When I talk to people about how I got started in real estate investing they often assume they don’t have enough time or money…
The fact is that when I got started I was waiting tables 6 nights a week in the restaurant business, and my mortgage business was not doing very well.
The people that find success in real estate often start part time while they work a full time job. The important thing is to get started somewhere. The key is to build a base, learn everything you can and create some contacts and mentors. By no means do you need this to be a full time endeavor at first. All of these are the reason why you should attend one of our free events. You will have an opportunity to meet others experienced and novice that want to help you succeed. You will also gain knowledge that will empower you to take action on those first deals. Finally we can show hundreds of resources to create capital for your projects.
One of the biggest misconceptions is having the money to get started.
Right now I can introduce you to over 300 non traditional lenders that want to lend you money for your real estate deals! If you really have the drive to get started investing nationwide or just locally you must start somewhere.
Here are a Few Things to Do to Get Started Part Time
Find a Mentor To Guide You: This is the first thing that you should do. Many mentors will help you but often not for free. That does not mean that you have to pay them a lot of money or get involved in an expensive coaching program. Often you can serve a mentor by offering your time, service in exchange to learn and ride his/her coat tails. So where can you find mentors like this?
- Attend Local Networking Events: Get online and search for your local Real Estate Investment Clubs or local events and Investor Forums where you can learn about opportunities and better yet network and meet people. You should not limit your networking to just real estate investment clubs. Check out groups like your local Chamber of Commerce, Rotary and BNI are also a great places to meet professionals that may refer you business and offer connections. A common misconception is that these groups don’t offer much to real estate investors. The fact is that they offer tons. Everyone is in real estate in one way or another. You either own or rent it and many are looking for ways to leverage it to get ahead and make money.
- Get Social Media Savvy: Start to utilize sites like Facebook, BiggerPockets and other social media to meet investors nationwide. Actually make these people into connections. Schedule phone meetings, ask questions and offer yourself to serve. You will be surprised who you meet. Most important you MUST create a website or blog. There are many ways to get this set up however if you want to be effective in your online marketing you must work with experts. Building a blog will create more business than you might imagine. You can get a site just like this one and customized to your business and style from the guys at Free Blog Factory. I’ve found if you look all over the internet you will not find better value in launching your social media endeavors.
- Be Consistent: Make a business plan. Treat it like a business and it will pay you. If you are starting part time you need to schedule some time each day, even if it is only two hours and dedicate that time to learning growing, meeting investors and business partners and prospecting for property.
- Find Property and Make Offers: The fact is you must take action. Once you’ve spent time learning and you have a solid mentor working with you, start finding property and making offers on real estate. Many area afraid to do so because they feel they can’t back out. This is not the case as you have inspection times and contract contingencies to get you out of the deal if it is not what you are looking for. Even if your first few offers fail the experience will boost your confidence and you will get better as you go.
Patrick Esposito from Real Estate Pro Articles
Real Estate Investing: part time or full time?
When one gets the real estate bug, then it is logical to take this business to the highest level possible, as fast as possible. If you work full time at something, you will make more than if you worked part time. Right? All things being equal, probably. The standard rule of thumb is to start part time, and go full time when your part time income equals your current full time income. Most people who invest in real estate full time for a living have probably been doing this for a while, and have a reasonable income coming in. One of the great benefits of investing in real estate is that you could work at this part time, and still become wealthy over time.
When the time is right, you will know it. Don’t go at it full time, hoping to have a great year and make “good” money. People get involved in real estate to produce cash flow, yet if they quit their job to focus only on real estate, they are stopping their cash flow. Whether buying for long term rentals, or flipping for quick profits, you can make a substantial amount of money working part time. As you gain experience, you will develop skills to help you save time, and accomplish more. For example, you will know the right qualifying questions to ask. You will also be familiar with different areas, and will know which properties to follow up on, and which ones to pass on. You will be able to determine all of this without ever leaving your home.
Working full time can tend to put pressure on you to consistently do deals. Because of this, you may purchase properties that may be better to pass on. You become anxious to do that next deal, and even the mediocre ones start to look ok. They all have potential. You must know what you are doing. After all, you do this full time. Right? If you decide to invest in real estate full time, do not do it just to massage your ego. There are many ways to do that.
Build your base first. Your base consists of your experience, your knowledge, your motivation, your credit, your asset base, and your cash flow. All successful endeavors start with a plan, and short and long term goals. You may start part time, and have a goal to go full time after a certain amount of time. Build a strong foundation, which takes time, and your success is sure to follow. Remember to always be an informed investor. www.TheInformedRealEstateInvestor.com
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Until Next time Here is to your success! Jason Wheeler