ask me every single day: "How did you get started in real estate?"
over the next few weeks, you'll hear all the nitty gritty details. I'll share
with you the good, the bad, and the ugly experiences! But rest assured... you're
not alone and everything that you are going through (or about to go through ;-)
is completely natural and to be expected!
we get into the nuts and bolts of your real estate investing business, it's important
to start with some basic goal setting! Yes, I know that it's no fun but it will
help with your mindset and will get you focused on the right track.
me guess, you've read a book, bought a home study course (or 2, or 3 or even more!),
or just got back from a 3 day "bootcamp". Your mind is spinning with
ideas and you want to do everything and you want to do it right away. I can relate.
I left my first training years ago and wanted to:
- Work the foreclosure
- Broker private mortgage notes
- Wholesale junkers
direct mail letters and postcards
- And just about everything else that
I got home and tried to do all of these things
all at once. I sent letters to people in foreclosure. I bought a subscription
to a data service to market to private mortgage holders. I drove through neighborhoods
looking for abandoned homes. I worked morning, noon and night and ran from house
to house chasing anything and everything. I desperately wanted this to work and
I desperately needed a real estate deal ASAP!
After a few months
of running around like a crazy person, I learned what might be the most important
lesson of my entire real estate investing career! FOCUS
did some deals, but I didn't really have a focus. And if you can relate to the
bullet points above, you are confusing 3 components that work together!
are some simple tips for getting focused and getting your real estate investing
- Determine what you need RIGHT now
If you're on
your last dollar and hardly have two nickels to rub, then you should not be looking
at rentals or lease options, generally speaking. You are looking for quick-turn
deals. More likely than not, you're looking to wholesale your first deal.
line... you need to decide what your immediate cash needs are and go from there!
This will help you decide if your first real estate investment is going to be
a wholesale deal, rehab, rental, lease option, etc. This is what your "exit
strategy" will be. Then, you'll decide where you'll find the deals (see step#
- Choose your target market
Here's your marketing 101
lesson for today! Your target market is the "type" of seller you are
going to focus on. For instance, if you are trying to wholesale a deal quickly,
you may want to focus on pre-foreclosures. If you are wanting to build your wealth
through rentals, you may consider "absentee owners". You see, there
are certain types of sellers that will be more likely to have deals that meet
certain criteria. Of course, there are often a lot of opportunities with any market.
- Choose your communication method
Now that you've decided
on what your exit strategy needs to be and what target market you'd like to reach,
you can move on to your "communication method". This is how you reach
your market. If you're marketing to foreclosures, then perhaps you might engage
in some door knocking! If you're working with absentee owners, then you might
consider direct mail. Just a bit of common sense will help you figure this out.
WORK THE MARKET AND STICK WITH IT. Don't give up if you get to the second week
and don't have a deal. You will need to practice overcoming objections, negotiating
with the seller, evaluating the deal, etc. Each type of seller, each type of exit
strategy and every single real estate deal is going to be different. You need
to really get one down pat before you move on to the next!
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