3 Hot Tips For Newbie Real Estate Investors

By ChattingWithChampions   

What I am going to share with you are 3 hot tips on how to skyrocket your success as a new real estate investor. Most new investors start, and then shortly after get frustrated and give up. But we all know real estate is a long term game… I mean when was the last time you played a 10 minute game of monopoly?

These 3 hot tips can be used by someone who has absolutely no real estate knowledge at all, and if you apply these principles, you will be doing all the deals you dreamed of before long.

1. Get Educated

I am not talking about grabbing the old ninja turtle lunch kit and heading back to school. I am talking about getting a crash course in real estate through non traditional courses and sources.
Before I started to really take off with my real estate career I took a few local courses from different education companies. The total value of these courses were over $25,000!

Now I am NOT saying break the bank to learn how to invest in real estate, but this was my path when I first got started and even though I invested a lot into myself, my ROI has been massive in comparison.

There are plenty of starter real estate courses that you can now get online (Such as my Beginners Investor Package that can be downloaded here) that will teach you all the basics like wholesaling, assignment, and double closing.

If you don’t know how to do the basics like write contracts, make offers, or learn a few exit strategies to sell the deal, then you will get frustrated and probably quit. A good budget for this would be up to about $1,000.

2. Focus On A Specific Area

Real estate is a highly highly localized market. Some blocks can have a totally different market than others that are side by side. This is where new investors can get totally burned! In Edmonton, Alberta (where I live and invest), there are instances where houses on the north side of an avenue are worth 15-20% more than houses 25 feet away on the south side of the same avenue. If you didn’t know this information, you could get into a bad deal, or get taken advantage of. The benefit is you will become so familiar with the area, you can pretty much tell if something is a deal just by the price and address.

You will be able to move quickly on deals and you will build relationships with sellers, buyers and investors looking to buy/sell in the area.

I am also a big believer in learn local, then expand. Trying to do too much in too many different cities, or even areas of the cities will have you spinning your wheels.

3. Take Action

Insert 1,095,924 lame clichés here, but it’s true! The reason most people fail to be successful in real estate is they “try it” for a bit, make a few offers and then stop. Make a commitment to yourself that you will do a few active actions every single day that will help you get closer towards your goals.

And I am not talking about looking at properties on kijiji and saying you have done your real estate activities for the day. Taking action means making offers, meeting with sellers and investors, calling people, and looking at deals. If you commit to 1 meeting a day, or 1 offer a day, after about 90 days your seeds will sprout and start to bear fruits for you. You must be active to get the great deals in ANY market.
Summary

If you follow these 3 tips, I have no doubt in my mind that you can be doing at least a deal a month part time after a 90 day period of time. It’s like a rocket going to the moon, most of the fuel is used to get it into outer space, but once it is up there, it needs only a small amount to get the rest of the way.

If you enjoyed this article and want to skyrocket out of your current situation, I highly recommend you check out my Beginners Investor Package. It is specifically designed to help people from square one.

Culled from http://chattingwithchampions.com