Starting in Real Estate? I feel your pain…
I get asked all the time, “How do I get started in real estate [with no money, experience or time to spend]”. Obviously the person asking this question doesn’t say what is in the brackets but, they end up divulging it to me in the ensuing conversation. If you’ve ever asked this question or have thought that real estate is something you might want to pursue, and you have no money but you have drive and some time to invest, then you need to do one or both of these two things: 1) wholesale and/or 2) become an agent.
I won’t tell you all the negative aspects of either of those professions but I will tell you that they both take focused and creative effort on your part. Don’t be disheartened by the fact that you have no experience, I just helped someone with NO experience in real estate at all and in less than three weeks they have 4 deals under contract and are working to bring those deals to completion… all of this with about $87 of marketing expense (most of that being gasoline). It can be done, but the only one who can determine your level of effort is you.
I grew up in an area where innovation and creativity were missing from most of the experience. It was only when I left to go to college that I realized how much opportunity existed in the world and that I needed to educate myself in order to take advantage. After years of trial and error, I have come to understand that if you want to succeed in real estate it will take the combination of these three things:
- Investment in Education/Mentoring/Coaching
If you want to get started in real estate, find a local mentor that will kick your butt in to gear and get going today. For real, stop reading this now! If you are like me however, and have a bigger, more nagging question than ‘how to get started in real estate’ then you should keep reading.
In order to get to any destination (goal), you will need a road map (plan of attack, directions, resources) but before you break out the map you need to settle on a destination. Only you can do this. Just wondering aimlessly into a career field or into the next get rich quick scheme will leave you frustrated and broke.
If you are looking for your purpose, you MUST define your skill sets first (what are you naturally good at?) and match those strengths with your chosen profession. This occupation may or may not be something you are innately passionate about but success breeds passion and if you are good at it, you will become passionate about it.
Start with taking a personality test, there are a multitude of options but I like these two the best Truity.com and 16personalities.com… they are free and will give you so much insight into your personality, likes/dislikes, strengths/weaknesses that you will think they’ve been spying on you for years.
Then, narrow down your list of options for professions to a handful that align with your results from your test. Focus only on these 6 or 7 professions until one pops up that you can feel in your gut is the right fit! That may or may not be real estate (which is why I think you came here isn’t it?) but whatever it is, it will align with your strengths and you will be naturally good at it which will lead to you becoming passionate about it.
If you still want to learn how to wholesale houses or how to get started in real estate, I would encourage you to take a personality test first and make sure you are being true to yourself. If, after reviewing those results you are still determined to get started in real estate, get a mentor, stay focused and do something uncomfortable everyday. No matter what path you take in real estate (or any other profession for that matter), it is still a business at best and a job at worse so you will need to make sure your personality aligns with that profession… if not, just invest in a REIT and save yourself the stress. I expect great things from you, keep me posted on your first big win and let me know if you received any value from this article.
Originally published at reiquarterback.com on January 29, 2016.