First Steps To Getting Started In Real-Estate

First and foremost, if you’ve identified you have an interest in real estate, you will quickly determine the internet has a TON of information available - it is very easy to be overwhelmed & therefore, this blog is short, sweet and straight to the point. In addition, we’ve added some resources we feel are tremendously valuable to somebody looking to learn a little more about real estate.

A few questions to ask yourself prior to starting:

• What brought upon you the interest of real estate?

• What type of investor do you wish to be?

  • Active: meaning, are you interested because you need to build a “side hustle”, replace your income, looking to expand your contracting company or anything similar that will require you to physically “work”.

  • Passive: are you an individual who finds themself with capital, extra savings, etc. that would like to find a suitable investment model that earns a higher ROI in comparison to your existing investment strategies?

• What is your ultimate endgame? Perhaps a tougher question for some, but I challenge you to ponder on what you hope to accomplish in the future, why real estate, what are you using it for? What would you like to build?

• What real estate strategy do you believe best suits you? Hint, explore the following list:

  • Assignments (otherwise known as wholesaling *which may or may not be legal depending on your location of residence)

  • Flipping

  • Rentals

  • Developments

    • Large developments such as agricultural land conversions

    • Infill

    • Other

  • Air Bnb (or similar)

  • Commercial

• Are you often times a self learner or called self taught? Or, do you rely on others and require more in-depth information such as coaching?

Once you’ve gone through that series of questions, use those answers as a guide. Below is a list of first steps, so to speak! Bearing in mind, these are from an explaratory point of view. More blogs are on the horizon, stay tuned.

1. Answer the above questions to serve as a guide throughout these few steps.

2. Spend a couple months doing the following:

   1. Speak to others in the industry, whether at events, coaches, other investors, social media platforms, etc. have conversations with others in the industry.

   2. Explore resources: podcasts, books, youtube, social media channels

   3. Review different strategies in-depth

3. After a couple of months, attempt to define the following:

   1. Is this for you?

   2. If so, are you going to learn this on your own or seek to get education?

   3. Have a defined end game

   4. Determine whether you’re taking a more passive or active role

   5. Determine your preferred investment strategy

4. Put together a power team which includes the following:

   1. Find a community or group that you can refer to for support

   2. Lawyer

   3. Accountant/Bookkeeper

   4. Mortgage Broker

   5. Realtor

   6. Insurance Broker

   7. Property Manager (provided you’re doing rentals)

5. Share your goals - which should have been somewhat formed based on the above questions and answers. Discuss with them (your power team) and learn what’s required, then assess your first steps to doing your first deal. I believe with the above noted team, you shouldn’t need a coach or a education but ensure they walk you thourgh step by step each and every component of doing your first deal.

6. Join local real estate groups and begin networking like you never have before - but, focus on delivering value first, don’t take.

7. Lastly, get familiar with these other areas:

   1. General principles and strategies (real estate)

   2. Financing

   3. Deal analysis

   4. Construction Analysis & Estimating

   5. Finding and negotiating deals

   6. Property management

   7. Legal and contracts

   8. Tax

   9. Business & entrepreneurship

   10. Philosophy / mindset

Resources:

• Podcasts:

  • Bigger Pockets

  • Everyday Millionaire

  • Property Profits Real Estate Podcast

• Books

  • Rich dad poor dad by Robert Kiyosaki (and any of his other books regarding real estate, finance, etc.)

  • Stefan Aarnio’s books (money, people, deal)

  • The Millionaire Real Estate Investor Paperback by Gary Keller, Dave Jenks, and Jay Papasan
    

• Youtube

  • Stefan Aarnio, some good stuff, some not so good stuff

  • Wholesale to millions

  • Matt McKeever

  • Passive Income Investor

• Instagram:

  • Arete Holdings Grp & Dakotah Charron, of course

  • Thach Nguyễn

  • Matt McKeever

  • Kory Mackinnon