Passive Income

Seven great first steps in real estate investments

seven-great-first-steps-in-real-estate-investments

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"I want to start investing in real estate. What is the best first step?"

I am asked this question quite often and how I answer people has changed over time.

I realized that There is no perfect best move. The key is to just invest and get started something.

What could that be something? Well, here are some great first steps:

Great first step for real estate investmentsWaiting list discount available for a few days.

1) Find out your goals and write them down

Ultimately, I see real estate investments simply as a vehicle. It is a vehicle that helps me achieve my ideal life.

Isn't that the point of all investments? … to take you to a place in life where you feel controlled, safe, free, etc.

So many people start the journey without knowing exactly where they want to land. This is like traveling without knowing where you want to go. I think that's why so many people find it so difficult to figure out the roadmap.

So the key is to determine exactly what you want to achieve and when you want to achieve it.

I am a fan of the SMART system for creating goals. Here's a contribution.

This is a great first step.

2) Read books

Books are still relevant today in all the different media that are available to us. Yes, it usually takes a little more engagement than 5-10 minutes to read a blog post.

But the depth that you can reach in a resource is powerful.

I have to spend more time telling you about the power in books. We all know that we have read many of them for education in our lives.

Here are some of my favorite books.

This is a great first step.

3) Read blogs / forums

I hear from people who say they don't have the time to read an entire book. It is sometimes the initial resistance to the commitment to an entire book that prevents people from starting their investment journey.

I wonder if it's really a time problem or has more to do with being out of your comfort zone. We all like to stick to things we are familiar with.

So I tell them to start reading blogs article by article. Or go to forums and read a thread.

Anyone can find 2-3 minutes during the day while waiting in the coffee line before a case begins or wherever (get creative). Sometimes people can get a nugget of wisdom even from the shortest point.

That could inspire someone enough to want to know more.

Here are some of my favorite real estate investment blogs.

This is a great first step.

4) Listen to podcasts / audiobooks

You may not have time to sit and read, but there is no doubt that you will find some time to listen and record information sometime in the day.

I find the best time to continue my education, in the car or when walking with my dogs. This way, I don't use more time a day to do this. It's just a better use of the time I would spend anyway.

There are so many amazing resources in audio form today. I listen to podcasts, audiobooks and even book summaries. Any book in the list above can be found as an audio version.

Regarding podcasts, here are some of my favorites. This list is not property-specific, I will have to compile it soon and will update this post with it. Of course, I've started my own podcast since then, focusing on creating multiple sources of income, including real estate investments. Watch the Passive Income MD Podcast here.

Ok, I don't know if it's obvious now, but this is a great first step.

5) Go to a real estate meeting / conference

I still remember what it was like to go to my first meeting with real estate investors. I went alone and knew no soul there. I felt out of place, but I was determined to learn more. So I talked to people, sat down and heard stories and some strategies. I felt like my eyes were opened to a whole new world and I learned a lot.

Since then, I have committed to attending at least one major real estate conference every year. I think it's important to get involved, network, learn from others and find a community of like-minded people.

There were times when I learned more from a conversation at these conferences than weeks when I read online. It is powerful.

This is a great first step.

6) Talk to a friend / colleague / family member

I am confident that you know someone on your network who has experience investing in real estate. It may not be someone who is very close to you, but it may be one of the doctors you interact with occasionally. Maybe it's a college friend you haven't spoken to in a while. Maybe it's a family member.

Whoever the person may be, use the first-hand experience of people you trust to guide you.

It might be uncomfortable to approach someone on the subject at first, but I've learned that people who invest in real estate love to talk about it. Nobody got where they are (if they are successful in real estate) without guidance and help along the way.

They are usually more than willing to share their experiences. So seek out these people and ask how / why they started. See where it takes you.

This is a great first step.

7) Take a real estate investment course

I don't know if it's just me, but every year I feel like I have less and less time to do all the things I want to do. I was very focused on maximizing my time.

I am also interested in highly profitable content and resources. The most limited resource we have as busy professionals is TIME, and I think my time is extremely valuable.

As doctors, we earn a decent income, but what good is it if this money can't help you free up your time?

Instead of spending hours and hours aimlessly searching for the right resources and information, I will take it if I can find a course that speeds up my learning and shortens the learning curve.

Yes, I've spent thousands on these courses over the years, but it saved me hundreds of hours. And I would rather spend this time with my family and friends. They also saved me from making big mistakes, and that's worth a lot.

Shameless plug, but I want to mention such a course. If you want to learn how to safely invest in passive real estate deals, visit our Passive Real Estate Academy course. Waiting list now open, regular registration will be open soon, but it will only be open for a short period of time.

This is a great first step.

What should the first step really be?

How do I answer people now when they ask me what should be their first step? Honestly, it's usually number 1 above – I ask you to define your goals.

But if they have taken care of or want to do what's next, I ask, "What do you think you should do?" The great thing is, they already know the right answer. It is everything that sets them in motion and takes action.

Like most things in life, the first step usually leads to the next, and once inertia is overcome, the momentum takes over.

What is the first step for you if you haven't started yet? What do you think you should do

Great first step for real estate investments


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