When you get started investing in real estate, it is important to focus. 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 to it 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 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 (check out this often overlooked investment opportunity). When you have experience with certain skills, 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 be 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 is 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 at square one each time you change direction. (Check this out for another idea to help keep on track.)
There will be bumps along the way, but you will learn along the way. Learn from others' mistakesbefore you make them yourself.
For anyone who has just started investing in real estate, it is important to get the first one done and make it a milestone. Then everything else is starting from that point, and the best part is that point will be further along the road you've been travelling than anyplace you have ever been before.
