Being a real estate expert was always a dream of mine, and it was quite the journey to get to this point where I feel like I fully understand this field. Real estate investing always attracted me because it’s exciting, fast-paced, and has the potential to be very lucrative, but it truly is a world of its own.
Understanding the world of real estate investing takes some time and dedication to studying it as you would with any new skill, but there are some things you’ll really only learn once you get started. That can be the challenging part about getting started in real estate investing: some lessons you’re going to have to learn firsthand.
But I do have a confession to make. There are a few things I wish I knew before I got started in real estate. And here are three of them.
Location is as big a deal as everyone makes it seem
You’ve probably heard the saying “Location, location, location,” and it’s not just an over-hyped phrase. Location is really key in real estate, but especially when it comes to investing.
Whether you’re looking to rent a property out, flip it, or renovate it, the location of that property is going to play a huge role in your success. Of course, everything can sell or rent at some point.
But if the location is not ideal, you’re going to have a much tougher time than if the location is amazing. So keep that in mind when you’re scooping up investment properties.
Having a mentor or mentors can go a long way
You can study the books, you can listen to the podcasts, you can even start to walk the walk. But having a more experienced real estate investor in your corner who can advise you or guide you is a huge advantage.
You may be wondering how you can find a mentor. Well, you might be able to find one in your area, or in your state, who you can reach out to. But if competition is an issue, choose an investor in a different market.
In general, people usually love to share their wisdom, especially if you can find a way to make it worth their while. Maybe there are some deals you can send their way, or a way you can work together on a project, for example.
You don’t have to go at it alone
When you’re a brand new investor starting out, it’s like going to be just you going at it. Maybe you have a spouse involved as well, but getting started in real estate investing is typically a solo venture.
But that doesn’t have to be the case, especially if you plan on expanding. Don’t be afraid to reinvest in your own business, to add team members and help you scale.
Even having one or two trusted people in your corner can make a huge difference, so you’re not bearing the weight of the work all on your own.