners in person. Then, once you make connections, put together a plan detailing a particular real estate deal you’re interested in. You can share this investment plan with your connections to see who is willing to work with you.
With the right investors on your side, you can quickly take advantage of hot deals and start generating revenue at a much higher level than you could have done without outside help.
Build Your Team
Creating a robust real estate investing team is also one of the most critical steps to investing in real estate. Your team should consist of several core individuals who will provide you with guidance and advice on various aspects of your business.
For instance, you might want to hire a real estate broker to help you to find and close deals. You might also want a real estate attorney, who can help you with structuring your company, in addition to advising you on your due diligence. You will additionally need to find a reputable insurance agent to help you to protect the assets you accumulate over time.
An accountant can help you to watch your bottom line and keep it strong. Contractors are critical to have on your team as well, as they will give you an idea of what repairs need to be made to your assets whether you’re renting them out or flipping and selling them.
The Steps to Investing in Real Estate Include Finding and Making Great Deals
Finally, you need to know where the good deals are if you’re going to succeed as a real estate investor. For example, industry professionals at meetings may tell you about deals you may be interested in. Or if you’re trying to sell a property, you might find a buyer at your local real estate conference. You may also find gems among bank-owned properties or even get lucky with properties being sold at auctions.
Take the First Step Today!
Creating any business can be a challenge, and a real estate investing business is no exception. However, surrounding yourself with the right industry knowledge and the right people can help you to master how to get started in real estate.
Learn how to apply the above steps to investing in real estate. Contact me today to learn how to quit your 9-to-5 and start doing something you’ll enjoy for years to come.