More Advice for New Real Estate Investor
What advice would you provide to a new investor?
1. Find a coach/mentor within your region who you can turn for guidance. In addition, with any person you consult, make sure that they're doing what you want to do and also talk to others who they've helped prior to making a the decision to commit your time and/or money blue world city Islamabad location.
Real estate investing isn't an individual business. You will require lawyers, CPAs (knowledgeable regarding real estate investments) sub-contractors, contractors, real estate professionals, title businesses, closing agents, inspectors appraisers, on and on. Find someone who has been through the mine field before and can lend assistance to save both time and cash.
Should you pay them to use their services? Absolutely. Should they be willing to discuss what they've learned over years of their own time and efforts It's likely that they've paid for their skills however they choose to do it and what you'll gain from them is well worth the price you pay for. If they're not worth the price for, they're not worth your time.
And don't be a slave to only your peers and reach out to others in a better position than you. Jim Rohn said "you are the average of the top 5 people you hang around with." If you're looking to become better in any field, find someone to follow who is doing better than you.
2. Get involved with the group of friends who know more about you than you do. Attend all the meetings you can. For real estate investors this usually means your local REIA meeting (real estate investor association meetings , which you can find at NationalREIA.com). Also, you can check out MeetUp.com for any nearby landlord associations meetings. Landlords are already in the job and are a an excellent source of information as well as buyers and sellers who might be interested to negotiate with.
3. Set goals. Plan your goals. How many houses will you be looking to purchase over the next 12 months? How much do you want to make in five years? While writing it out, write down strategies to accomplish them. Are you planning to buy 10 houses in the next twelve months? Take that down into parts to find out what you have to do each month in order to turn your dreams into real.
4. Purchase Real estate. If you haven't began yet, begin! If you're purchasing, you should buy more. If you don't, in 10 years from now, you'll be regretting not buying all you could now. The only way to truly master is through doing. Seminars and books are excellent but you'll never know what you know and what you don't know until you dive in and begin purchasing for yourself.
It's a worn out cliché that "there's never been a better time to buy real estate", but it's true. It's true for me. Sure, you have to modify your strategies and strategies according to the state of the economy and where you investyour money, but everyone works, shops, and lives in a place. If you don't have it the property, somebody else will.
