Great Starting Ideas For the New Real Estate Investor
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Great Starting Ideas for the New Real Estate Investor
Introduction:
Starting in real estate investing can be daunting, but with the right guidance, you can set yourself up for success. John Paul Moses, the founder of the Local Memphis Investors Group, shares valuable insights for aspiring investors. Inspired by "Rich Dad, Poor Dad" by Robert Kiyosaki, John Paul embarked on his real estate journey and has since gathered a wealth of knowledge to share.
Education and Preparation:
Diving into real estate requires thorough preparation. John Paul began by scouring the internet for articles, discussion forums, and newsgroups to educate himself about the industry. He also connected with experienced investors like Matt Scott, who runs dealmakerscafe.com, to deepen his understanding of real estate terms like escrow, mortgages, and trusts. While the internet is a fantastic resource, John Paul advises caution with real estate courses, emphasizing the importance of selecting valuable content.
Building a Network:
One of John Paul’s first steps was to announce the formation of a real estate investors group in the local paper. Despite having no prior deals, he gathered a community of 16 eager learners, eventually growing the group to over 500 members. Networking within these groups is crucial, as many of John Paul’s deals involved members of his association. Collaborating with motivated individuals and understanding the financial landscape, including access to hard money lenders, is key to building a successful network.
National and Local Associations:
For investors in different cities, joining the National Real Estate Investment Association (REIA) is highly beneficial. It provides support and connects local groups with valuable resources like hard money lenders. John Paul highlights the importance of modeling existing groups instead of starting from scratch, suggesting collaboration with national board members to gain insights.
Marketing and Action:
Promoting your services is essential. John Paul invested $87 in magnetic "We Buy Houses" signs for his vehicle, which yielded a $12,000 profit from wholesale deals. He emphasizes that potential embarrassment shouldn't deter you from effective marketing strategies.
Overcoming Fear and Continuous Learning:
Fear and over-analysis can hinder progress. John Paul advises new investors not to panic and to allow a six-month period for learning. He recommends tele-seminars, internet resources, and library books to build a strong foundation of knowledge.
Conclusion:
Starting in real estate investing is about taking informed and fearless steps. By building a network, leveraging resources, and continuously learning, new investors can navigate the industry successfully. Follow John Paul’s advice, and don't let fear hold you back from seizing opportunities in real estate.
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