In sports, coach tells us when we’re ready to enter into the game. In our professional life, our boss tells us when it’s time for us to be promoted and take it to the next level.
But, in real estate, only we can tell ourselves when it’s time to take action.
So, when do what know we’re ready to start?
I’ve identified four things that, if you have them, then you’re ready to get going.
Ready? Here we go.
1. Baseline knowledge
Having baseline knowledge of the real estate fundamentals is essential. You can get started by reading books, listening to podcasts and attending seminars. Speaking to people in the industry and collecting as many insights as possible.
I personally started by reading the book Investing for Dummies and followed that with Rich Dad, Poor Dad – by then, I was hooked on real estate investing being the #1 way to invest a dollar.
2. Support system
This part has two aspects. First, you’ll need a mentor, mastermind group or someone on your side who has been there and done that. There’s zero reason to do it along without the support of someone with experience. So many mistakes will be avoided and you’ll go light years faster than if you didn’t have someone.
There are real estate haters out there and they will tell you you’re crazy for buying property. They’ll say it won’t cash flow, it’s too much of a headache and it’s not worth all the effort. And they are right if you buy it the wrong way. But you won’t do that. You’re going to buy the right way because you have people helping you who have done it the right way.
Second, you’ll want support from those closest to you. You’ll need to get their approval on investing in real estate because it takes time and energy away from your other commitments you might have with them.
3. Inspired or disgusted
I tell people congrats when they have a problem that’s frustrating them. I don’t say that because I enjoy being punched in the face, I say it because I truly mean it. We are at our best when we’re searching for answers and striving for more than what we currently have.
The scariest and most depressing place to be in life is complacent. Or, “just ok”. Because being “just ok” doesn’t take us to action. We just float on by.
When you’re inspired for more or disgusted by your current situation, then you’ll be ready.
4. Knowing your WHY
Why are you going it and how is it going to benefit others? We have an amazing capacity to do more for others than we will ourselves. Once you list out reasons why you want to invest in real estate and how it benefits others then you’ll be ready.
Without those reasons it will be tough to stay the course when the inevitable challenges come up. And there will be many. But, if you know why you’re doing it and how it will benefit others (i.e. the ripple effect) then you’ll have the proper psychological mentality to push through that stuff and overcome with great results.
If you’ve purchased a property, what other things would you say are needed in order to do your first deal?
If you haven’t purchased a property, what’s holding you back?