Jeff Adams Top Tips for A Newbie Real Estate Investor So you have just stepped into the exciting world of real estate investing and you are eager to embark on the thrilling journey. You are itching to strike the very first deal of your real estate investing life as fast as you can.
Good for you! Having that drive for something is a great thing and it only proves that you are really after something you feel passionate about. It is the very foundation of the future success you will achieve in this field. Embrace that spirit. Nurture it.
Following are a few tips from expert realtor Jeff Adams that any real estate investor should be aware of when s/he first starts investing. They will help you the common pitfalls of a newbie investor and kindle the fire of passion and ambition to succeed in your heart.
Be Patient with that First Deal
This is a common mistake many newly starting investors make. They say that they just want to start and make a deal as fast as they can just to show themselves that they can do it. They want to do it just for the experience of it. But remember the following before you go for it.
- Never forget that you are into this business for profit. Don’t allow the desperation and enthusiasm of striking that first deal to cloud your judgment and land you into a bad deal.
- Educate yourself. Learn about the going rates and trends in the market, analyze and understand how to profit from a deal before you actually start dealing.
- Always use you commonsense. Don’t be lured into unrealistic claims of people or media. If things seem too good to be true, chances are they really are.
Get Advice but with Caution
It is great to take advantage of the experiences of other who have traveled the path before you. Their guidance can pave the way for a more efficient and flawless journey for you. But all that glitters is not gold. Be vigilant while choosing your guide or mentor.
There are people in every field who love to prey on your newness and inexperience. Just because someone is successful and experienced doesn’t mean that they have your best interests in their minds. So watch out and research a little before you make someone your mentor.
Invest in Good Education
Don’t let your lack of experience be you weakness. Compensate it with a good solid research and study about the subject. Education is the best investment in the long run. Following are a few pointers.
- You don’t have to enroll for the most expensive courses or buy costly books. Start small. Go to your local library and read as much as you can about investing in real estate. Read articles and reports in newspapers, magazines.
- The Internet is a treasure house of information. Use it to your advantage. Not all information online is trustworthy so use your good judgment. All this effort will help you climb the ladder of success much more confidently and efficiently.
- Start with inexpensive seminars or courses and then gradually move up to better and costlier ones. Don’t spend a fortune on them though. There is nothing better than the real life education you will be having while actually doing the deals with real property owners and investors.
Keeping these points while entering into the real estate investment arena will serve you a great deal by avoiding many mistakes a new comer tends to commit. This will also help you steer clear of those who want to take disadvantage of your freshness for their vested interests.
