Unfortunately, many of us are not exposed to the pitfalls and dangers associated with chasing the dream. That's because when we begin our chase, our goals might create additional stress with our jobs, family or other aspects of our lives. The beginning of any career is normally associated with a bumpy start or with loss of quality time.
Real Estate investing can help you put your financial picture and your family life back on track. One of the first things that RE investors are taught is to utilize "leverage", which is basically achieving a lot with a little. Are you committed to consistent effort to reach your "American Dream"?
Here's more good news! You don't have to be a rocket scientist to achieve great success in Real Estate investing but you do have to apply yourself.
The more you invest in real estate and in this case, I'll focus on Multi-Family Dwellings, the more time you will find for building your business, investing in yourself, and spending quality time with your family. Time is one of our most important assets and consistent effort will help you reap rewards in both time and finances.
TIP: Multi-Family Dwellings are considered to be 2 units and above.
The current market is a GOLD MINE for Real Estate Investors who know what they are doing. Ever thought of owning apartments, condos, townhouses, duplexes, four-plexes, six-plexes, or the like? Right now would be a good time to search those out.
TIP: 4 units or less is considered residential and 5 units and above are considered commercial.
To get started stay focused on two critical factors:
- Your goals
- Your reason why
Setting goals is essential. Make your goals attainable and specific. DREAM BIG but don't confuse dreams with goals. Goals are practical steps to achieving our dreams. Big goals are normally made up of many smaller goals.
For example, buying and selling multi-family dwellings is a BIG GOAL. You might want to start with smaller goals such as:
- Seeking out property within a 5-10 mile radius of where you live.
- Researching those properties and checking comparables. (comps) Comps are easier to get when it's 4 units or less.
- Consider approaching the Owners of those properties
- Plan your strategy in terms of negotiating a win/win deal for the property.
- Know ahead of time how you plan to acquire financing? Will you go through a traditional lender or utilize private money from other investors?
- Plan to close the deal.
TIP: It's a good idea to engage a competent real estate broker because they can provide a wide range of information, be a third party in negotiations, and can help keep emotions out of the negotiations. For 5 units and up, a Commercial real estate broker is recommended.
Put your goals in writing for two sound reasons.
- You can refer to them in the harsh light of reality. No rose colored glasses are needed here.
- You can have them in front of you at all times. It's too easy for people to "forget" their goals if they are elusive or nebulous.
Write down your reasons "why" you want to reach your goals. Writing your "why's" down will help you conquer fear as it comes up.
Lastly, for now, here's 5 Keys to Success that you should master. They will help you obtain real estate investing success:
- Understand risk
- Overcome your fear of failure
- Accept responsibility
- Be willing to persevere
- Define your purpose
NEVER let anyone tell you that you can't create great wealth in real estate investing, especially in Multi-Family Dwellings. Also, be prepared to have a sense of urgency when opportunity knocks!
Loni Nahinu
http://www.moneyorexcuses.com/
