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Start Investing with These 7 Steps
Dated: September 27 2020
At DHRE, we love working with investors (most of our agents invest in real estate as well). Here are our 7 steps for getting started in investing:
Step 1: Build your team
Having a team of professionals is a vital part to investing in real estate, you should have the following professionals that know about investing in real estate:
Attorney, Realtor, CPA, Lender, Title agent, Contractors.
That is a good start on building a team, visit our home page for a list of our team that we trust to help you get deals done.
Step 2: Get pre-approved or proof of funds
To purchase real estate you will need to show the seller that you are ready willing and able to purchase, this happens buy working with a lender to get a pre-approval or showing proof of funds if you are buying with cash.
Step 3: Education
If you choose an investor friendly agent who actually knows what a good investment is they will help educate you however it is always a good idea to self educate, please listen to our podcasts and feel free to join our meetups. You can also visit our store for in-depth educating content from our team of investor friendly agents and staff including Alex Deacon who has over 25 years of knowledge and owns over 100 rentals in the Pittsburgh area.
We also look forward to connecting with you on BiggerPockets
Step 4: Set goals
Goal setting is very important in just about any business and investing in real estate is now a business for you, we recommend you set a first year goal along with a 5 year goal to get started. You can have more goals but a 1 and 5 year is a good start, make sure you write these goals down and evaluate the goals on a regular basis. Making changes to your goals as you go is important to keeping your goals realistic and obtainable, share your goals with your loved ones and anyone else who will listen to help you stay on track.
Step 5: Criteria
You and your agent will sit down and start a criteria for your first purchase, your agent will then set you up on the MLS for a search that does the work for you. You should narrow your list down to your top 5-10 properties and that will be a good start to go look at properties.
Here is a tip, ask your DHRE agent for a list of off market properties only we have access to.
Step 6: Take action
The difference between people who are successful and the people who aren’t is taking action. If you find a deal that is what you are looking for and is a solid investment...take action! Worst case you will learn from the experience of entering into a contract and getting a home inspection, best case you are on your way to building a portfolio and have your first cash flowing property.
Step 7: Keep learning
While you are on the way to becoming a successful investor you should always keep learning. Here are some of our favorite ways to keep learning:
- Read/listen to books and podcasts
- Attend networking events
- Take webinars
- Make friends with likeminded people
- Attend open showings
- Collaborate on sites like BiggerPockets and Facebook groups
Good job on starting to invest in real estate! Contact us with any questions 412-939-SOLD or email@example.com!
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