There are 8 steps beginning investors should take to get their real estate investing activities off to a quick start with a minimum of heartache:
- Understanding Real Estate Cycles
- Identifying the Key Indicators in Your Market
- Building Your Power Team
- Making Offers
- Finding Financing Sources for Your Deals
- Implementing Finding Strategies
- Understanding Exit Strategies
- Constantly Learning and Mastering Your Craft
Last time, we talked about the first two. Today, we’ll be discussing Steps 3 and 4.
Step 3 – Building Your Power Team
Real estate is not a business where you can achieve success all by yourself. You are going to need to have a team that can help you with various aspects of the process.
At a minimum, you are going to need a real estate agent, a lender, and a title company or real estate attorney. These people can help you take a deal from start to finish and so it is important to have them in place as soon as possible. This is a huge key to getting started.
When you have a great real estate agent, they can save you time by only bringing you properties that fit the type(s) you’re looking for.
A good lender will be able to get you into deals that you wouldn’t have thought possible. It may take awhile to find the right lender; but when you do, the returns that they can give you can be exponential.
There are other people that you can add to your power team as your career progresses. This would include people like accountants, attorneys, contractors, property managers, inspectors etc. The important thing to keep in mind is that team building is a constant activity.
Step 4 – Making Offers
Another key step in getting started quickly is to actually make offers. This is one of the biggest items that set apart successful investors from the rest of the group.
During our Rich Dad Education trainings, we instruct you on the proper way to make offers. Follow those guidelines because they are designed to protect you as you make offers. You want to put yourself in a position where you have everything to gain and very little to lose.
By Mark Justice
Rich Dad® Education Elite Training Mentor