It’s easy for us to hesitate when hard earned money is involved. This is especially true for first timers as they’d rather test the waters to get an understanding prior to fully investing. Real estate investors need to be prepared enough to know what they’re getting into and be confident enough to act. That’s why Unique Wealth Education is here to give you the steps in order to take your leap of faith in real estate, which leads you to profitable returns.
Look at lots of deals
One of the best ways to build your confidence is by assessing more deals, diversifying your knowledge, and gaining experience along the way. When you put your knowledge into practice, this is the first step towards being a successful and confident investor.
You are going to deal with the possibility of mishaps with your investments but with proper guidance and lessons learned from your past mistakes, and having access to mentors and other investors will help in decision making.
Don’t make excuses
There are TONS of excuses that investors make. Some of them are:
I don’t know what strategy to use. There’s a lot of them out there! Wholesaling, Wholetailing, Rentals and Flipping. Working with the least amount of money and variables is a great way to start and learn about all strategies along the journey.
I don’t know how to manage a rental property. Surround yourself with landlords and property managers that can guide you.
I don’t have the cash to start. Start with wholesaling or use family and friends funds to get the ball rolling.
You might notice that a lot of investors are waiting for the right market. You may have some info based on what happened during the previous markets to gain information for better future results. When you try to time the market and buy at the right time, you’re hit with multiple variables to go right for you to profit. For example, if a buyer gets delayed for a month and backs out of a deal, you’re left with a property that has seen its window close forcing you to scramble breakeven. If the progress of a fix and flip isn’t moving fast enough, you can lose a lot of money in interest fees, so you really have to plan your projects well. This is what mentors like Unique Wealth Education is here for to assist you with our experiences on considering all factors and using different strategies at different points in the market with always keeping in mind the worst case scenario.
Build up your real estate knowledge
A clear lack of knowledge can be a source of apprehension and anxiety especially if you’re unclear about the process, strategy, or terminologies used in practice. Due diligence can help you come a long way. In this day and age, there are a lot of resources that you can find online from blogs, webinars, and even podcasts that are just a few clicks away. Nothing beats guidance from someone who’s done and been through this experience already.
It’s important to know that you have to be specific in gaining knowledge about real estate investments. Once you pick a strategy or niche, read on about it and use whatever access to sources you have in your disposal. Also, write your goals down, list the steps needed to get there. Arm yourself with the right education and attend as many investment meetings as much as possible.
Accept the risks
There is no guaranteed so called safe deals, but there is shadowing and mentorship that could help. Sometimes learning all the possible pitfalls is even more important than learning the positives of deals. Learning how to stay away from pitfalls is a tremendous plus and keeps the motivation. The more you understand the chain of events that lead to these errors beforehand, the more you can prevent these from happening in the future. Accept the potential risks and learn from them.
Learning the process of risk management in a repetitive process would become habitual for you. Becoming accustomed to these risks will help you to become motivated towards investing. Find someone who will educate you to better understand risks and handle them as best as possible.
Build a team
It’s a good idea to gather information and opinions from experienced sources.You need partners who can help you along the way who are not only a source of guidance but who are essential in accomplishing day-to-day operations of management. Building a good rapport with your partners and clients is crucial.
In time you will realize just how amazing real estate investing is when guided and helped by the right people. Attend our monthly meeting every first Thursday of each month at 6pm. To learn more, contact us at (734) 224-5454 or email us at email@example.com.