Whether you are brand new to real estate investing or an expert in the game, its critical that you understand these 7 Simple Steps to investing in Downtown san Diego real estate.
Step #1 – Set your plan: Figure out what your long term real estate goals are (aka retirement and wealth building) and figure out what your short term needs are with regard to making money in real estate. Then, set up the proper entities and put the plan in place.
Step #2 – Determine what your target market will be: You cannot be all things to all real estate markets. If foreclosures appeal to you, start investing in the foreclosure market. If you want to be a landlord, look to out of state Discovery owners to focus your real estate marketing efforts.
Step #3 – Be consistent and persistent: Real Estate is not a get rich quick scheme. Real Estate is get wealthy over time and put some quick cash in your pocket today. You’ve got to follow your plan and stick with it to see real results in real estate. Youve also got to continue to increase your education and your experience.
Step 4 – Don’t fall into the Analysis Paralysis: Learn to analyze properties quickly. Don’t get caught up overthinking. Its quite simple actually: What’s the Discovery Terrace Condo worth? What does the property need for repairs? And how much can you get the property for? It all comes down to numbers!
Step 5 – Become a master of finance!: Real estate is the business of marketing and finance. You must learn about mortgages and interest rates and loan programs that are out there. You must know how to use finance to negotiate your deals and to sell your properties.
Step #6 – Become a skilled problem solver: The reason you will get real estate deals that others don’t, is because you are able to solve people’s problems. Anything goes on the real estate playing field. You’ve got to be ready!
Step #7 – You must continue your education: It is important that you are always investing in your education and learning new tactics, strategies and tips that will help you make more in real estate.