One of the first questions you need to ask yourself, as an aspiring real estate investor, is what resources do you currently have at your disposal for real estate investing? This will give you a better idea of how to create a personalized plan or blueprint that helps you making the most of what you have.
As a real estate investor, your best resources (other than money) are time, experience, education, and relationships. Let me break them down a little further:
One question to ask yourself as you begin your investing journey is, how much available time do you have? Realistically you need time for finding the property, finding the financing, managing and renovating the property (if needed or desired), managing outside investors, etc. If time is not one of the resources you have, then partner with someone who has that resource more available!
Here’s the thing- the more experience you have, the more time and money you will save. With experience, you know what you’re doing already, so you can be extremely effective and efficient. What do you need experience for? For locating a property and assessing the deal, acquiring the investing, renovations (managing them or doing them yourself), property management (to deal with tenants/evictions), real estate taxes/accounting, etc. Again, if you don’t have the experience that’s okay! Partner with someone who does! That’s partly why REI Goddesses exists- to help you find those experienced partners.
Knowing what steps to take, or to avoid, is crucial for successful real estate investing. Learning from people who are actually investing successfully is a shortcut to success. Education will also help you bust through the myths surrounding real estate investing that keep most people from getting started, or going as far as they could. As Mark Twain famously said, “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” Lastly, education will open your eyes to the many opportunities that are out there, which you may not even know existed. (If you are lacking in this resource, go to our website! We have tons of support to offer you.)
Another good question to ask yourself is, what are the types of relationships you need to help you be successful? Relationships are key! You need relationships to find the deals, to find the money/financing, to manage the asset, etc. It also helps to have good relationships with the lenders who can give you the mortgage! Relationships are a HUGELY valuable resource, and if this is one you’re lacking I highly recommend attending the REI Goddess Wealth Through Real Estate Event on June 11-13. It will be a networking mecca and in just 3 days, you can acquire a lifetime supply of this resource.
What other resources have you found valuable in your real estate investing journey?