5 BASIC STEPS TO GETTING INTO REAL ESTATE INVESTING
with Cyril Rocero - MaxPro Real Estate - Winnipeg Realtor
Real Estate Investing has proven to be one of the top sustainable sources of wealth of all time among all other types of businesses anywhere in the world. While most people dream and think about investing in real estate, many are getting intimidated and scared to take the first step. I've been there, and I get that! Until I realized, "If others can do it, why can't we?" If you noticed, it all just started with a question, a curiosity. So, how did we get over it? Well, These 5 basic steps below may help you get your foot into real estate investing.
1. GET INSPIRED
We initially got our inspiration from watching HGTV shows of some TV hosts like "The Property Brothers", Scott McGillivray (Keyspire), Bryan Baeumler, and other real estate celebrities back sometime in 2010. Yes, we got hooked up because even though we think real estate investing seems a bit complicated, somehow it seems like a pretty interesting thing to do. Now try asking yourself, if you got inspired to do something like this, are you just suddenly going all-in, ready to dive and just do it on your own? I hope not, because jumping into something without any knowledge or guidance could just be a recipe for failure.
2. DEFINE YOUR INTEREST
See, there are a lot of different avenues to go in the world of real estate investing (as listed below). Think of one strategy first before exploring combinations of these strategies depending on your interests and the ability to manage.
Small Scale Rental Property Investing
Buy and Flip (flipping)
Buy, Hold, and Sell
New Build and Sell
Buy, Renovate, Refinance, Rent, and Repeat (BRRRR)
Commercial or Multi-Family Investing
3. LEARN REAL ESTATE INVESTING
Before investing in real estate, spare time to learn and understand how things are and should be going. Each of these strategies has different applications and benefits, it also requires different skill sets and styles of approach. Back then, we attended various real estate seminars and some workshops and read books to learn all these different strategies in real estate and managing the business. Learning is the key answer and is why most people are stuck by not having the right information and the confidence to invest. See, what is costing us more is the reality of not having the right knowledge makes us lose opportunities. That is why we always apply our family "mantra" and quote - "What You Don't Know Will Cost You!". Just think about it for a while, it does make a lot of sense not only in real estate but it practically applies to everything in life, right? You might be overthinking trying to learn all the real estate strategies at the same time and it bothers you. No, you don't have to. Just try one strategy at a time before moving to another.
4. BE CREATIVE
Once you have gathered all the information you learned from attending various trainings, seminars, and workshops, you might still find yourself lost and can't take off. Be creative and imagine that it's just like playing the "LEGO" or a puzzle. It is when all the pieces are in front of you and still don't know what to do and where to start, but you see the finished image on the box and how it should look after finally putting all the pieces together. You don't just dump the pieces and expect them to automatically assemble themselves, but you need to start by linking one piece after the other until you complete the puzzle. In real estate, start by putting all the information you have learned, then assess your financial condition and the capabilities you can manage to figure out a creative solution or strategy on starting your real estate investing journey.
5. START REAL ESTATE INVESTING
You may have the desire and the motivation but nothing will ever materialize until you set ACTION. Your decision to take action is the final key to getting into real estate investing. Most people who procrastinate and are scared to lose money in real estate don't realize that they're already losing money by missing the opportunity of NOT making the residual money whether in real estate or other business and oftentimes would have to be stuck trading their time and physically work for a very long time.
Now a lot of people would say, "I'm too busy, and I don't have any more time to study again and learn real estate investing". You have to understand that you need to have passion to be able to do something that really matters to you and that you need to start somewhere and find a way to do it no matter what.
Okay, here's a hack and an alternative shortcut to the above item number 3 to help you still move on to your real estate investing journey.
GET A COACH OR ADVISER
Gain more courage and still learn the process by having an expert advisor beside you to guide you step by step to your success and repeat your business in real estate. Find that person or a group of individuals that has done it, completed the puzzle, and somebody you can trust and get along with to help you eventually achieve your goals. This way, you'll be able to save time and waive most of the learning process you need to get through.
Reference: ORIGINAL WRITING
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