We all have goals and aspirations we would like to achieve when trying to build wealth from real estate. You can begin a new goal anytime, but there is something about the start of the new year that fosters hope and determination. In our latest post, we will discuss the steps needed to build wealth from real estate over the next 12 months.
Anyone can begin investing in real estate. Investors have started with little to no money and built long-term wealth for themselves and their families. While some investors do acquire their real estate licenses, there is not a requirement for formal schooling or expensive training. What it does require is a dedication to knowledge and a drive to keep pushing forward. Learning about the local real estate market, real estate laws, the latest technology, and general construction matters are all great topics to study and important for continuing to grow and develop. That said, some of the greatest lessons will be learned from doing.
Hit The Books
Both the literal and proverbial books. The most consistently successful investors (and business professionals in general) make it a point to never stop learning. Read books on investing, research the local markets, join local investment groups and devour as much knowledge as you can. We have a great investment group right here in Kansas City if you would like to dive in and network!
The markets are consistently changing, and new technologies seem to pop up every other day. Stay in touch with what is happening in your market and ask fellow investors and people in real estate groups for their recommendations. If you don’t want to buy the books, check them out at your local library. Often, both hard copy and ebooks are available. Every successful investor will have their favorites and most won’t hesitate to guide you to them. You can also find some great books on how to Build Wealth From Real Estate by checking out the great selection at Amazon!
Make A Plan
Make a plan for how you want to start and where you want to end up and goals to hit along the way. Don’t just wing it, make note of all the things that need to happen in order for you to get there. Create a proper business strategy and execute. We recommend trying lean canvas. It is a one page business plan that contains everything you need to get started and it is free to fill out online. By having a plan, like lean canvas in place, you will be able to better understand your goals, ensuring the habits you have are working to get you there. Don’t be afraid of failure, in the long run, your failures will teach you more than a book ever could and a small setback is always an opportunity for you to learn.
Set Attainable Goals
The goals laid out in your plan need to be attainable though not ridiculously easy. Setting unrealistic goals will only foster discouragement. You won’t work as diligently if you are unmotivated, and to stay motivated, you will want to feel as if you are crushing your goals. Remember, it doesn’t happen overnight. Set many small goals over the next 365 days, which will amount to big changes by this time next year. Some of these goals will be building blocks and some should make you push yourself. When creating our business and personal goals, we strive to incorporate Kaizen. Kaizen states that your goals can be reached through continuous improvement over time. Always aim to improve and innovate your methods.
Find A Mentor
Finding the right mentor can change your life. Many successful people want to give back and help those that are taking that same journey that they did. By working with someone who was once in your shoes, you will be able to learn strategy, technique, and investment tips you couldn’t find anywhere else as well as potentially skipping a big fail that they themselves fell into. Look for someone whom you would like to emulate. If somebody’s strategy, method, or level of success is appealing to you, reach out to them. Always be polite and make a proper appointment. Explain that you are learning, and offer up your assistance in exchange for some of their knowledge. You never know where that act could lead you so don’t be afraid to go for it!
There are all sorts of apps, software programs, online forums, knowledge databases, and local websites immediately available to you to build wealth from real estate. As they say, you can find just about anything if you just look hard enough and that’s no different here. You may not want to use or implement everyone or everything that you come across, but it is important to keep your finger on the pulse of what is going on. Even if an app isn’t right for you, it is important to understand the tools other investors are using and to be willing to learn new systems and try new things if it improves your business. There is an abundance of information available online. The majority of property information is public record, allowing you to do extensive research about sales and community data without ever leaving your office. You should also take advantage of some of the excellent organizational and note-taking apps available to you. By staying organized, you will be able to keep yourself primed to find the best investment deals out there.
Have The Right Team
Over time, you will meet more and more people working in your industry and ours is one where networking is king. It’s important to make note of the people who are working hard for you and those who only do the bare minimum. You’ll be able to build a strong team of people who can help you in reaching your goals. Your team member should include a good accountant, lawyer, a local Kansas City real estate agent, and a professional buyer and seller you can always count on. At Mastiff Home Buyers, we pay great prices for investment properties. We can also provide excellent deals to local Kansas City investors.