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Investing in real estate and making money is something newbies always ask me about, click here. Real estate investing is a lot like life in that it’s all a matter of perspective. There are rich investors I know with hundreds of properties and other investors who can’t seem to get ahead. The key is that when you’re investing while you have a day job read this Investor Today article, get more out of real estate investing by knowing what works and what doesn’t.
1. Specialize
Do you what business has the highest failure rate? It may be a shock to find out that it’s restaurants. Generic menus designed to have broad appeal are actually the biggest reason they fail. Unfortunately, the “jack of all trades, master of none” never works. Even if you know 25 ways to do a creative deal, a new investor should focus on wholesaling real estate, short sales or lease-options. Even if you know that many techniques, focus on no more than your best 2 constantly. Otherwise, without a clear focus you won’t be able to have lazer-sharp focused marketing.
2. Learn how to market
Do you know what else causes most businesses to fail? They don’t know how to bring in a steady stream of customers. Matthew David’s The Investor Today website has a run down of the top 10 real estate marketing techniques and the various costs of some of them, including some marketing ideas that are free. You can’t succeed without a steady stream of motivated sellers. Imagine if you built a website but no one had a means of getting to it. Real estate investing with a marketing plan is just like that.
3. Use Your Day Job
A friend of mine used to develop his leads simply by putting up single page advertisements with the pull off tabs at all the 7-11s, grocery stores and Laundromats. He copied his flyers at work for free using their photocopy machine. If you open your eyes to real estate investing, your current job may have a lot of tools that can help assist you with getting started. Pursue full time real estate investing by using your day job to assist you, not hinder you.
4. Plan ahead
JC Penny is famous for saying, “Show me a stock clerk with a plan and I’ll show you someone who will change history. Show me someone without a plan and I’ll show you a stock clerk.”
A plan of action to get from A to B for eventually leaving your day job and becoming a full time real estate investor is the only way to get there. The Investor Today website (www.theinvestortoday.com) has free real estate investing course on wholesaling that will teach you how to get started for free. Get there with a customized plan written for you that will guide you and motivate you into leaving the hated job.
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