08 Jan Just Start
The most common question I get is “How do I start a real estate business”, or “I don’t know where to start.”
My answer is always the same: Just start.
Paralysis by Analysis
Many, many new real estate investors suffer from paralysis by analysis. Many of us have a burning desire to know every detail before we do something. They always feel like there is something else to learn, or something they’re unsure about.
Real estate has too much information for you to know it all.
The ironic thing here is that real estate transactions really aren’t that complicated. In wholesaling, you find a seller, get the property under contract, find a buyer, close the deal. Everyone’s happy, everyone makes money.
But Steve, what do I say to the seller? What if he asks about XYZ and I don’t know about XYZ? What contract do I use? Do I need money? How do I find buyers? What title company do I use? What? What? What?
You don’t need to know all the answers now. You’ll figure it out while you’re working through your first deal. Why? Because you have to then. Besides, you could learn “the answer” only to discover it is wrong for your deal. Then you have to figure it out anyway.
Successful Investors Just Do
The stories abound about super successful real estate investors who started with nothing. And yet they made it. Now they have money, time, freedom.
Why? Because they started.
You will never reach your destination until you take the first step.
Don’t know which contact to use? Ask someone for one, or Google it.
Not sure what to say to a seller? Contact one and talk to him — don’t be a robot, talk to him.
Don’t know which title company to use? Make some phone calls.
Need money for a fix and flip? Ask people; you might be surprised.
Dreams Don’t Start Themselves
Most people who never realize their dreams get stuck in the start phase. They talk about wanting a real estate business, but they never do anything to get one.
Real estate, like any business, isn’t do one or two things and then the money truck backs up to your house.
Consistent action brings results. You’re going to mess up. You’re going to make a mistake. You’re going to be turned down by a seller who really needs to sell his house. But you learn, and you move to the next one.
Just start. The single most important piece of advice I can give you is just start. Take action today. Get a list, make some calls, drive some neighborhoods and knock on doors. Do something.
Once you start, each step becomes easier, and you learn a little more, and do a little better. Pretty soon you have your first deal, then three, 10, and suddenly you’re a real estate investor.