Place The Odds Of Starting A Successful Real Estate Business In Your Favor

Place The Odds Of Starting A Successful Real Estate Business In Your Favor
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Few industries are as vast and complex as the whole of the real estate investing sector, but that doesn’t mean you have to subject yourself to every bit of information that finds itself at your doorstep. To take on the responsibility of doing everything the real estate investing community has to offer is a feat few have the mental capacity to fathom, let alone attempt. And while ambition is an investor’s greatest asset, the complexity of this industry can add up quickly, which can ultimately make the idea of becoming a real estate investor more daunting with every passing hour.

It’s worth noting, however, that investing in real estate doesn’t need to be nearly as intimidating as inexperienced investors make it out to be. There are things you can do to make the transition from a nine-to-five into a real estate investor much easier, and it all starts before you even spend a single penny.

Over the course of your early investing career, it’s important that you make things as easy as they can be. If for nothing else, there is already a lot to convolute even the most focused investor’s aspirations; the last thing you need to do is make it more difficult than it needs to be. That said, here are three tricks I recommend using to make getting started a lot easier.

1. Invest In Real Estate As If It Were A Business

Aspiring investors need to treat their respective industry as it deserves to be treated: Not as a hobby, but rather as a business. Only those who wholeheartedly commit to becoming a successful business owner will be able to realize their true potential as a real estate investor. Anything less may very well result in some degree of success, but only those who execute from a professional standpoint will find themselves rewarded accordingly. If for nothing else, the real estate industry will only return as much as you put into it. Why not give it your all?

As far as I am concerned, real estate investors are nothing short of business owners. I maintain that every great real estate investor was founded on the back of solid business principles, and there is no reason you can’t follow in their footsteps. With that in mind, I encourage every new investor — regardless of their experience — to mind due diligence and implement a well-devised business plan.

As the foundation on which you will build your company, a thoroughly crafted business plan should detail each and every nuance of running a business — small or big as they may be. From there, identify your specific goals and when you hope to achieve them (don’t hesitate to frame out your business plan for the next decade). The more detailed you are, the better, so don’t neglect the urge to put a lot of time into drafting a plan of your own.

With a properly founded business plan in place, you won’t only find it easier to run a real estate investment company, but you will find it easier to run a real estate investing company with promise. The business plan alone will serve as a powerful reference; one to call back on in times of need. At the very least, a business plan can help you navigate what can — at times — be a very confusing industry.

Remember, hobbies are just that: hobbies. If you hope to make a living off of investing in real estate, you must treat the industry as the business it is. The second you underestimate it, you will miss out on potentially life changing opportunities.

2. Work Within A Niche

You don’t need to know everything there is to know about investing in real estate to be a successful investor; you just need plan. But what kind of plan?

It’s in your best interest to devise a strategy that allows you to divide and conquer; not in the literal sense of course, but rather a figurative one. That way, seemingly impossible tasks become manageable overnight.

Instead of biting off more than you can chew, which is a lot easier to do than you may realize, try taking it one step at a time. It’s entirely possible to invest in real estate without fully grasping the dynamics of every exit strategy, and it’s what most new investors should consider before they expand their horizons.

Focus your efforts on one individual task — no more, no less. In pouring all your time into one area, you are much more likely to realize success. In doing so, you will find that the mountain that is real estate investing can quickly become a mole hill. It’s how the best investors started, and there is no reason you shouldn’t do the same.

Choose one particular investment strategy and focus all of your efforts on learning everything there is to know about it; only then will you truly be able to master your craft. Devote all your time to perfecting a niche and your efforts will be rewarded accordingly. Before you know it, you will become well-versed in one particular area of real estate investing, which is plenty to get your business off the ground.

3. Find A Mentor

Over the course of my investing career, I have learned many valuable lessons, but none more so than those that were imparted on me by my predecessors. If for nothing else, people have been successfully investing in real estate long before I was even born, and there is no reason we can’t use what they know to our advantage. The knowledge passed down by those that have come before us is nothing short of a roadmap; one that can place the odds of investing successfully on our side.

That said, it’s in your best interest to consult with others that have achieved the very thing you intend to: real estate investing success. I want to encourage any aspiring real estate investors to seek out the assistance of professionals that have already realized success in the same area they hope to partake in. Remember, there is no reason to reinvent the wheel. If there is already an objectively better way to go about investing in real estate, there is no reason you shouldn’t at least consider it.

Find someone that you consider to be an expert in the field you want to work in, and uncover whether or not they would be interested in teaching you a few things. Perhaps you could even form a partnership for your first few deal or so. Regardless of the scenario, you want to place yourself in a position that will enable you to learn from someone that has already been there and done that. With the right mentor in your corner, you will find that the learning curve isn’t as great as you once thought it was.

Investing real estate was one of the best decisions I ever made, but that doesn’t mean it’s as easy as today’s reality television shows make it out to be. It does require hard work, and there is no substitute for due diligence. It’s worth noting, however, that there are tricks to make starting your own career a lot easier. And while they won’t make investing in real estate as easy as tying your shoes, they can make the learning curve a lot easier to bare. I maintain that these simple steps can make it a lot easier for new investors to get their careers up and running.

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