Investing In Real Estate - 3 Simple Steps To Ready, Fire, Aim
You may think that I messed up the whole ready, aim, fire play, but when you are investing in real estate, having those out of order can make a lot of sense (and money!)
Investing In Real Estate Step 1 - Ready
Get ready, have your plan in place. Simply stated, know what you want to get out of your real estate investment. Is it long term capital gain (appreciation) or is it cash flow, or maybe it is a combination of both. This answer may be different for everyone and as times change, these answers may change as well. You should have an understanding of what you want, so make sure you have a real estate plan of action. If you do not know what you want from your investment then you will get just that (you will not know what you will get). Knowing and focusing on the end result will give you the insights you need and the questions you will want to get answered.
Investing In Real Estate Step 2 - Fire
That is right, Fire! I know you are thinking this goes against conventional wisdom, but if you follow successful investors they all have the same trait. They take action. We see "wanna bee investors" continue to be wanna bee investors all their life. They spend so much time doing their so called diligence that markets shift and they never take action. When you are so busy aiming hoping to make sure you do everything 100% correct so you have no mistakes or challenges, you miss the opportunities all together. Trust me, I have been investing for 35+ years and I am here to tell you, you will make some mistakes. Everyone does and if you never take action, that will indeed be your biggest misfire of them all. Get an end result plan in place and fire!
Investing In Real Estate Step 3 - Aim
Now you can Aim. The way you will know if you can hit your target is by pulling the trigger and seeing where you end up. Only then can you make the needed adjustments and learn from your misfires. To be a perfect aim-er takes practice. You cannot continue to aim forever, so take the action and fire. Analyze your results and then you will have a much clearer picture of how to hit the target.
All too often people get hung up in analysis paralysis. While they are taking aim, they are looking into so many things that they totally lose their focus altogether. You cannot hit a target once you have lost focus. The best way to hit the target is to fire, make minor adjustments, (if needed) until you are a perfect shot.
Remember you can only hit a target once you pull the trigger. Happy investing.
Need a hand figuring out where and how to get started investing in real estate, please feel free to give me a call for the latest Equity Builders Group approved markets and properties! +1 941-718-7761