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 start investing in 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 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 already know is doing well investing in real estate. 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. Even offer to Joint Venture on some deals with them in exchange for their knowledge and guidance.
Build A Strong Network
Over time, you will meet more and more people working in the industry. It is important to make note of the people who are working to help you and those who only do the bare minimum. You will be able to build a strong network of people who can help you in reaching your goals. Your network should include a good accountant, lawyer, a local real estate agent, and other more experienced investors you can always count on to help answer questions, or may have additional leads on deals. At 4 Lease 4 Sale LLC, we have a large network and more leads then we can buy ourselves, so we occasionally do Joint Ventures with likeminded investors, or sell off additional properties we have to other Oklahoma investors.
Do you want to learn more about investing in real estate in Oklahoma? We can help whether you are an experienced or novice investor! Contact us today to learn more! (918) 516-8885