The First 5 Steps to Becoming a Real Estate Investor
So, you want to become a real estate investor. How exciting!
When I first started my career in real estate investment, I had no idea where to begin. There were so many “real estate moguls” dominating the industry with conflicting information for beginners that I didn’t know what to do. Because of that, it took me 3 years of trial and error to find my footing.
I don’t want the same thing to happen to you.
As a beginner real estate investor, the first steps you take will build your foundation. Make sure they’re the right steps or your entire foundation could crumble.
After 3 years and over R600 million in real estate transactions, I have compiled a list of the first 5 steps to becoming a real estate investor based on both what I did and what I wish I did when I first started:
1. Learn about the industry
Before you make a single real estate transaction, it’s crucial that you know exactly what you’re getting yourself into. You don’t want to invest blindly! Learn about real estate investment from as many sources as possible. When I first started, I used books, blogs, YouTube videos and courses.
2. Get a mentor
This is a step that many newbies skip. Getting a mentor was the best decision that I ever made for my real estate investment career. My mentor has helped me:
Learn insider tips- gained from experience- about the industry
Triple my industry connections
Set achievable goals that resulted in business growth
Increase my ROI
Learn how to close more deals
3. Pick a location
So now you have a head full of real estate investment knowledge and a mentor in your corner, but how do you actually get started? You need to pick an area. It may sound like a good idea to pick up real estate deals all over the country, but it’s actually more profitable to pick an area close to where you live. Being more familiar with the area can help you find and close more deals.
4. Perform rental market analysis
If you expect to invest in a rental property, it’s crucial that you perform a rental market analysis. This type of analysis helps you analyse rental properties in your area to determine fair rental value for yours considering your projected costs. Data is readily available in this day and age and can be a fantastic resource for investors. Use it!
5. Find investors
I am a huge proponent of investing in real estate with no money down when possible. The best way to do this is by partnering with investors. Read last week’s article to learn all about how to find investors!
At the end of September, I hosted the largest Virtual Real Estate Summit ever with 10+ real estate and PropTech experts. We discussed how to close deals, how to find investors, structuring and growing your portfolio, our 2020 rental market predictions and how to digitalise your real estate business.
Did you miss the Summit? I have good news: you can still get access to the information-packed sessions. Book an Advanced Pass for 12-month access and a Premium Pass for lifetime access! This deal is only available until the end of October!
These passes include:
Sessions on topics like: structuring your investment portfolio, digitalising your business, protecting your business from a pandemic, post-COVID 19 tips and online real estate investment finance
Access to the exclusive Facebook group so you can network with other investors
R15,000+ worth of FREE templates
How-to videos for popular PropTech tools (such as TPN’s online tenant monitoring system and property analytics portal)
If you’re a beginner real estate investor- or an existing investor hoping to increase your profits- I can’t recommend the Summit enough. We have already had such great feedback from attendees. See for yourself and purchase your tickets today! But hurry! You can only get access until the end of October!
If you’re ready to take the next step in your real estate investment journey, I would love to help. I have created a no-nonsense course that can help you go from beginner to profitable real estate investor in the next 90 days. Click HERE to find out more!
Interested in learning about how to invest in real estate with no money down? Grab your copy of my ebook How to Invest in Real Estate with No Money HERE! I am giving it away for FREE! In it, I reveal my proven strategy to building wealth through real estate investment without spending my own money. This strategy includes several of the income streams I created without paying any money down.