You’re ready to get started in real estate investing! Great news. You can do a lot of good, and Grand Rapids is an excellent place to start.
Maybe you’re a TLC addict, or can’t get enough of ‘Flip this House.’ Maybe you picked up a book on landlording, or saw a late night infomercial that promised the moon. But how do you realistically get started?
1. Tune out the Hype
Real estate is a great field, with a lot of potential. However, many, many people will sell you a dream. They will indicate (but never guarantee) that you can make a ton of money in your spare time, without a lot of work.
This is a lie. Investing has a large learning curve, and it takes time and hard work to get good at it.
When people tell you that it is easy or fast, search for the program they’re selling. Whether it’s a $1,000 a month ‘Complete Investing System,’ a $20,000 ‘Advanced Course,’ or $45,000 ‘Mentorship Program,’ these people will almost always want you to purchase their product.
Be very cautions of anyone who sells you the dream of quick riches. They typically care much more about their bank account than your success.
2. Educate Yourself
While you should steer away from expensive courses with limited support and backup, you should aggressively pursue your own real estate education. Fortunately, there is a world of information at your fingertips!
If you’re just getting started, check out a few books from the library about different kinds of investing. Read about flipping houses, renting duplexes, seller financing, or whatever else interests you. Learn from a couple of books, and then seek more wisdom on those topics.
There are many free webinars, internet articles, and sites where you can go for great real estate investing advice. Just start absorbing information, and be consistent in your learning efforts.
This provides a great self-check. If you are able to put aside the time, energy, and work required to learn a LOT about a certain part of real estate, then you probably have what it takes to be successful in the field.
Once you have a good, basic overview (and hopefully some advanced knowledge as well), THEN start looking at courses. There are some great paid courses available on specific topics, and many are worth the cost. Just avoid the ones that promise you the world in a short time, and you’ll be OK.
3. Get Connected
Real estate investing is a team sport. On any given transaction, you might deal with multiple realtors, inspectors, appraisers, contractors, title companies, mortgage originators, and more. You can’t do it alone!
So, reach out to other people in your area. Here in Grand Rapids, there are some great organizations which connect and support investors, such as the West Michigan REI Club and the RPOA. These (and other) groups host meetings, offer training, and provide resources to people that ask.
So get out, meet people, and get advice! You’ll be amazed at how quickly this accelerates your learning and potential. Together, we can all achieve more, and real estate is no exception.
4. Get Started
At some point on your journey, you will start to feel like you’re reading the same thing over and over again. The ‘new’ books will feel like they contain the same information. The ‘brilliant new strategy’ will sound a lot like a method you’re already familiar with.
At it’s heart, real estate is hard, but relatively simple. There are no magic tricks, and no secrets to success. Everything you need to know is out there, at your fingertips.
So, once you reach this point, jump in! You will probably feel nervous, insecure, and scared of losing money. This is normal!
Have courage. Remember, courage is not being fearless… it is doing what is necessary even when you are afraid.
So, rather than get stuck in ‘analysis paralysis,’ get started! The world can use a few more nice houses for people to live in. The world needs you!
5. Commit to the process
Being successful in any endeavor takes a lot of time. Whether you want to learn to ride a bike, cook the perfect meal, or play the cello, you have to work at it for a long time.
Don’t be afraid of the work. Accept that it may take a long time for you to reach your real estate investing goals. However, if you put in consistent effort, and make the best decisions you can along the way, you will get there eventually.
The early stages can be discouraging. It can feel like you are working very hard for little to no gain, which is when most people quit. But remember… this stage is crucial! You are learning, growing, and developing the skills you need to succeed. If you focus on your motivation, and stay as positive as possible, you can find the light at the end of the tunnel.
You can do it. Just start smart, work hard, and find great partners. Go get ’em!