There are many ways to create wealth when you get started investing in real estate but you don’t want to be chasing everything that comes your way, especially if you are just getting your feet wet.
Many investors will do some research or attend a weekend ‘boot camp’ and come out all pumped up, which is great. Where it can start to fall apart is when they try to implement every technique they have learned... sometimes on the same deal!!
As a beginner you should pick the one or two avenues that interest you most and stick with them, make them work, you can then move on from there.
If you start trying to implement every strategy and apply it to every deal you find guess what you will accomplish??
You've got it- nothing!!
Then your momentum slows and you lose belief in some things you learned and before you know it you are back where you were before you started investing in real estate. You are trying to get yourself ready to act again which, by the way, can be tough.
When I started investing in real estate I focused on flipping a house, what an experience (more on that another time). But I looked for months before I found the house that was going to make it happen for me. And during that time I wasn’t distracted with other opportunities I needed to get started and I had to focus on the thing that was going to get me there.
Since then I have continually added new approaches to my portfolio and I now do many things but each time I have something new on the go I need to focus on it. When you have experience with certain skills then I am an advocate of doing things simultaneously. Once you know that you can handle one situation there is no reason why you shouldn’t be handling multiple situations all at the same time.
When starting your journey keep your eye on the goal, focus on where you want to and will be. Pick the one or two strategies that are going to take you there and focus on finding investments geared towards those strategies and make them work.
Take a look at our simple investment guide. It's geared towards anyone who has just started investing in real estate.
There will be times you are tempted to run in another direction and start a new chase for something else. But then you are starting right back a square one each time you change direction.
For anyone that has just started investing in real estate it is important to get the first one done make it a milestone. Then every thing else is starting from that point and the best part is that point will be further along the road you have been traveling than anyplace you have ever been before.