One of the questions that I commonly get asked is how to become a real estate investor?
Do you need good credit? Do you need a lot of cash? Is it hard to do? Where do you start?
And most importantly, what is your reason for becoming a real estate investor?
The answer to this question is very important to you and leads us to your first step.
The first thing that I suggest is to determine what your end goal is for investing in real estate.
By this I mean:
• Are you planning for retirement?
• Are you looking to build an investment portfolio?
• Are you investing for passive income?
• Or are you looking to buy and flip?
It is important to have your end goal in mind before you begin investing in real estate because just like the beginning of any journey, you have to have your destination already determined before you start.
So do you need to have good credit to invest in real estate? I say that having good credit will help you to obtain financing but it is not absolutely necessary to have good credit to become a real estate investor.
Do you need a lot of cash to become a real estate investor? I say that yes, it does help to have cash because it helps you to be able to take faster action on investment opportunities when they arise, however, there are ways to become a real estate investor without using your own money.
I typically work with clients to help them determine their end goal and then help them craft a real estate investment strategy based upon their end goal and their current situation.
I highly suggest that if you are brand new to real estate investing that you consider finding a mentor and working with a real estate coach like myself because a good real estate coach will help you become successful and avoid pitfalls that are common to new investors. They will also show you the steps you need to take to achieve your end goal, so you don't have to guess or take the risky route of trying it out on your own without knowing what your doing.
I also suggest that you find a good real estate agent that you can work with that will assist you as a buyer's agent because a good real estate agent that has experience working with investors can help provide you with vital information that you need to make a well informed decision on investment properties and can also help you find good investment properties that work with your investment strategy.
To recap, before you get started:
• Determine your end goal
• Search for a good real estate coach and/or mentor
• Find a good real estate agent to help you
• Do not try to invest in real estate on your own without any previous knowledge or experience
These are just some basic steps that you can follow to get started on the path of becoming a real estate investor.
And the most important thing to do to become a real estate investor is to get started now!
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