We all have goals and aspirations we would like to achieve. You can begin a new goal anytime, but there is something about the start of the new year that fosters hope and determination. In our latest post, we will discuss the steps needed to build wealth from real estate over the next 12 months.
The beauty of real estate investment is that almost anyone can do it. Investors have started with mere pennies to their name, only to build massive real estate empires beyond their wildest dreams. It doesn’t require any special talent or schooling. what it does require is a dedication to knowledge. Learning about the local real estate market, real estate laws, the latest technology, and general construction matters are all great topics to study. That said, some of the greatest lessons will be learned from doing.
Hit The Books
Both the literal and proverbial books. The most consistently successful investors make it a point to never stop learning. Read books on investing, research the local markets, join local investment groups and devour as much knowledge as you can. The markets are consistently changing, and new technologies seem to pop up by the day. Stay abreast of what is happening as well as general best practices to follow. Ask fellow investors and people in real estate groups for their recommendations. You can hit up your local library instead of buying every book that is mentioned to you. You can get ebooks from most local libraries these days. Not every book is going to resonate, you don’t need to buy all of them.
Make A Plan
Don’t just wing it. Create a business plan, write down your goals, and make note of all the things that need to happen in order to get you there. Create a strategy and execute. Don’t ever be afraid of failure. A small setback is always an opportunity for you to learn. In the long run, your failures will teach you more than a book ever could. By having a plan in place, you will be able to better understand your goals, ensuring the habits you have are working to get you there.
Set Attainable Goals
The goals laid out in your plan need to be attainable. Setting unrealistic goals will only foster discouragement, which will slow down your ability to achieve what you are ultimately after. You won’t work as diligently if you are unmotivated, and to stay motivated, you will want to feel as if you are crushing your goals. Remember, it doesn’t have to happen overnight. You can set many small goals over the next 365 days, which will amount to big changes by this time next year. When creating our business and personal goals, we strive to incorporate Kaizen. Kaizen states that your goals can be reached through continuous improvement over time. Always aim to improve and innovate your methods.
Find the right property
Identify potential properties that align with your investment strategy and budget. Take the time to research the local market, assess the condition of the property, and negotiate the best possible price.
Find A Mentor
Finding the right mentor can change your life. Many successful people want to give back to people on the same path. By working with someone who was once in your shoes, you will be able to learn strategy, technique, and investment tips you couldn’t find anywhere else. Look for someone whom you would like to emulate. If somebody’s strategy, method, or level of success is appealing to you, reach out to them. Always be polite and make a proper appointment. Explain that you are learning, and offer up your assistance in exchange for some of their knowledge.
There are all sorts of apps, software programs, online forums, knowledge databases, and local websites immediately available to you. You may not want to use or implement everyone you come across, but it is important to keep your finger on the pulse of what is going on. Even if an app isn’t right for you, it is important to understand the tools other investors are using. There is an abundance of information available online. The majority of property information is public record, allowing you to do extensive research about sales and community data without ever leaving your office. You should also take advantage of some of the excellent organizational and note-taking apps available to you. By staying organized, you will be able to keep yourself primed to find the best investment deals out there.
Have The Right Team
Over time, you will meet more and more people working in your industry. It is important to make note of the people who are working hard for you and those who only do the bare minimum. You will be able to build a strong team of people who can help you in reaching your goals. Your team member should include a good accountant, lawyer, a local real estate agent, and a professional buyer and seller you can always count on. At Drive By Home Buyers, we pay great prices for investment properties. We can also provide excellent deals to local investors.
By following these steps and consistently working to grow your real estate portfolio, you can build wealth over the next 12 months and beyond.