Yes! Believe or not… You can become a real estate investor even in today’s real estate market.
There is an old Chinese proverb that says, “Where there is Chaos there is Opportunity“.
The time to get into real estate is NOW. During the depression more millionaires were created in that time than anytime before and the opportunity to create great wealth has come around again.
In just 6 very simple steps, this is how to get your piece of the pie.
Find a property. This can be done by walking around your neighborhood. It’s always best to start close to home. There are a number of ways to do this but this is the easiest.
Due Diligence is extremely important. Do your research on the property. You can do an online search to find the owner or you can use a paid search service if your budget can handle it.
Contact the owner, talk to the owner, listen to the owner and get the house under contract.
This is where your no money or credit not needed comes in. You can take the contract to an investor who has the money or credit and sell your position as principal for a fee of $500 to $5000. This was all done with you not having any money or credit.
Make sure you do your research on the property because this is going to tell you whether or not you have a deal. Remember, it is the deal you are selling and if it doesn’t make sense it will not sell.
One of the most important factor in your becoming a successful real estate investor is your mindset. If you are still thinking like an employee who is looking for approval and asking for permission to succeed, then you will never get there.
Suggested reading: Bubble Proof – Real Estate Strategies That Work in Any Market by Tonja Demoff.
This is a resourceful book to get your mindset prepared and aligned with your goals as a real estate investor. How to think like one…breathe like one… make money like one. Give special attention to the chapter, “Equip Yourself with a Millionaire Mindset”… it’s eye-opening.
Important Tips to remember:
* If you can find an experienced investor to consult with before you find the house, this will make it easier. Join a real estate investment group, such as your local Millionaire Mentorship Challenge. See below for more details.
* This way you get paid to become a real estate investor – making money while you learn the ropes.
* Always know your ARV – After Repair Value – so you know whether or not you have a good deal.
* This is not easy to do but once you have completed your first deal, you will gain more confidence.
* Don’t let the mistakes you make stop you from moving forward.
* Learn from your mistakes.
* If you can learn from a mentor or someone who has done it before to hold your hand and walk you through the process this will always be best.
* However, there are many who have done this without assistance and bumbled through it without a mentor and was still successful. They just learned from their mistakes and did not make those mistakes on their second deal.
Check out the Millionaire Mentorship Challenge.
An intense 10-month program for real estate investors who are serious about transforming their lives through real estate investing and creating a rewarding, profit-generating business. This would be a perfect group to belong to when you are fairly new to the world of real estate investing. You would be able to network with like-minded people, receive continual guidance and discuss deals with many investors in their own stage of investing.
Original article by Simone Hardy.