The world is going through a crisis … and when a crisis hits, many investors want to slow down or stop until things get back to normal.
But when weeks turn into months … it may be a sign that there’s a new definition of normal.
Rather than waiting it out, resourceful investors find a way to adapt and move forward.
After all, the world might change … but the basic principles for success are pretty timeless.
Today we’re talking about getting started … or restarted … in real estate investing despite crises like politics and pandemics.
In this episode of The Real Estate Guys™ show, hear from:
- Your well-established host, Robert Helms
- His still-getting-started co-host, Russell Gray
Broadcasting since 1997 with over 300 episodes on iTunes!
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Your investment philosophy
Today we’re talking to the folks out there who are just getting started in real estate … or the folks who have dabbled in the market but want to go deeper.
So, we’re going to go through a series of common questions … the kind we often get from listeners like YOU.
The first question is … where does the beginner begin?
Many people would say, “You just have to get started reading up and getting around the industry.” And … while that is true … we think you have to start before that.
The foundation of your approach is your investment philosophy.
No two investors are exactly alike. Everyone has different resources, different backgrounds, different friends. All of these elements have an impact on how … and why … you invest.
To determine your personal investment philosophy, get in touch with your inner investor.
Ask yourself why you are investing and who you want to be as a real estate investor BEFORE you ever purchase property.
You don’t want to live by default. Instead, live by design.
Set clear goals for what you want out of life … what you are willing to do … what you aren’t willing to do … your mission … and your values.
You don’t have to kill yourself or be miserable to find success. You can find ways to incorporate real estate into your lifestyle and enjoy what you are doing.
Education for effective action™
With your personal investment philosophy clear in your mind … and hopefully written down on a piece of paper where you can refer back to it frequently … you are ready to start learning.
Let’s be clear … you will ALWAYS be learning. You will never know everything.
You don’t want to become so consumed with information overload that you never do anything. You also don’t want to dive into something without having a good understanding of what you are doing.
A great way to strike a balance is to put yourself in an environment where you can interact with lots of other people who are interested in what you’re interested in.
Think about it.
When you were learning your native language and the customs of whatever culture you were raised in … no one handed you a manual and gave you a lot of content to study.
Instead, you simply spent time in the environment. You learned the way people thought, talked and did things.
You saw the people that were having success and the ones experiencing failure … and if you were paying attention, you modeled your behavior after the successful people.
The same principle applies in investing. We’re such big proponents of live events because we have seen what happens when new investors and experienced investors come together to teach and learn.
Live events are a bit more difficult in the current world climate … but virtual events are the next best thing!
Topically, it’s a good idea to get a basic understanding of contract law, asset protection, how houses and properties are constructed and appraised, and … of course … real estate tax law and benefits.
You’ll also want to learn about different real estate markets and how to conduct a market analysis.
You DON’T have to be an expert in all these areas. You just need to know enough to be able to speak to an expert and tap into their knowledge.
When you meet other real estate investors, ask them how they learned. Find out what seminars they attend … what books they read … what podcasts they listen to.
If you want great answers … you need to ask great questions.
You could try, “What’s the very best book you’ve read in the last five years?” or “What’s the best advice a fellow investor ever gave to you?”
Our motto is education for effective action™. Get out there and do something that matters to you!
How much money do you need?
One of the biggest questions we are asked is, “How much money do you really need to get started in real estate investing?”
You really don’t need any … but you probably should have a little bit. The more you have, the better.
If you’re serious about being a real estate investor, you should be producing income … living below your means … and stacking up some savings.
You should also be building relationships with people that have means … because you might borrow from them or partner with them.
The great thing about real estate is that it can happen concurrently with your current full-time source of income.
Many people want to know, “What’s the least amount of money I can start with?”
You may be thinking about this wrong.
We’ve watched people come into real estate with more money than most beginners and make big mistakes.
You want to watch every dollar … but if you think bigger, you can do bigger deals and get around better assets.
We couldn’t talk about money without mentioning real estate syndication. If you’ve ever listened to us before … you know we LOVE this method of investing.
Syndication doesn’t take a lot of money. What it DOES take is commitment and skin in the game.
With syndication, you don’t have to have a pile of cash. Instead, you can provide hustle and bring others into the deal to provide the funds.
For more resources and ideas for getting started (or restarted) in real estate … listen in to the full episode!
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