You're not alone! Almost all real estate investors spend countless hours earlier in their investment careers researching different strategies, trying to figure out where to start. While there is no right answer for everyone, each potential investor needs to ask three main questions:
- How much time should I invest?
- How much money should I invest?
- How much do I want my business to grow bigger and faster?
A great way to start any project is to keep the end goal in mind and then create a plan to achieve it! Even if you have to make changes along the way - whatever you do, "getting in" is a lot of fun. Investing in real estate can do anything from a quick learning to pocket an extra $ 5,000 a month (in 30 days or less) to realizing all your financial dreams with a multi-million dollar annual income. You really have to decide in advance whether you want to be a millionaire or put money in your pocket to pay the bills.
Whatever your dreams and desires, no matter how you use real estate investing to achieve your desired goal, we believe there are three important rules you need to follow if you want to succeed. They are here:
Rule number one: focus
If you are looking for a long-term commitment to this business, you will need to prepare in advance that you will need to set aside money from each transaction to reinvest in your education, which may be in your best interest. Start with one strategy and be ready to move on to another once you reach those goals.
For example, let's say you eventually want to become a developer (like Donald Trump, Sam Zell, or Trammel Crow), but you have a job today and owe $ 50,000. Your first step could be to get money quickly to pay off debts next year, and then leave the job halfway (for example, in the sixth month) to earn enough income from investing in real estate. Start the implementation process. , and then, by building a solid base (enough to pay the bills and then some) of your investment activity, start planning to become a developer. Together, this may require three different strategies.
The "classic" mistake that many novice investors can make is to try all three strategies at once - DON'T DO THIS !!! It is best to learn one strategy to make money fast, master it, then move on and then try to learn all three strategies at the same time. An old African proverb says, "He who chases two tigers in the end gets nothing. "No matter what strategy you start, history has shown that people who focus on their time, energy and money are more likely to succeed than those who do not.
The second important thing to know about investing in real estate is that you learn by doing! We know there are a lot of late-night ads that say, "Come to our free webinar, spend $ 5,000, and tomorrow you'll wake up a millionaire, but the problem is we haven't found anyone who believes it." really works. In addition, there are people who spend money and study well in college or graduating and studying to "succeed in real estate." In general, it can work if you do. continue to work for 25-40 years as an employee of a real estate company, make someone else rich - if you are lucky, you can study enough (with time) and then leave yourself.
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