Seven Steps to Real Estate Investing

29 May

businessman with mini house and US dollars

Are you new to real estate investing or an expert in the industry? Regardless of your experience of lack thereof, it is important to be sure you really understand the 7 Steps to Real Estate Investing.

First of all, real estate should not be a plan to get rich quickly. But, if you learn the basics and apply them, there is undoubtedly the opportunity to make a lot of money. The real estate market shifting and changing, which means it has ups and downs. As a result, what is working now may not work in the future, so you must constantly be on your feet, ready to change at any time to meet the needs of the market. You have to keep in mind that real estate is a cycle, so there are also certain points of predictability. If you educate yourself on trends and how real estate cycles tend to work, then you can develop your real estate business into a successful enterprise that can stand the test of time.

Here are the seven techniques and strategies that you need to learn, understand, and apply to investing in real estate:

  1. Set a plan. Determine your short and long-term real estate goal and what you need to do to achieve them. Then, start working to collect prospects and clients. Remember that short-term goals are for making money, while long-term goals are for becoming wealthy and setting yourself up for things like retirement.
  2. Determine your target market. You cannot become an expert in every aspect of real estate. Pick a niche and master it. Do you want to work with first-time homebuyers or people who buy investment properties. Do foreclosures appeal to you? Commercial or manufacturing properties? Figure out what you like and pursue it.
  3. Be consistent and persistent. Real estate is not a get rich quick scheme. Establish your goals and then work diligently and daily to achieve them.
  4. Never fall into “Analysis Paralysis”. Constantly educate yourself on new things, but do not over think everything.  If you wait for total perfection, you will never take action, leaving you in a perpetual state of planning.
  5. Master marketing and financing. The real estate business is all about marketing and financing, so learn which marketing avenues produce the most results for you and familiarize yourself with mortgages, interest rates, and loan programs.
  6. Practice problem-solving skills. For you to be able to get real estate deals, you must be able to solve people’s problems. Every transaction is different because every buyer’s and seller’s personal situation is different.
  7. Never stop learning. It is important for you to continue learning about investing regardless of your current level of success. In order to remain relevant in the long run, you have to be on the cutting edge, so you can evolve with the times.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent
405.330.0031

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