When you get started investing in real estate, it is important to focus. There are many ways to create wealth when you get started investing in real estate, but you don’t want to be chasing everything that comes your way, especially if you are just getting your feet wet.
Many investors will do some research or attend a weekend ‘boot camp’ and come out all pumped to it, which is great. Where it can start to fall apart is when they try to implement every technique they have learned... sometimes on the same deal!!
As a beginner, you should pick the one or two avenues that interest you most and stick with them. Once you make them work, you can then move on from there. If you start trying to implement every strategy and apply it to every deal you find, guess what you will accomplish? Not much!
Your momentum will slow, and you will likely lose belief in some of the things you learned. Before you know it, you are back where you were before you started investing in real estate.
A great way to start investing in real estate is to consider flipping a house. It can take months before you find the right property. During this time, don’t let yourself get distracted with other opportunities. Focus on getting started and keep your end goal in sight.
As you gain more experience in real estate investment, you will continually add new approaches to your portfolio. You may become a jack of all trades but remember that each endeavour you participate in requires a strong focus. It takes time to learn how to juggle - but it is possible! Once you know that you can handle one situation, there is no reason why you shouldn’t be handling multiple situations all at the same time.
When starting your journey, keep your eye on the goal, focus on where you want to be and will be. Pick the one or two strategies that are going to take you there and focus on finding investments geared towards those strategies and make them work.
There will be times you are tempted to run in another direction and start a new chase for something else. Be careful! This is how you lose your focus. Do one thing well and then chase the new shiny idea. Otherwise, you risk starting right back at square one each time you change direction.
There will be bumps in the road, but you will learn along the way. Learn from others' mistakes before you make them yourself.
For anyone who has just started investing in real estate, it is important to get the first one done and make it a milestone. Then everything else is starting from that point, and the best part is that point will be further along the road you've been travelling than anyplace you have ever been before.
Whether you’re a novice or a sophisticated and experienced investor, the real estate industry presents a golden opportunity to invest your money and grow that investment if one takes the time to research the many vehicles available.
If you are thinking of becoming a real estate investor yourself, or you are already an investor and would like to leverage your current investment(s) into more properties, or you are looking to sell one or more of your investment properties, give me a call at 905-683-7800.
I’ll be more than happy to answer any and all of your questions and help you with all your real estate investment needs.
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Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com
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