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Committed for Better Business

What advice would you give a new investor?

1. Find a coach / mentor in your area who you can turn to for guidance. Most importantly with anyone you turn to, make sure they are successfully doing what you want to do and talk to other people they have helped before committing your time and / or money.

Real estate investing is not a solo business. You need attorneys, public accountants (real estate investment experts), contractors, subcontractors, real estate agents, title companies, closing attorneys, inspectors, appraisers, etc. Find someone who has walked the minefield before you and who can help you save time and money.

Should you pay them for their time? Absolutely. If they are willing to share with you what they have learned over the years from their own time and effort, they have paid for their skills in one way or another and it is worth paying for what you will gain from them. If they’re not worth paying for, they’re not worth following.

And don’t just approach your companions; reach out to those who are better off than you. Jim Rohn said, “You are the average of the top 5 people you hang out with.” If you want to improve in any area, find someone to follow who is doing much better than you.

2. Get involved with a group of peers who know more than you do. Go to as many meetings as you can. For real estate investors, that usually means local REIA meetings (real estate investor association meetings that you can find on NationalREIA.com). Also visit MeetUp.com and local homeowners association meetings. Owners are already doing business and can be a great source of information, as well as potential buyers and sellers to work with.

3. Set goals. Make a plan. How many houses do you want to buy in the next 12 months? How much do you want to be worth in 5 years? As you write down your goals, include strategies to achieve them. Do you want to buy 10 houses in the next 12 months? Break that up into chunks to find out what you need to do each month to make those goals a reality.

Four. Buying real estate. If you haven’t started yet, get started! If you are buying, buy more. If you don’t, 10 years will have passed and you will be kicking yourself for not buying everything you could today. The way to truly learn is by doing. The books and seminars are great, but you won’t know what you know and what you don’t know until you start shopping for yourself.

It’s a worn out cliche that “There has never been a better time to buy real estate”, but it’s true. I think it’s always true. Sure, you have to adjust your methods and your strategies depending on the economy and where you invest, but everyone works, buys, and lives somewhere. If you don’t own it, someone else will.

Get an education, connect with a mentor, make a plan, and buy real estate.

What can you add?

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