Education, Experience and Rogue Success. And pick up the tools the pros use along the way.
It’s the 21st Century and like you, I’m not really willing to wait for anything.
In that spirit, here’s the steps and tools to buy undervalued properties fast and correctly.
1)Education, 2) Experience and 3) Independent Success.
For example: A medical doctor learns the basics of the trade in
medical school (Education). Then she works with experienced
professionals in an internship (Experience). Finally, she takes on
patients with the helpful oversite of her peers and professionals
Same with a welder, mechanic, accountant and a ballerina.
1) Education: Spend some time educating yourself
about the mechanics of a real estate deal and how real estate investment
works. Buying a house for yourself and selling it for more doesn’t
count. There is much more to it than, buying and selling. There’s a ton
of places to do this on the internet. Bigger Pockets is one of the best
places to start.
Make sure you stay out of any real estate education program that
involves a picture of a Ferrari, a meeting in a hotel, a story of a
person who used to live in a garage, a price tag that’s more than a new
car and does not include the actual “tools” to succeed. Make sure you
learn from someone who has a proven track record.
It’s one thing to talk about theory and what is possible, it’s
another to be shown how it’s done through experience and then where to
get the pro tools to complete it for yourself.
There’s something about real estate investment that makes everyone think they can do it on any given Sunday.
2) Experience: There’s two ways to get experience in
anything. Work with someone who has successfully done what you want to
do over time. Or you can go it alone. Both work, but one takes much less
time and resources. Find a group of people who are already succeeding
at buying and selling property and align yourself with them. You can do
this in person at local real estate meetings or join one of many groups
on the internet learning together. The right person will have the
“tools” in place for you to succeed and share them with you, as well as
the personal relationships.
3) Independent Success. Lucky for us, we all want
the same outcome; to generate equity or income through real estate. It’s
the same goal for seasoned professionals all the way down to newbies
doing their first deal. Find a seasoned person who will partner with you
and do a few deals. When you have enough experience, all the right
tools and the right relationships, go rogue.
Tools: World Class Data from which to send out tons
of offers and a reliable and industry specific bulk mail printer to get
them in front of the owners efficiently and inexpensively. And the
education on how to use these tools.
There’s no real magic to this plan. I’ve made just about every
mistake you can in real estate investment. I sincerely hope this helps
get new investors off to the right start.
3 Stages Real Estate Investment Success