In Real Estate you cannot stay disconnected from the industry and sit for long hours on your computers and keep researching, you have to kick your comfort zone and get out of it to explore opportunities and start working on them.
Master One and add other things later
Real estate is too big, putting everything in one dish is not a smart move, master one skill in real estate, it can be anything between Flipping, Wholesale, Lease, Renovate and Flip etc, For example, Flipping, I can say that I am really good in flipping the properties.
Master one thing and expand to other things later.
Get a Coach, Invest in yourself
I being good at flipping, I hired a coach who was an expert in the thing I was doing, he used to charge $1200 a month pretty large sum of money but we recovered a year’s worth of coaching cost on the first deal of $30k, it cannot be said as an expense but can be said as an investment with better ROI.
Being a flipper we generated dozens and dozens of leads, also some leads we put them to trash because it was in a neighbourhood I didn’t like, but marketing expenses increased and we were tight on cash, my coach said remove leads out of the trash and we will start wholesaling.
This is the benefit of hiring a coach, a mentor helps you in your hard times and makes you capable of taking right decisions out of your comfort zone.I had four buyers on my list but now it is two thousand buyers.
Get involved and offer value
Networking is the keystone for adding value, without networking adding value is near to impossible. Let us understand it by example. I’m buying a mobile home park. I networked with the people who owned a mobile home park, I went to them and they had a clear idea of what I needed from them, it was to learn about how to purchase, renovate and operate a mobile home park. It’s a learning curve but no profit.
Either way I could create a win-win situation for both of us. I would state those mobile park owners as, “I will bring you contractors or deals because that’s what I can offer in exchange to help me understand what I need. ” This can be a great conversation starter and also it will add to your network, this will get you profit as well as learnings
Conclusion
If you are a newbie and want to pursue a career in real estate you should master one thing and keep learning, keep networking. Hire a coach, and don’t see it as an expense, change your point of view and look at it as an investment, never forget to give value to the people first and then promote things.
Source – Interview with Real Estate Investor Russ Scheider