This is the # 1 question I get from people who see a HUGE opportunity in Real Estate and want to get in and want to do it NOW. They are asking, “Justin, how do I get started in “Real Estate Investing”?
Great! So you want to get started making money with real estate, like “wholesaling” or “flipping houses”, but you don’t know what to do. Well… you aren’t alone. First, let me say a big congrats to you for wanting more out of life and seeking the freedom and wealth real estate investing can provide for you and your family!
So let’s get straight into it… I like to do everything in steps, (it just makes life so much easier and creates a guide with simple actions for you to take), so below are the first 5 action steps to take to get started investing in real estate.
1. Pick A Target Market – Start where you live. Within a 30 mile radius. Get a map and draw a circle you now have an area to “farm”.
2. Set Up A Dedicated Phone Line For Advertising – you can get a free # with “google voice” all you need to do is set up a “gmail account” then type in google voice in the “nav bar” then set up the account. it’s totally free, has voicemail, text and email alerts, along other cool features you won’t find anywhere else, all at no cost to you.
3. Pick A Prospect To Target – When advertising, especially for real estate you want choose who it is you will market to specifically. Think “who do I want to be my audience that I can get to see my message and have them contacting me?” Examples of prospects: Absentee Owners, Pre-Foreclosure, and / or sellers with little to no equity in their house (like Short Sale type homes).
4. Choose Three Marketing Methods To Reach Your Prospect – Lets say you’ve chosen to market to Pre-Foreclosure homeowners. Three marketing methods might be:
a. Getting a list of pre-foreclosure houses and sending out mailers such as Yellow Letters or Post Cards
b. Writing out bandit signs with a specific message to attract people to call your phone number
c. Putting an ad in the local newspaper – Here in my area of Tampa Bay we have 2 main papers, the Tampa Tribune and the Saint Petersburg Times.
5. Get Your Hands On A Script – Now that you’re marketing you can expect to have some calls coming in, so you’ll need to get your hands on a script that is easy to follow, that guides you through the call with the prospect and gets you the important information you need about the potential home seller and about the property itself. Most importantly you’ll need to know if you have a motivated seller prospect, or what one of my real estate mentors and legend Ron Legrand, likes to call a “suspect”. This is critical so you’ll have a good idea if it’s a deal or not by gaging the person’s situation and motivation form their answers within this important script.
So there they are, the 5 action steps to get you started and on your way to becoming a real estate investor.
Right about now you’re probably asking yourself “Justin all this is great, but I need more information to get started.” Well, that’s partially correct… see it’s taking action that is most important here, you will learn more along the way by doing. It’s about doing now because you see the opportunity and not waiting for things to be perfect, because there’s never a better time to get starting doing than NOW and we know in life that nothing is perfect, right!
I started out just like many others have, I felt kinda lost, not knowing exactly where to begin, I searched, I kept moving forward then I found someone to share with me the tools to succeed, I used those tools to begin and I figured out what does and what doesn’t work along the way. I even fell flat on my face a few times, got up then dusted myself off, from these experiences of learning what does and doesn’t work, I began creating a system to duplicate the positive results I had by doing them over and over again. I have a special name for this “blueprint”, which I’ll talk more about in future posts.
Hope this content helped you out and look forward to seeing you become a BIG real estate investing success!