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One of the most frequently asked questions in Real Estate is “How do I get started?” Now, while that seems like a reasonable enough, short question, the answer becomes a long, drawn out one. The reason for this is that ‘getting started’ takes only one step – any step, in any direction. The question might be better phrased by asking “Which direction is right for me?” You see, “How do I get started in Real Estate” is similar to saying “Let’s go on vacation” – it sounds great, but there needs to be more detail about when, where and such before you can start packing for your trip. So, let’s rephrase the question, take a first step in the right direction and get you ‘started’! Which direction is right for me? With the multitude of styles, methods and techniques of Real Estate investing floating around, just how do you pick the one that will take you where you want to go?
First, let’s take a quick look at some of the major points in the Real Estate business;
* Raw Land
* Land Development
* Building Contracts
* General Contracting/Utilities/Support (plumbing/electrical/etc.)
* Finishing and Build-out (internal elements)
* Property Sales
* Property Management
* Repairs and Maintenance
* Demolition and Cleanup And, that’s all before we begin to look at the types of Real Estate available; * Single Family Residences (SFR)
* Duplex, Tri-Plex and Four-Plex
* Multi-unit apartments
* Condos
* Townhouses
* Generic Office
* Medical Office
* Other specialty office (bank, pharmacy, etc.)
* Retail store
* Strip Mall
* Shopping Mall/MegaPlex Not an exhaustive list, but I am certainly getting exhausted typing it! By now, you can see why the question of “How do I get started” is best answered by “Which direction do you want to go?” The First Step To Take With so many options and paths to take in Real Estate, just what can a person, excited about getting into the Real Estate business ever do to find their way to success? Well, just like taking that vacation, you have to 1. Pick a destination that sounds interesting
2. Devise a plan
3. Decide how quickly you want to get there
4. Pick a course to take
5. Decide what you will do once you arrive
6. Get going ! Funny how that works out, isn’t it? Applying the successful steps you take for something you already know how to do to something you don’t know, actually works – and works well, for everything you want to do in your life. That’s the way I always do things – take something simple that I understand and apply it to something that I’m unsure of. Fear of starting is caused by simply not knowing, so let’s break it down to something we do know and take it from there – simple, huh? It is the way I teach all my courses. My students find that they quickly move on from questions to action (which is where the money is!) by utilizing this one simple step. Now that we know a simple method to overcome that ‘first step’ fear, just which direction do you want to go? Take a look at the list above again. Think it over a bit – take some time to consider each item. Every one of them is a valuable and vital part of the vast world of Real Estate. Find the sections that appeal to you. It’s OK if you choose something that is different than what you thought it would be before reading this article. After all, that is what learning and knowledge are all about – finding something more about yourself and further defining your direction. To further find your direction, you may want to discuss things with a mentor/guide. Find someone you can relate to – someone that ‘speaks your language’. Don’t just go to the ‘gurus’ – they have their own agenda. Your best course of action is one that fits YOU, not someone else. =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=
Steve Majors - The Lazy Investor
Active Real Estate Investor, author of ebooks, training courses and seminars, provides one-on-one mentoring and coaching.
Articles, newsletter and more at www.TheLazyInvestor.com
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