Are you interested in investing but have no idea where to start?
Starting off can be overwhelming and confusing, especially with all the opportunity and information around us. I believe in leveraging other’s knowledge so that you can be best set up for success. Below I have laid out 5 questions that you can ask yourself before you start investing:
1 – What kind of deals do you want to do?
When I first started out, I had my mindset on building a skyscraper. I had experience in construction but the problem was, I wasn’t in the right spaces to build a skyscraper. I was working deals for office buildings which had its limitations for my dreams of a skyscraper. There are many options for investing in real estate. From new builds to restoration to renovations, deciding the type of work and deals you want to do beforehand will allow you to find your niche. There’s a growing market for retail, single family homes, urban apartments and a changing market with office buildings. Start studying each type of deal so that you can be fully prepared when the right deal comes your way!
2 – What market do you want to work in?
Location matters. It determines the type of market you will be working in. While popular markets may seem more “safe” due to the amount of opportunity, don’t underestimate the amount of opportunity in secondary and tertiary markets. These markets will function differently than popular markets, but sometimes the best deals and “diamonds in the rough” are actually hidden in plain sight. I recommend looking at the big families and key players in each market to understand where the market is headed and where there may be hidden opportunities with untapped potential. DIfferent markets play by different rules, so make sure you understand the type of market you want to enter before you jump in!
3 – How can you begin connecting with those in your desired market?
I can’t stress enough the importance of doing your research before jumping into deals. Doing your due diligence to understand the market, the key players in the market, and all the moving pieces of real estate will make a world of difference once opportunity comes your way. Not sure where to start? Attend broker meetups. Connect with real estate attorneys. Some of the best real estate deals I’ve done were from attorneys who have handed me properties. When you know what you want, and start putting yourself out there to form connections, you may be surprised at how deals can come your way.
4 – Who can you find to hold you accountable?
Accountability is one of the main ingredients to achieving success. Having someone ask you the right questions, challenge you, and push you outside of your comfort zone can be a game changer. To be successful, you can’t only focus on investing. Balance is important. When I found a group of other like minded guys who were invested in me as a person and pushing me in every aspect of my life, I was able to achieve a level of success I never expected. The group improved every aspect of my life. I can wholeheartedly say I would not be where I am today, at this level, without that group of guys. Intentional community makes a difference!
5 – Are you ready to challenge your mindset?
The main thing that keeps us back from succeeding is our limiting beliefs. It’s important to remember that limiting beliefs are only in our heads. Here are three quick ways to challenge your mindset:
- Network – Surround yourself with people who inspire you and who you strive to be on the same level as. Learn how others think and don’t be afraid to ask questions.
- Read – Books are one of the biggest assets of knowledge that you can leverage in your own life. In a 3 hour read, you can gain 10 years of knowledge based on another successful person’s experience. I’d say that’s a pretty good trade!
- Take action – Just do it! One of the most profound, life-changing moments for me was when I found out my wife was pregnant and I began to think about the potential trajectories of my life. I realized that in every scenario I thought out, I was disappointed at my lack of leveraging my potential. I realized that for my kids, I want to live up to my potential and the only way I can do that is through taking action. I had to learn to go ahead and take action, even if it meant I was losing money. I would gain wisdom, which is always priceless. Don’t let your doubts and excuses be the reason why you missed out on today. Your future self will thank you!
Want to hear more investing tips? Listen to my podcast episode with the Best Ever Show.
LinkedIn: Jake Harris
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