Many people would like to get involved in real estate investing. After all, if it is done right, it is a highly lucrative career. According to Kimberly Dey, it is possible for anyone to get involved in it, although it is important to be very realistic about the chances of success. That said, she also believes that there are eight specific steps people should follow if they want to have a successful real estate investing career.
To have the desire. You cannot become successful line real estate investing, or in any other career for that matter, unless it is something you actually want to achieve. This also means that you have to consider why you want. Is it because you hope to make millions, or because you simply enjoy a challenge? Those are two extreme sides of the spectrum.
To be able to set goals. You will not become a successful real estate mogul overnight. It takes time to achieve these things. But you shouldn’t become complacent either. Instead, set yourself clear goals with clearly defined deadlines. That way you always have something to work towards as well. Some of the things you can include in your goals are your income, your cash, your donations to charity, bad habits that you want to overcome, travel, and what you still want to achieve. And you could set these goals for each year, forming a 10 year plan, for instance.
To be willing to learn. Many people have been very successful in the world of real estate investing, and many have been high unsuccessful as well. You need to learn from those successes and failures as much as you can. There are hundreds of books available to help you do that, so you better start reading!
To attend seminars. Learning from others is something you are likely to continue to do for the rest of your career. Eventually, people will also start to learn from you as well. But this does mean putting yourself in places where you can both learn and teach, and that includes seminars.
Immerse yourself in your market. There is no point knowing all the demographics of San Francisco if you want to work in Chattanooga yourself. Get to know your market and, if you move, get to know the new market.
Find a mentor. Most real estate investors believing in paying it forward, which also means they gladly take new professionals under their wing and mentor them. Find yourself such a mentor.
Build a team. They say that Rome wasn’t built in a day, and it certainly wasn’t built by a single person. You need to have an effective team of real estate agents, appraisers, contractors, and attorneys on board, as well as a property manager, title companies, and home inspectors.
Go for it. At the end of the day, the only person stopping you from being a real estate investor is you. If you really want it, then you need to go for it.