1. Read books to learn the basics. Real estate is a HUGE industry. Not only does it encompass a variety of different niches, but it also includes a myriad of jobs, investment roles, and moving parts. Although the industry itself can be lucrative for many people, it can also be a source of disdain and loss for others. In order to ensure that real estate is the right industry for you (and increase your chances of actually making money instead of losing it), it’s essential that you educate yourself. Learn about the different forms of real estate investing. Study the pros and cons of each type and determine which one would be best for you. If you’d like a more comprehensive guide, you can always check out podcasts and webinars on Bigger Pockets or read books like the ABCs of Real Estate Investing.
2. Start networking to meet people in the industry. Once you’ve become educated on the different types of real estate investments, you should start meeting people. Although you may be very skilled and successful in your own right, real estate is a team sport. As you start to network with others, you’ll learn from their mistakes and achievements which will help you gain more experience. As you continue to interact with people in various settings you’ll gain access lucrative deals and other investments as well. When I started going to real estate meetup groups, I learned about other areas of real estate that I never even considered and got invited to invest into deals I wouldn’t have otherwise known about. Plus, I started to meet people with different skillsets and now have a list of people I can call on for a variety of homes to purchase or sell. I can also find contractors, maintenance men, or interior decorators quicker. In other words, real estate investing is much easier because I’ve met so many different people and groups that have helped increase my chance of success.
3. Listen to podcasts to stay up to date. One of the things that has really helped me over the last few years is podcasts. Although I prefer to learn new information from books and blogs, podcasts are essential for me as well. They reinforce information I may have learned and forgotten from awhile back. They also provide new perspectives on topics and deals that I may not have considered myself. Plus, they help me stay up to date on current information and interview other successful investors which helps me learn from the experiences of others. For example, it was through a podcast that I gained some insight on different ways to invest in real estate without actually getting a mortgage from the bank. It was through podcasts that I learned how other people started investing in single family homes and were then able to scale up to apartment buildings. It was also via podcasts that I learned which type of investments would take more or less of my time and which ones provided more profit in tax-free ways.
4. Join communities to meet other like-minded people. Along with networking with others, reading books, and listening to podcasts, you must do one more thing: surround yourself with like-minded people. It can be very easy to make a goal, but oftentimes it can be difficult to consistently do the work needed to bring those goals into fruition. One of the things that have helped me is joining communities of like-minded people. Whether that’s going to real estate meet up groups or becoming active in online forums, surrounding myself with people who have similar goals and interacting with them consistently has helped create accountability in my life to keep me focused and committed. These communities have also served as a place of inspiration and encouragement to keep me on track. In fact, I’ve had several people that have been gracious enough to hear various ideas of mine and offer their feedback and guidance on what I could do to bring it into fruition, they’ve even connected me to other experts in the field.
My point? If you’re thinking about investing in real estate, it’s essential that you read books to learn the basics, start networking with people in the industry, listen to podcasts to stay up to date and join communities of like-minded people.