How many times have you tried to develop a plan but completely failed to get results?
We can empathize because we have been there too.
In the beginning, it can be hard to pull the trigger and jump into investing.
It can be even harder to decipher if the deal you’re looking at is actually a good one.
Richelle and I both mastered it by learning how to properly evaluate a property, learning multiple exit strategies, and figuring out how to manage money from the business properly.
If you’re looking to get started in real estate investing, here are our 5 proven ways to do it.
- Determine how much income you’re trying to produce from your properties.
- Determine what type of units you would like to own (single family, apartments, etc) and the number required to achieve that income goal.
- Perform a SWOT analysis around resources and your current situation.
- Research the cost per unit in your target area(s).
- Begin interviewing future service providers (lawyers, accountants, electricians, etc) to ensure that you have a team of professionals to make the process seamless.
These are just some of the ways to start creating a plan for yourself.
It is beneficial to consider expanding your real estate education and find mentors and advisors like myself and Richelle that can help you develop a stable strategy to produce a profit.
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