Five Factors To Consider Before Investing In Residential Real Estate

We are all familiar with people who purchase every tape, book, and seminar and then become real estate investing “Encyclopedias”. BUT, they don’t do anything with it. You see, if you don’t actually put what you hear or read into practice, you will conclude that “this real estate thing” doesn’t work. Unfortunately, history and Forbes Magazine would be the ones to prove your mistake.

More Americans have made their fortunes through investing in real property than any other way since John Jacob Astor was America’s First Millionaire in 1800. He bought what would eventually become Manhattan. People who have made their fortunes by operating businesses have reinvested their profits into real property more than anyone else.

To be an investor is the best way to learn.

RECAP: Rule No. 2: LEARN BY DOING

RULE NUMBER 3: START TODAY, RIGHT WHEREVER IT IS. New investors often lie to themselves and say things like “When my money is enough …”,,” or “When there’s enough time …”,,” or “When other things are out of the way …”. Then I’ll get started.” – BALONEY! Their real message is that they are “I am scared to death of failing at this Real Estate Thing”. The sooner they realize this, the sooner they will be able to make a difference in their lives. The truth is that almost every successful realty investor, including Donald Trump, Sam Zell, Ron LeGrand, Robyn Thompson and Robyn (Place Millionaire’s name here), was scared to death when they first put together a deal. It was their ability to move forward and do something that made the difference.

Sir Isaac Newton’s first Law of Motion stated it best: “An item at rest tends not to stay at rest, and an object moving tends to move …”.” In other words, you can expect to see the same results if you continue to do what you are doing. You will need to “in motion” if you want to make a change in your life. Real estate is learned by doing. The sooner you do it, the sooner you will get. You must stop making excuses today and “Go in Motion.” Make a commitment to “Keep In Motion” as you Go In Motion.

RECAP: Rule Three: START TODAY- RIGHT NOW – Right Wherever You Are

These are the three rules that we believe RealInvestorsTM (TM) will help you succeed. We would love to hear about your success no matter how small or big. Our goal is to get you “Going in Motion” and “Staying In Motion .” Let’s get going…

To get started, choose one strategy. Keep in mind Rule Number 1: Focus-FOCUS – Focus… Don’t try to be an expert on every strategy before ever getting started. You will soon become overwhelmed by information overload, and it will be impossible to start. Choose the best strategy for you. Learn about it and then go out and do it.

Give yourself a minimum of 6 months to be completely focused on the strategy. Get to know other investors using this strategy. Don’t quit until you either get results in 6 months, or you make your first deal with that strategy. Do not let your guard down. It was fine. It was fine.

Each sport had its rules and each required a slightly different mental approach. If you arrived at the baseball field carrying a lacrosse stick, shoulder pads and a pair of gloves, someone would ask you to this page and return when you “are ready to play this sport”. The same goes for investing – especially when you’re just starting to get started. While you may one day be able to “Play Like Mike”, as a beginner investor, let’s not forget about the basics. You need to focus on one strategy until you are confident that it will work for you. This will usually take at least six months.

NEXT STEPS

* Post regularly to the Real Investors Forums in order to get exposure to issues faced by other real-estate investors. You will likely face the same issues in the near future.

* Real all of the Real Investor Articles. This will increase your knowledge of real estate investing.

* Go to Real Investor Bookstore to select courses that only focus on one strategy. Before you make your first deal, don’t purchase courses covering a variety of strategies.

* Join your local REIA. There will be many investors there, whether they are seasoned or just starting out. You’ll have the opportunity to meet professionals who can provide the services that you require as a new investor: a contractor or a mortgage broker, a hard cash lender, etc. You may even meet a mentor who is a true professional!

* Invest in education! Take advantage of any and all opportunities to learn more on real estate investing, including The National Real Estate dalemundi.com. These events provide invaluable opportunities for you to learn from, network amongst and make deals between other more experienced real estate investors. You can also find online classes through Real Investor’s University (REIU), to fill the time between events.

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