What is the first step in real estate investing? You first must determine your strategy and your investor identity. In order to do this, I highly recommend getting a basic education from Robert Kiyosaki’s books that will really guide you through figuring out your investor identity. This is where you need to start so you can learn and decide what direction you are going to go.
Once you’ve learned a lot from these books, you need to take inventory of what tools and resources you have available, including money (your's or someone else’s). You might need to pool your resources with someone else to make your goals happen. Schedule a meeting with a CPA and sketch out a tax plan based on what you plan to do. Figure out if you need a Realtor. Not all agents want to work with investors; so you have to find the right Realtor who’s willing to help you. Also, you need the right lawyer who will guide you.
Now that you have your team in place, you’re ready to start finding leads. But you don’t have to look far, your team could be a great source since people come to lawyers, CPA’s, and Realtors with all kinds of problems. In these situations, your team can refer you to those you might be able to help. However, make sure you ask around before you start to do business with someone.
Next, sit down and write down who’s in your database. Take that stack of business cards and put it into your database so you can keep in contact with people. Start with a free excel spreadsheet and be diligent to fill it out anytime you talk to someone new. Keeping track of the information is most important so that when you need a plumber, an attorney or whoever, you can easily contact them.
On my website, I have free resources, including books to helps you get going.
If you really want to learn more details, go to Mailboxmoneymastermind.com and fill out that form so I can help you get started in the right direction to financial freedom.
If you want to get on the phone with me and talk about something you’ve been thinking about but just haven’t started yet, schedule a call at Cashflowguys.com/askTyler.