Dabbling in real estate puts you on the edge of wealth...
But, being so close isn’t close enough when it comes to building wealth!
Commitment is needed. Confidence must be learned.
We have both been there… Wondering if this is the right thing to get us to where we want to be.
I was a corporate employee most of my working career. I owned my family home. But real estate wasn’t on my radar as a “moneymaker.” I guess you could say I was on the causal track, because real estate was always about a place to use, not an asset that generates profit.
I wasn’t in the right mindset until I meet Jeff at a holiday party at my house in 2008 (mind you, we weren’t friends at the time, just acquaintances). Jeff was telling folks a story about buying condos for less than $25,000. Watching from afar I could tell that my friends either didn’t quite believe him or they didn’t think a housing crisis was a good time to buy… but I was listening carefully, and when no one asked him to find them a deal, I did. Actually, I asked Jeff to find my wife and I two deals! And he did! Of course, I didn’t know anything about extending my real estate holdings and even less on making them profitable as rentals. But, Jeff was right there helping me through every step.
When we bought our first rental, which quite frankly was terrifying, we didn’t have any idea or plan on how we could buy another, let alone many more. After all, owning one rental was more than we thought we’d ever do and having it up and running was so exciting and stressful we just wanted to put it on autopilot for a while. So, we didn’t do much for almost a year. We were just getting used to owning a rental and managing it.
But near the end of the first year we knew that if this was how we were going to build wealth that we needed to take action because dabbling wasn’t going to get us there. So, I went on a learning binge on how to take one property and make it more… finding, funding, fixing, and renting. Actually, in the first three years we added seven rentals. And we haven’t looked back since.
Yet, there are a few common misconceptions about Real Estate...
The Real Estate Reality is...
It can take a lot of time, if you don’t know what you’re doing. However, having a plan and team in place helps to accelerate the process to build life changing wealth.
When you think something is difficult, it can be mind-blowing. But, having a mentor allows the way to be cleared so your goals can be reached.
Finding deals seem like locating a needle in a haystack. Though with a clear understanding of your end-client and what you expect, the search can become efficient and effective to getting your next property.
One of the great advantages of real estate is that you don’t have to have all of the money as you would if buying a stock. Learning how to leverage real estate is important to building wealth.
Here's how to get started in Real Estate...
Are you committed to creating real wealth? Or do you want to work a job and hope that one day you'll have enough time to live the life of your dreams?
Get clear on your vision
How will having wealth change your life and the lives of those you love? How will you use your new future to change your world?
Surround yourself with a strong team
Significant others are #1. Make sure you appreciate their point of view. The right Realtor is #2. Make sure he/she is educated in what you are looking for and why.
Have a simple plan
Make sure the goals build on each other. Be clear on when you need to get things done and by when. Keep track of the activities that others need to do for you.