How To Get Started In Real Estate Investing – Part 2
Author: Russ Whitney
Source: download
To be a successful real estate investor, you need a plan and that plan should begin with some goals. Your goals should be specific, measurable, and have a deadline. "I want to be a real estate investor" is not a goal. "I want to own 25 residential rental units that average $ 100 per month in positive cash flow (profits) within the next 12 months" is a goal. See the difference? Then find out what are their resources. Do you know how to find and acquire the property you want to buy? If so, great. If not, you need some training. How much money you have to use for your investments? Along with his own money, consider that you know you want to invest in projects of a share of the profits. If you have cash, it is much easier to start. If not, you have to take the time to learn various no money by the techniques or strategies such as the allocation of contracts to generate cash flow. How much support do you have family and friends? Who are the people who support you and help you reach your goals? Who are the people who laugh at you and say you're crazy and you never manage? Identifying these people and surround yourself with positive people who will be supportive. Avoid negative people who try to tear down. What will you do every day to help you achieve your goals? Make a list of daily actions of things like reading the newspaper real estate section, passing through neighborhoods looking for properties, go to club meetings real estate investors to network and learn by reading books on property investment and business, and so on. Make your list of specific and realistic. Must be specific so you know exactly what to do every day. And we must be realistic so as not to compromise with failure. For example, if you're still working on a full time job and doing real estate on the side, a realistic plan would be to make calls at 5-10 in the classified ads every day, spend 2-3 hours each weekend driving through neighborhoods looking for properties, and read a book a week in real estate investment. An unrealistic plan would call for making 40 calls a day, spending five hours a day at least three different days each week driving through neighborhoods, and read a book a day. If your plan is realistic, I stay with him until he starts producing results. If not realistic, you get discouraged and leave quickly. Simple but not easy to invest in real estate is simple but not easy. By simple, I mean the basic strategies are not complicated, the formulas are essentially eighth-grade math, and does not take a genius IQ to do so. It is not easy, I mean hard. Be willing to do the job, put in the time, and give up some things now to create wealth that can be enjoyed in the future. Real estate is one of the simplest and safest ways to create sustainable long-term wealth, but it takes time and effort. I started investing in real estate when he was 20, I became financially independent (ie, he could live off the income generated from my real estate investments) at the age of 23, and became a millionaire at age 27. Think about this: it took me seven years to reach millionaire status. Today, often earning $ 1 million or more in a single, but did not start that way, and neither will you. But if you want to make the investment of time and energy, if you take advantage of the expertise offered by successful investors probably can become millionaire in a much shorter time than it took me to do. So turn off the television, he left a sports magazine, Internet chats, and make a commitment to do what it takes to achieve financial freedom and true wealth. And that, my friends, is the best way to start in real estate. Russ Whitney, president and CEO of Whitney Information Network, Inc. is a world leader in property investment and financial training camps. He is the best-selling author to create wealth (Simon & Schuster); Millionaire Real Estate Mentor (Dearborn Trade Publishing), and the Millionaire Real Estate Mindset (Doubleday). Russ Whitney has also produced numerous successful investing training and personal development in the overall wealth-building, real estate investment, securities investment, communication, sales skills, credit, and more. For more views and comments of Russ Whitney, visit his blog at http://www.russwhitneyblog.com, for more information about their training programs, visit http://www.russwhitney.com
