The Crucial Steps All New Investors Need To Take
When I’m at networking events I always get multiple people who come up to me and ask me what they should do first. I then inquire if they have any real estate investing experience and determine how “new” they really are. Most of the people I’ve talked to have maybe read a book or two or purchased a course and that’s about it.
So, the first thing I tell them is to make sure they really want to get into this business and that they’re not just looking to get-rich-quick (you will make a lot of money in this business, but there is a learning process just like any new endeavor).
Of course most people quickly nod their heads and let me know they’re 100% serious and devoted to becoming a successful real estate investor. Next, I tell them they need to get educated (read and learn everything you can about real estate investing). Then I tell them they need to decide on their target market. What zip codes do they plan to invest in? (You want three bedroom, two bathroom properties in decent neighborhoods).
Once they have identified their market, they have to set up the infrastructure for the business. They need to form an LLC, they need to get a phone number, they need to order business cards, they need to create a website.
After a person has their infrastructure set up, the next thing to do is focus on marketing. They need to drive for dollars, send out letters, get on craigslist daily, and put out bandit signs. Once the marketing is started, the fun begins…because then the calls roll in, people learn to evaluate a deal and then eventually close a deal and receive a fat check.
So, after a person has their infrastructure in place they should immediately begin marketing and never stop. Marketing is the lifeblood of this business so please learn to love it because the most successful real estate investors invest the most time in marketing.
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