Thinking of getting into real estate investing? A bit overwhelmed? We’re here to help! At Cork Valley Properties, we began our real estate investing journey back in 2016 when we decided that we wanted to start our own business. We knew that there was a lot of preparation that was needed until we bought our first property (which wasn’t until December 2018!), so we got to work! Keep reading to learn tips on how to begin your real estate journey.
1. Hit the Books!
First and foremost, educate yourself on all things real estate investment. We recommend any books written by the folks at Bigger Pockets. Two of our favorites that have helped us shape our business were “The Book of Real Estate Investing” and “The Book of Managing Real Estate Properties”. These books are filled with tips and strategies to help you first purchase homes, and then manage them properly (if keeping them as rentals). There are plenty of different authors and books out there to check out, so find a style that matches your goals and one that you connect with. This will help you shape your business into what you want it to be!
2. Plan, Plan, Plan
Businesses take planning, and lots of it! When we decided we wanted to venture into the real estate business, we sat down and mapped out what our business goals were and what we were going to need to do to accomplish those goals. Take your time and think of what you need for both your short term and long term goals. Focus on what preparation you need – different resources you need to look into, what area you are looking to invest in, etc. Effective planning will provide you with a road map that will keep you from getting off track.
3. Network
Some say, it’s not what you know, it’s who you know! Put yourself out there and meet with other real estate investors in your area. See if there are any networking groups that meet regularly – you can learn so much from other like minded individuals! These networking opportunities will also help you connect with others that you will need to work with to build a successful business such as accountants, real estate lawyers, real estate agents, and contractors. While networking you may also be able to get yourself on some wholesaler lists that can lead to your first purchase!
4. Take the Leap!
You’ve put in the work, made the preparations, and are educated on all things real estate investing – now go! Don’t hold yourself back or tell yourself that you ‘can learn more’ before pulling the trigger on purchasing a home that meets your goals. If you continue to say ‘what if?’, then you may never reach your goals as a real estate investor. Do your due diligence and put in the offer, you got this!!