Do you have a burning desire to venture into real estate investing but are short of information on how to get started? In this article, Jarret Willis, who works at Bespoke Real Estate Agency in New York, gives you tips on how to kick start your career.
However, Jarret Willis acknowledges that legal practices and laws are different for different states, and they are continually changing over time. Therefore, he advises that you consult with an attorney and professionals before venturing into any contracts or transactions.
1. Goal Setting
Ideally, this outlines what you want to achieve from your Real Estate Investing Business in the short term and the long time. Write a detailed step by step plan of what you want from this business venture and how you intend on achieving it.
This helps you put things in perspective and draw out challenges that you might face; therefore, you are more objective about going about this venture.
It is crucial to learn the ins and outs of any business before going into it. According to Jarret Willis, the best way to learn about real estate investing is by reading about it. There are innumerable books in the market on real estate investing, but Jarret recommends the following as his personal favorites;
â Getting Started in Real Estate Day Trading by Larry Goins
â Short Sale Pre-Foreclosure Investing by Dan Bent Twyford and Sharon Restrepo
â Be a Real Estate Millionaire by Dean Graziosi
â How to be a quick turn real estate millionaire by Ron Legrand
Jarret adds that books on negotiating and sales will also prove useful. Knowledge is not enough; success lies in how you practically apply the knowledge you have acquired from these books.
3. Learn about the Real Estate Market in your area
According to Jarret Willis, most real estate investors start their career in their scope then venture out into new territory after getting experience. He grew up in the Hamptons in New York and is now working in Bespoke Real Estate Agency, which is still located in New York. He explains that the reason for this is that you will feel comfortable in an area that you are more familiar with and get information on local real estate with ease. Additionally, it is also cheap to start when investing in your local market.
The different types of markets include; flat markets, appreciating and depreciating markets. Flat markets have little to no growth. They have low demand and operating in one you should buy just enough to fill everyone's needs. In appreciating markets, there are not enough houses. The demand for homes is very high, causing the places to be pricey. Depreciating markets, on the other hand, have a lot more houses than people to fill them. The prices of the homes, therefore, go down. Jarret Willis advises that you pick up several deals in a depreciating market since it will be much harder to find a great deal in an appreciating market.
Use Real estate brokers and experts in your area to get information about your market. How well you know the market in your neighborhood corresponds to success.
4. Build an effective team
Since you cannot be an expert in every aspect of real estate investing, you need a team of dedicated professionals to make your work as a real estate investor easier. You will need attorneys, appraisers, agents, contractors, title companies, home inspectors, property management companies, and mentors.
5. Find a Mentor
A mentor will guide you through the investing process step by step, teach you from their experience, support you, and give you networks to other people in the field. Jarret Willis suggests that you network with Investors at your local real estate investors' meetings.
6. Attend Real Estate Investing Seminars
Finally, make a point of attending forums where you can learn from well-known experts. This will help you grow in your craft as a realtor.