People often ask me, "how to get started investing in
single family homes?"
Before answering I ask them a question.
"What is your outcome or goal that you want to accomplish."
This answer usually frustrates them for a couple of reasons. One is they have no idea what they want. Two, they want me to give them the Dr. Phil answer, which is how they can make their life perfect in one sentence or less.
Just watch Dr. Phil's show. Near the end, he tells them one or two things they should do or change. That sounds wonderful, and everybody claps and is amazed at the excellent advice he gave.
Oh, if life were that easy, we would all be in better shape.
Lets, face it they are on the show because they are a complete train wreck. They are like a train with no track. Would we watch if they were all living healthy, well-adjusted lives? Of course not.
Using the analogy of, "a train with no track," think about it. They have all that energy and emotion are spewing in every direction and it's going to waste.
There is no direction; they have never sat down and figured out what it is they want. The lack, of course, is for many reasons too numerous to go into here.
Now back to the original question. But you get the point. When I was selling franchises, we used a saying,
"people spend more time planning a two-week vacation
than planning their entire lives."
The sad thing is that saying is true.
Do you know why you want to become a real estate investor?
What do you want real estate investing to provide for you and your family?
You need to know these things; otherwise, you are the train.
Have you ever sat down by yourself or with your spouse and mapped out your goals? You should!
When I ask people, "what are you looking for in real estate?" The number one answer is "a deal."
then I ask what does a "deal" look like? They have no idea. No tracks, going back to our train example.
Here in Los Angeles, we have everything from war zone property to $100,000,000 commercial properties.
You can't possibly be proficient in any of them when you are that spread out.
So, how do I get started investing in real estate?
You need to find a niche and specialize in that. It doesn't matter what the slot is, but you must have one.
It could be in a specific area, only single-story houses, multi-family, foreclosures, a particular size of homes, such as 1,200-1,800 square feet, 3 bed / 2 bath, two-car garage.
For me, the single-family house is my focus. They are everywhere, and people get into trouble for numerous reasons (divorce, job loss, job transfer, downsizing, up sizing, health reasons, death) and need help to solve their problem, sometimes a realtor can't help them. I have found the median price range the best.
Without knowing your starting point and where you want to go with real estate investing, you will be lost.
Would you get into a plane with no navigation equipment and not no idea where you were going? Absolutely not.
Real estate investing is a business, and you have to treat it like one. You are the business owner, and you need to act like it.
You can build a multi-million dollar business providing you and your family a fantastic lifestyle and a very secure retirement.
The truth is, unlike what you may see on TV you will have to work and put in some effort. Not ditch-digging hard labor work, but dedicated work if only part-time.
Go to seminars and classes on different ways to start buying real estate. Find one you like and start applying what you learned.
It will be difficult at; first, anything new and worthwhile usually is.
When you were little, you saw everyone around you walking.
You didn't think how do I get started. You just took action!
Your brain said we need to learn to walk. So one day, you finally pulled your way up to standing but abruptly fell.
Did your mind tell you well we tried that, it didn't work.
We'll have to crawl the rest of life our life.
You kept trying until you could walk even if you were wobbly. The more you did it, the better you became, then one day you could run, imagine that.
That happened because you persisted you probably fell hundreds of times but never quit.
Here is a guy who didn't quit:
Think of almost anything you've ever done in your life, and when you started, it was awkward, complicated, or hard, but worth it.
I guarantee that if you take this business seriously, you can do it.
Did you know that most people who attend real estate investing classes or seminars never even open the course they purchase?
People are excited at the event, but when they get home, it's back to the routine and nobody to pump you up.
Many years ago, when I was selling franchises in Waco, TX, we would give a day and a half presentation on the entire business.
People came there looking for something because usually
they were unhappy or hated their jobs.
The people were searching for something that was missing in their lives. When they arrived they spent two days at the company seeing everything and meeting the top executives.
Before they caught their flights home,
...they had a more positive outlook because many of them could see an answer to what they were looking for.
We would call the next day to see followup and answer questions. Some were still positive and wanted to move forward. Others had a massive cloud of fear, doubt, and worry.
Terrified, something terrible was going to happen if they moved forward.
Do you remember the jack in the box toy with the crank on the side that you turned until the top popped open? It was like...
when they got home. Someone started turning the crank and out popped all the positive information they were excited about.
When you start getting all the negative crap in your head either from your internal voice or all the other people (friends, family, co-workers) around saying you're crazy. That only means they don't believe in themselves to be able to do it.
When they say, it can't be done. What they are saying is they can't do it, and they would rather work at a job they hate than take a risk for something greater.
The biggest hurdle to getting started in real estate investing is the gray matter between your ears.
Another saying we used was "people spend more money on the outside of their head (with haircuts, coloring, special shampoo, conditioner) than the inside." (knowledge) That is a true but scary thought.
The mechanics of How To Get Started In Investing is the easy part, the difficult part of the equation is your mindset.
I invite you to attend one of my 3 day seminars for free.
You can also bring a spouse or business partner free.
Absolutely no obligation, catches, tricks or shenanigans.
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