- Joined
- Aug 30, 2007
- Messages
- 13,881
"Love what you do - Do what you love" is written on one of my favourite coffee mugs.
How do you get started in real estate .. as a new REIN member .. or perhaps as someone that has seen the real estate market roar and not participated as one could have ? Here are a few thoughts of mine in no particular order.
Love what you do .. [and delegate the rest]
Take calculated risks.
Have some money to start.
Have a support team .. both within family/friends as well as professional (lawyer, accountant, realtors, appraisers, ..)
Go slow .. but not too slow.
Build a track record.
Know what you are doing i.e. get educated such as REIN !! .. courses / books / seminars .. i.e. when the student is ready, the teacher will appear .. and then:
TAKE ACTION.
Have a capable team: lawyer, realtor(s), accountant(s), property manager(s), handymen, assistant .. and yes, that includes your spouse .. [even if only to run ideas by, accept your long work hours, or as a shoulder to cry on after the 10th rejected deal]
Sell your abilities .. but don't oversell.
Delegate tasks you're not good at or don't like to do .. and on a related/growing scale: find partners that love to do what you don't and that you can work well with on a human, intellectual, social, energy and value level !
Have enough cash to live on .. and that means a JOB for many years until the portfolio is large enough. (Budget for 5-10 years minimum here .. not 2-3 years !!)
Start with a few small homes, possibly suited.
More reads here, or on my blog (see footer)
5 ways to make money http://myreinspace.com/public_forums1/General_Discussion/61-3347-5_ways_to_make_money.html
How to get started http://myreinspace.com/public_forums/General_Discussion/61-4391-How_to_get_started_.html
How did I get started: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-15422-Is_my_goal_of_200K_annual_income_feasible.html
How do you get started in real estate .. as a new REIN member .. or perhaps as someone that has seen the real estate market roar and not participated as one could have ? Here are a few thoughts of mine in no particular order.
Love what you do .. [and delegate the rest]
Take calculated risks.
Have some money to start.
Have a support team .. both within family/friends as well as professional (lawyer, accountant, realtors, appraisers, ..)
Go slow .. but not too slow.
Build a track record.
Know what you are doing i.e. get educated such as REIN !! .. courses / books / seminars .. i.e. when the student is ready, the teacher will appear .. and then:
TAKE ACTION.
Have a capable team: lawyer, realtor(s), accountant(s), property manager(s), handymen, assistant .. and yes, that includes your spouse .. [even if only to run ideas by, accept your long work hours, or as a shoulder to cry on after the 10th rejected deal]
Sell your abilities .. but don't oversell.
Delegate tasks you're not good at or don't like to do .. and on a related/growing scale: find partners that love to do what you don't and that you can work well with on a human, intellectual, social, energy and value level !
Have enough cash to live on .. and that means a JOB for many years until the portfolio is large enough. (Budget for 5-10 years minimum here .. not 2-3 years !!)
Start with a few small homes, possibly suited.
More reads here, or on my blog (see footer)
5 ways to make money http://myreinspace.com/public_forums1/General_Discussion/61-3347-5_ways_to_make_money.html
How to get started http://myreinspace.com/public_forums/General_Discussion/61-4391-How_to_get_started_.html
How did I get started: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-15422-Is_my_goal_of_200K_annual_income_feasible.html