There is no such silver bullet, easy answer, book, or seminar that will get you rich quick. You don’t get to jump into an elevator and take it straight to the top floor where piles of money are waiting for you. Real estate investing requires all of us to take the stairs. Like anything worth having, investing in real estate requires grit and perseverance. It is hard work and a constant grind. If you are looking to get rich quick with little effort, find something else to invest in.
Are you still interested in learning more? If so, you’ll need to take the first step, and this article will give you three ways to get started.
Start reading as much as possible. Many investors say books like “Rich Dad Poor Dad”, “The Millionaire Real Estate Investor” or “Think and Grow Rich” are what kick started their interest in real estate. These books are a great place to start. You can also pick something related to real estate like becoming a good landlord or creative financing for real estate and start doing research.
In my opinion, BiggerPockets.com is the best real estate platform ever created. The website is loaded with podcasts, public forums, tools and webinars that are all designed to help investors. If you start with the podcasts, I promise you’ll be hooked. Podcast Show 132 [Brie from Chicago] changed everything for me. This is one of the easiest ways to get more familiar with real estate concepts and strategies. If you don’t have time for this, then as Brandon Turner with BiggerPockets would say, “Go back to sitting on your couch watching Dancing with the Stars.”
Humans are designed for connection and so is real estate investing. The Twin Cities has tons of fantastic networking groups that you can get tapped into. Three groups I would recommend are the Millennial Investor Focus Group (find it on Facebook), MnREIA or Pine Financial’s Twin Cities Real Estate Investors. Embrace being a newbie and don’t be afraid to meet people, even if you feel like you don’t know what you’re talking about. Networking is the best way to connect with like-minded individuals. Be bold and tell those around you what you are looking to do. Whether you are at happy hour, on social media or playing board games with the family, let as many people as possible know what you are up to. Doors will open for you when people find out you want to invest in real estate.
Once you have done some research and are actively networking, it is important to start thinking about building your team. One of the first things my mentor and friend, Kim Burke, told me was that I need to build a team of trusted advisors. You need people that are experts in certain areas of this industry that you can lean on to help you succeed. This could consist of a realtor, loan officer, financial planner, commercial banker, title company or insurance advisor. Where do you find these people? If you’ve started networking, this is how you can leverage that network. Ask your new found connections to introduce you to someone they trust in real estate. Referrals from people you trust is the best way to build a team of advisors.
Above everything else, the most important thing you can do is think about WHY you want to invest in real estate.
For many of us the first and easy response is money.
"However, to be truly successful in this industry we need an answer that is rooted deeper than just money."
Real estate is ripe with obstacles and hardship. If your foundation for investing in real estate doesn’t have deep roots, you will have a difficult time weathering the eminent storms. For me, time is my most valuable resource. My hope is that through real estate I can give back to this world in ways I could never otherwise, with a standard 9-5. This gives me the fuel to push through when things get tough. I would encourage all of you to get clear on your “why” and use that as your compass to navigate your investing career.
Lastly, you need to start! The most successful investors are the ones who stop making excuses and just get started.
To the communities we serve,
Scott Hoefler with Side By Side Realty
Scott Hoefler of Side by Side Realty joins the Maximizing Your Property Value podcast to discuss the best strategies for living next to your tenants.
Is house hacking worth it? Whether you would like to work less, travel more, or pay down debt, house hacking can be the first step to financial and lifestyle freedom.
Condo vs Duplex. What is the right option for you? Here are the pros and cons of each type of home.
What is a fourplex? 4 units under one roof all owned by the same person or persons.
Buying a fourplex as your first property can be one of the smartest financial decisions you can make. Learn why experienced real estate investors say this is the best way to get started in real estate investing.
Duplexes and townhomes share one key characteristic, a wall with an adjourning unit. Even though they both share walls, duplex and townhouses are very different types of properties.
Duplexes are one of the best ways to get into real estate investing. Here are all the steps you get to you started.