Real Estate 101: Begin at the Beginning
When I was drafted to the Hard Money Bankers team, our objective was to aid in the real estate education and success of the HMB clients and blog readers. For the past several months Iâve related my personal investing experiences and shared many of the lessons I have learned along the way. During the months of July and August Iâll be dedicating one article per week specifically to Real Estate training. Please contact me if there is any aspect of investing you would like to see addressed. I look forward to your feedback and trust you will find the articles both helpful and informative.
How do you eat an elephant? One bite at a time. So it is with Real Estate investing. If you are new to this industry the learning curve can be big and expensive. Before you go out and blow a ton of money and time figuring out 50 different ways to structure a deal, you must first define your goal.
People get into Real Estate for various different reasons. Some people are looking for a source of immediate income. Others want a secure investment vehicle. Most of the time people get involved in Real Estate because someone told them itâs the best way to become rich.
The first step to financial success (or any success, really) starts with a goal.
A goal is a written definition of your dreams with a specific timeline. Your Real Estate goals should include specifics like the number of apartment units or the amount of income you want. Each goal should also include a deadline by which the achievement must be reached. Below Iâve listed a couple of my past personal goals as examples.
- Â I will generate a consistent income of $10,000 per month (measured over any 3 month period) from my wholesale business by July 31, 2009.
- I will purchase 1 rental property each month for a period of 24 months. My first purchase will be on or before February 28, 2010.
Most people will never complete this first step. As a result, most people will fail to reach the success that they want and deserve.
Your goals will change as your wants and needs change. Thatâs okay. Defining what you want and when you want it is the first step in developing an investment game plan. Novelist Lewis Carroll once wrote, âIf you donât know where you are going, any road will get you there.â Know where youâre going. Weâll help you find the road.