Starting out in real estate investment can be daunting. There’s seemingly endless videos, articles, and podcasts devoted to helping you get your start. It’s fair to say that there have never been more resources right at your fingertips.

Ultimately though, over the long-haul, I don’t think it’s going to be any specific tactic or marketing channel that’s going to make the most significant difference in your long-term success. That’s because where & how you get in front of motivated sellers will change.

 

Learn from people who have been successful.

 

Learning is the first step. If you’re here, you probably know that. That’s why communities like CRE Online exist. It’s important to understand the industry; the reasons why profit loss occurs, how to partner with the right contractor, etc. Jacob, the owner of In-Home Buyers agrees, “get yourself educated about real estate by reading books on real estate, attend seminars, network with investors, join REI groups and if possible find a good mentor.”

 

Take action on what you’ve learned.

 

There comes a time for every entrepreneur or starter, when you need to put the book down, and take action. If you want to be successful, you’re eventually going to have to stop watching the videos and listening to the podcasts, and get started. Andrew, the founder of Columbia Cash Home Buyers says,“take action even though it may not be perfect. You will learn by acting. You will never get to your destination without making that first move.”

 

Be OK with failing. Because you’re going to.

 

 

I watched an interview with Jeff Bezos recently and he talked about how Amazon had lost millions of dollars in failed projects and experiments. Sure, Prime is a huge success – but it only came after lots of time and money was lost trying other features. The point is, you’re going to make mistakes and you need to be OK with that, and not let it knock you down. Tyler Buttleman, the founder of Florida Coast Homebuyers agrees. “Be ok with failing forward. Don’t think you have to know everything before you start taking action. Build relationships & tell everyone you come in contact with what you’re doing. You never know what connections someone might have or what referrals they could send you.”

 

Remember that it’s a numbers game.

 

 

This piece of advice comes from IK Enemkpali, (yeah, the former defensive end of the Jets and Raiders, and now founder of ATX Home Buyers). “Real estate is truly and will always a numbers game. How many people can you get in front of to make offers and solve their problems?”

 

Invest time in learning your market.

 

Letron Brantley, owner of Bright Star Home Buyers advises, “get to know your market intimately. Speak to local real estate agents and ask questions about the local market health. Also visit the local chamber of commerce and start asking questions about the businesses coming to town and what parts of town are candidate locations for these businesses.” So get a handle on your local market. Learn what the pricing is like. Learn from real estate agents. Attend meetups from people that know the market better than you.