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SHOW NOTES FOR EPISODE 568: GETTING BACK TO BASICS
Successful real estate investors never lose sight of the fundamentals. In this podcast, Bill takes a look at the core disciplines he implemented when he first began investing in real estate and he shares why those same things are just as important today.
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Getting Back to Basics
Many people are concerned with the future. Heck many are just concerned about the present. Many first responders are out of work because of vaccination requirements. Inflation is going crazy. Home costs are ridiculous. As our country goes deeper and deeper in debt, what does that mean for me? Will there even be Social Security when I retire? What kind of life will I have?
And if you’re looking at your retirement and wondering:
- Will my money last me the whole time?
- People live longer? Yay! But can I endure.
- What if I need assisted living? How much will it cost and how will I pay for it?
- Can I even retire and, if not, how long can I realistically keep working
- Will I be able to enjoy my retirement or just survive?
- And what about when I’m gone? Will I be able to leave anything for my kids or grandkids?
These are just some of the questions I grappled with in 2014 when I was considering before I got into real estate investing.
I had no retirement to speak of. I had an IRA but it would not have sustained me.
So I looked at my all options, and they looked pretty bleak
So, you want to be a real estate investor…
Next week, I’m going to outline how you can put together your Strategic Real Estate Investing Plan
Getting started in real estate investing is easier than you think. In this Fun Facts Friday, Bill outlines the 4 simple steps to becoming a real estate investor. Once you learn and follow these 4 steps you can look forward to a successful and prosperous retirement.
Introduction
I know that seems like a topic that would take more than 5-10 minutes but not really. I break it down to FOUR MAIN ACTIONS TO TAKE:
- Education/Research
- Mentorship
- Planning
- Take Action!
Education
Education is of critical importance! The more you know the less likely it will be that you will make major mistakes. Now, let’s be real, you will make mistakes! All of us do. But you can reduce the number of casualties.
FREE STUFF! You can literally obtain TONS of free real estate investing information
WARNING! Many – Most of the people providing this info have something to sell. Lock up your credit cards before launching into this step. These guys & gals are excellent salespersons. And that’s OK. They’re just trying to make a living. But it is very easy, if you’re not careful, to spend thousands of dolars on products, programs. Etc. and before you know it, you have nothing left to spend on properties.
- Go to the Library – Read books– Have my personal Top 20 Real Estate Investing Books on our website at “olddawgsreinetwork.com/
- First book – I recommend Rich Dad Poor Dad because it helps set a mindset and prepares you to think like and investor. Cashflow Quadrant is good too
- Next book needs to talk specifics
- Next Book depends on what you want to buy – houses, duplexes/tris/quads or larger apartments
- BiggerPockets.com
- eBooks
- QUICK TIP! Buy a cheap printer. The best would be an HP Laser printer. This type has a large cartridge and it’s made for large quantities.
- Blogs
- Articles
- Audio Books – Audible.com
- Special reports
- Podcasts
- Watch Real Estate Investing videos on YouTube
- Join a Webinar
- Attend Seminars
- START RESEARCHING PROPERTIES
References:
- 174: How to Get a Real Estate Investing Education for Free
- 550: The Basics of Real Estate Investment Analysis
- 316: How to Find Hot New Markets
Mentorship
- Where to find a mentor
- Make some business cards
- Prepare your elevator pitch
- Start attending REI meetings or other real estate meet-ups
- If there are none around you, start your own
- Offer to work for free in the office of a real estate investor in exchange for training
- Should you pay a guru?
References:
Write a Plan
- Work on this with your mentor if you can
- Don’t worry — it can and WILL change and evolve as you move forward but at least you will have a direction best for you
- Do I want to but local?
- Do I want to buy houses?
- Do I want to buy small multis? (I recommend the first being a duplex, triplex or quad)
- Where will the money come from?
- Savings
- IRA/Self-Directed IRA
- Cash-out Re-Fi on personal home
- How much do you have to invest
- No money? Try no-money down techniques
- Do the math
References:
- 010: Setting Your Real Estate Investing Goals
- 368: Let’s Get Real About Goals
- 274: 9 Must Do Strategies to Achieve Your 2019 Goals
- 122: The Importance of Knowing Your Why
- 508: Remembering Your Why
Take Action! Just Do It!
- Determine how
- Set the money in a liquid account (if possible)
- Start searching for properties
- MAKE THE PURCHASE!
References:
Here is an Infographix to help you remember the steps:
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