When speaking with newcomers to the real estate investment world, there are a few things I seem to constantly bring up, reinforce, and hear others say. Here are four of the most important things new investors must know.
1. Go To Real Estate Meetups
Lots of the meetups have gone virtual, but they’re still effective for networking and hearing from other investors. There is so much power in connecting with like-minded people.
You will learn but also be inspired and motivated. The right meetup should leave you feeling excited and eager to grow as an investor.
Related: 6 Aspects of Real Estate Investing You MUST Understand Before Your First Deal
2. Always Ask
Ask a lender to lower your interest rate! Ask a partner for a larger equity percentage! Ask a seller for money off the purchase price after the inspection! The worst they can say is no. When you get a yes, it makes you want to ask every time.
I struggled with this for a while. I never wanted to seem cheap or offend anyone by asking for a better deal. Now that I’ve realized how beneficial it can be when someone says yes, I no longer hesitate.
3. Find Partners
If you are missing something that you need to get a deal, find a partner. There are four main elements I always think of: time, money, fear, and experience. If one of those things is holding you back from securing your first deal or any deal, find a partner.
There could be someone out there who needs what you have. Make it an opportunity for them and you.
Related: 7 Questions New Investors Don’t Know to Ask (But Definitely Should)
4. Build A Strong Foundation
Build a strong foundation with your personal finances. If you can’t manage your own finances, you won’t be able to manage a business. Owning even one investment property is a business.
If you need help getting your house in order, I recommend Dave Ramsey. Not all of his advice is practical for being a successful and growing real estate investor, but he can help you get on the right path.
What is one thing you find others and yourself constantly bringing up about real estate? Practicing deal analysis? Finding the right realtor? Don’t partner with family? Or only partner with family?
