In the game of real estate, the most favourite part is when we get to the end of the deal, and you will get to look in insights. Are you planning about buying an investment home?
I want to give you a simple step to land your first real estate investment property. I want to lay out a straightforward strategy for getting your first real estate deal. If you dump them before your next real estate deal. I had this conversation earlier today with a new investor. Somebody is looking to get into real estate. And at the end of the discussion, you know, they asked me, they said: Can you simplify it? Give me, like, step one, step two, step three to get my first deal done.
People can appreciate that. Let’s get simple here. I am here to lay out ten steps that you can follow. And if you follow these steps, you will become successful in the real estate business.
1 Step: Gain a Basic/General Information
You can choose what you want to do now in real estate; you have many options. It is one of the causes people love real estate investing. If you are looking to buy simple little houses, you can do that. But the key is you have got to decide. You can keep wandering around, wandering around.
Where to even start? You must decide what you want to do. In the way, you get through general education. The best way to do that, I would recommend podcasts are excellent. The MNYMSTRS financial literacy resources are also great for beginners as they’ll offer you a better idea about investments and financial markets.
You want to do the BR strategy. Which is one of my favorites, or you want a house hack, or you want to. I don’t know, buy one rental house every year for ten years, whatever your strategy. Step number one is to get primary education.
Step Number 2: The Perfect Deal
Practice the math repeatedly for that type of real estate deal until you are an expert in it. Most any other investment in the world, starting a business does not matter whatever.
We know what the available cost of electricity is going to be on that property. We know what a property is going to rent for. Those are all questions that we can answer. So, when you know how to analyze those deals, you can see what next year looks like in profit. The year after twenty years down the road now is going to be perfect.
Step number 3: Crack Online Deals
If you start looking for deals online. This kind of relates to said no to the deal analysis. But I want you to like real True.com or Zillow.com or Redfin.com and get values to practice and start running the numbers. I would recommend doing one deal a day if you set a goal of making one sale every day.
Start finding one deal every day that you can find online and not even worry about buying it initially. Get good at running the numbers, which was step two. And finding those deals online was step number three. Again, does not that be good deals? You’re getting your reps in right now.
Step Number 4: Get A Real Estate Agent
Get a real estate agent and. Now, that agent set you up with automatic emails for whatever criteria you have defined. You have already remembered in step one to find what did you want? If you’re looking for duplexes or try plexus, great. Have your real estate agent set you up with automatic emails for the type of property you want. Not only are you looking online for deals, but now you’ve got an actual pipeline. Because here’s the truth about real estate, guys.
This is so important. Then your job as an investor is not to walk around trying to find some mysterious. A great deal that nobody seems to have found. Your job is to go out there and find leads.
Step 5: Get Pre-Approved from a Lender
Now, there are many ways to buy real estate property. Especially if you want to get creative with it and use other people’s money. If you’re getting started, get qualified or pre-approved for an investment loan. It’s to be 20 or 30% down. If you don’t have that money, you will need to get a little more creative. But either way, go to a bank or a lender and go try to get pre-approved.
You’ll find out that you have some cool bank loan that will let you do it. Or you will have to do something more creative because you went to that lender and had a conversation. If you’re on more oversized pockets, go to the Network tab and hover over the network and dropdown. It will have a spot to find a lender.
And Bigger Pockets works with several different lenders. Understand real estate investment strategy that I recommend checking that out.
Step 6: Analyzing One Deal Every Day
You understand that this is not a very complicated process. We are getting leads, and we are analyzing them. But now that you are pre-approved or at least have an idea of how you will finance that deal. No matter how you get the lead every day, investigate one property that moves on the set.
Step 7: Make an Offer Once a Week
A best practice if you make an offer because you’ve analyzed seven deals that week. Find the one closest to whatever they are asking and make an offer. Because you know how much money it cost to make an offer. A lot of people are so afraid of making an offer. And that is when I talk to new investors all the time. They tell me I cannot find any deals. The question I always ask them is, how many offers did you make this week? You know, the answer still is none. Well, of course, you are not getting any deals. If you are not making any offers? Like the guy who is like, you know. I cannot find anybody sitting at home at fifty years old without a girlfriend or wife saying.
Step 8: Analyze Offer Until You Land a Deal
Analyze offers until you land a deal. I said earlier; this is a guaranteed process. That is what I mean by it. If you repeat steps 6 and 7, analyze, make an offer, and you are going to get better.
You will find out how to get better, which leads you to get better at financing. You are going to find people that you can work with. If you stick with that, find leads and run the numbers on them. And make offers, you are going to get the deals you want long term. Do not confuse yourself. Figure out what step you are one of those eight steps right now and get to work on it like right now. Like, make this the last video you watched today. Go out, work on your business.
Step 9: Invest in Prefab Metal Building Construction for an Affordable Home
If you want to invest in a durable house, then you must go with metal building homes. When fabricating a house without any preparation is not an alternative, prefab metal building homes, steel sheds can be your decision. These prefab metal buildings are more practical, and they come in different sizes and types.