588: Introduction to 10 Steps to Real Estate Investing Success

SHOW NOTES FOR EPISODE 588: INTRODUCTION TO 10 STEPS TO REAL ESTATE INVESTING SUCCESS

Dig out your old college backpacks and sharpen your pencils – we’re going back to school with this specials 10-part Fun Fact Fridays series entitled “10 Steps to Real Estate Investing Success.”  In this new podcast series, Bill will be focusing on the fundamentals of real estate investing and what key things are needed to succeed.

Introduction

Whether you are just checking out real estate investing, a newbie or an experienced vet, it’s invaluable to have a clear understanding of the fundamentals.  The more you stick with the fundamentals, the more likely you are to succeed.  This 10-part series will touch upon the key fundamentals that successful real estate investors rely upon.  The information in this series will be drawn from Bill’s personal experience as a successful real estate investor  and the knowledge shared with Bill in  interviewing hundreds of successful real estate investors since 2016.  Below is a rough list of what will be covered:

STEP ONE: Introduction to Real Estate Investing

• Bill’s real estate story
• The Old Dawg’s REI Network
  • Interviewing hundreds of Real Estate Investing experts
• What is REI?
• Why are you interested in Real Estate Investing (REI)?
• What are the benefits?
• What are the draw backs?
• Is it for you?
• Can you be a “short-term investor?”

STEP TWO: What is Your “Why” and Developing Your Mission, Vision & Goals?

• Your motivation
• The real reason you are pursuing REI
• What do you want to achieve?
• Putting together a strategic plan

STEP THREE: Research – REI Resources

• Education
• Financial
• Coaching and Mentorship

STEP FOUR: Knowing the Numbers

• You don’t need to be an engineer to analyze properties but you do need to understand the right numbers and ratios you need to effectively evaluate a real estate investment

STEP FIVE: The Foundation – Establishing a Business

• REI is a business
• Keeping good records
• Taxes
• Asset protection

STEP SIX: Who – Putting Together Your Team

• Why you need a team
• Who should be on your team
• Mastering the science of delegating
• How to develop a power team

STEP SEVEN: What – Identifying Your REI Niche

• Avoiding the “Shiny Object Syndrome”
• Wholesaling, flipping, buy ‘n hold, rental properties, AirBNB and short-term rentals, development, multifamily, syndication, notes and deeds, private money lender
• How to know which niche is for you
• Learning to focus and master your niche before adding other niches
• Assessment – From Passive to Active or Active to Passive

STEP EIGHT: How to Identify Your Ideal REI Market

• Is backyard always best?
• Out-of-state investing
• Finding emerging markets
• Becoming a market expert

STEP NINE: Putting it all Together – Creating Your Strategic Plan

• Why you need a plan
• How to reverse engineer a strategic plan
• Strategies
  • The Fast Track (What I Did)
  • Slow and Steady
• How a Strategic Plan can improve your chances of success

STEP TEN: Just Do It! – Making the Investment

• Overcoming common fears
• Where to find your first investment
• How to find your first investment
• Analyzing an investment
• Financing
• Making the offer
• The Inspection
• Making the purchase
• You bought it! Now what

NEXT STEPS

• Becoming a landlord
  • Finding good tenants
• Becoming a passive investor
• Managing Your Business
• Managing Your Investments
• Tracking Your Success
• Leverage
• Growing your Portfolio
• Building a Legacy

SUMMARY

• This list will change and evolve as we begin the series, so stay tuned as we update this list based on listener feedback and other factors experienced during the series

IF YOU LIKED THIS PODCAST, we would love if you would go to iTunes, Stitcher, GooglePlay, iHeartRADIO and Spotify and Subscribe, Rate & Review our podcast.  This will greatly help in sharing this podcast with others seeking to learn real estate investing as a means to achieve a successful retirement.

Check out our other podcasts at olddawgsreinetwork.com.

Get a FREE copy of our 3-Minute Rental Property Analyzer at olddawgsreinetwork.com.

Additional Episode Sponsor: Meno Studio – menostudio777@gmail.com