Here is where we will go into what NOT to do when it comes to investing in Real estate. I will go into some situations to avoid. Then we will discuss the best way to invest in real estate that will grow your portfolio and add wealth to your financial plan.
So, in starting out your journey to real estate investing, you don’t want to do this process by yourself. There are too many technical aspects of this industry that require skill & experience and if you are just starting out thinking you can handle an investment project by yourself, prepare to lose Time & Money.
Another item to mention on the DO NOT DO list: Do not pay for expensive training where it leaves you with no money left to go out & execute what you have learned. There is a balance to everything. Learn to pick & choose what you want to learn and based on the cost involved examine how that will affect your overall business budget. Training & education by itself has its place but it will not generate revenue for your Business. Your budget has to consist of on-going education and an on-going budget for marketing & down payments for investment properties once you get to that point. (Hint: It doesn’t have to be money out of your pocket.)
So now we move into what we Need To Do List. We need to gather a Team of professionals to help us make the best investment decisions possible. It all starts with a GamePlan. Once your gameplan has been finalized, then we can utilize the strength of this Power Team to execute and bring deals to the table & purchase with your existing funds or present as a package to financial partners that will cover the financing part of the transactions. Once a plan is in place, and the Power Team members know their roles, it’s all about executing the system to acquire-rehab-select tenants-property management to manage the tenants- cash flow comes in via rental payments.
So, the way to build wealth in Real Estate begins with a Master Plan that includes a Power Team working a System with you that generates profits on the back end. Once the first investment property is cash-flowing, all you do is repeat the cycle again. To create your Master Plan, click here.