So You Want To Be An Investor…What Now?
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Greeting from the metropolis of Cedar Crest, NM.
Now that basketball camp is over for my boys, swim team for my oldest rolls right in. My son Colt has his first swim meet tomorrow in the big town of Albuquerque. This should be interesting since I have never been to a swim competition before.
Anyway…..
Today’s topic is taking the first step in real estate investing. When I first made the decision back in early 2000, it was due to a real estate investment book I bought at the local book store. When I first read it….it clicked right away. I knew real estate investing was where I wanted to be. I read the book again and again…then went out on my own and quickly figured out…I needed to know more. That was when I signed up for the bootcamp….yeah…it cost 5K or 7K….which, at the time, was a lot! But it was the most important thing I did. Little did I know how my life would change. The decision to invest in real estate lead to Grassland Investments, Jaxon Texas Property management, Tumbleweed Row….etc…etc. From that one decision, I became friends with Emily Cressey, Peter Conti, Diane Kennedy….and the list goes on and on. So…If real estate is in your future or you are already deep into real estate investing but want to make the leap to commercial real esate investing….here are a few thoughts…….
Taking the next step….or jumping off a cliff?
If you have already figured out that you are ready to invest, you have taken the first step toward building your wealth. Your next best step toward smart investing is to do your research. Along with your research, you should find a mentor or seasoned investor that you can align yourself with. Mentors are invaluable assets when you are starting your investment career because they can steer you away from riskier decisions with low payouts and help you navigate the investment process. If you’re reading this, you’ve already found a great group of experts at TheRealWealthBlog.com who can mentor you as you begin your career.
Should I take a Course?
There have been several posts on whether real estate investment courses are worth the money. Real estate investment courses can provide participants with a wealth of knowledge and new tips and tricks for their portfolios. They also can be hundreds or thousands of dollars that would have been better spent on the riskiest of investment. Aligning yourself with a mentor and asking his or her opinion on the course is a great way to evaluate the merits of spending the money.
Should I Look For Properties?
Instead of diving straight into what looks like a great deal, it is better to spend the time arming yourself with the knowledge of what a great deal looks like. A beginner’s assessment of a great deal is going to be very different than an expert’s assessment. And, your first deal will be an emotional accomplishment as well. Having a mentor or relying on the advice of experts, like TheRealWealthBlog.com, can help you determine whether your first deal is the right one.
What Else Should I Do?
1) Educate yourself about your market
2) Find out who the “movers and shakers” are
3) Identify key commercial real estate brokers
4) Find people who are doing what you want to be doing (find those who are successful in commercial real estate investing)
5) Get familiar with comparable properties in your market. Examine how they have performed and determine what amount of work goes into managing them so you are prepared when the right opportunity presents itself.
6) Take action in the right direction…now is not the time to get A.D.D.
And, if you have questions, contact the experts at TheRealWealthBlog.com!
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