You’re not on your own! Almost all real estate investors have to spend numerous hours researching various techniques at the start of their professions in order to find out where they should start.
While there is no one-size-fits-all solution for everyone, there are three fundamental questions that every potential investor should consider: Click here for more Realtor – Jake Maines – Virginia Beach Real Estate Agent
1. How much TIME will I need to devote?
2. How much MONEY do I need to put into this?
3. How big and fast do I want my company to expand in the end?
Having an END GOAL in mind and then putting out a plan to get there is a great approach to get started on any project! Even if you have to make adjustments along the road, which you will, the “getting there” portion is a lot of fun.
Real estate investing can help you achieve anything from putting an extra $5,000 in your pocket every month (in 30 days or less) to realising all of your financial goals with an annual after-tax income in the millions of dollars. You must first decide whether you want to achieve multi-millionaire status or simply put money in your pocket to pay bills.
Whatever your hopes and desires are for how you will use real estate investing to achieve where you want to go in life, we believe there are three important guidelines you must follow if you are to be successful. They are as follows:
THE FIRST RULE IS TO FOCUS, FOCUS, FOCUS.
If you want to make this a long-term business, you’ll need to establish up front that you’ll need to set aside some money from each of your transactions/deals to re-invest in your education, and it’s probably in your best interest to start with one strategy and be ready to switch to a different strategy once these goals are met.
Let’s imagine you aspire to be a developer in the future (like Donald Trump, Sam Zell, or Trammell Crow), but you currently have a job and are $50,000 in debt. Your first step might be to generate quick cash over the next year to pay off the debt, then begin the process of implementing a strategy to generate enough income from real estate investing to leave your job halfway through (say in month six), then after you’ve built a stable base (enough to pay bills and then some) from your investing activity, to start a plan to bec This could necessitate three alternative strategies in all.
Many newbie investors make the “Classic” mistake of attempting all three techniques AT THE SAME TIME – DO NOT DO THIS!!! It’s better to learn one quick cash approach, master it, and then move on than to try to learn three tactics at once.