So you want to start investing in real estate do you? Well good on you for making that decision! Now where are you going to start? My suggestion is to find some education first and then begin your journey to financial freedom or to an extra income. Whatever it is you are looking at real estate to do for you is your choice.
Just let me ask you one question. What is going to be your area of focus? This could be one of the most important questions you need to ask yourself before you get started investing. Why you ask? A focused investor is a successful investor. Take Donald Trump for example, his focus is development, you don’t hear of him doing lease options, wholesaling, fix and flips, buy and hold, land development, commercial real estate and development, do you? More than likely not, his focus is development. Don Campbell, his primary focus is long-term buy and hold properties.
My mentor Ross Lightle’s primary focus is lease options. Robert Kiyosaki’s primary focus is buy and hold properties. Ron LeGrand is focused on wholesaling. Do you see the trend developing here? All of these investors above are highly successful, and they all have their areas of focus. There is a reason they are successful. They chose an area of focus, became an expert in it and took off to the skies. Now I am not saying these areas of focus are the only areas of real estate these investors work in, I am saying it is their main focus.
So take some time and decide what your main focus is going to be. Once the decision is made, stick with your focus and become an expert in that area of focus. And when people ask you what kind of real estate investing you do, be specific, “I buy single family homes and hold for long term growth.” Now you can get a lot more specific than that (how many bedrooms, what size, what city, what area in that city etc…), that is a whole other blog. For now, determine where you want to focus on real estate investing, become and expert in it, and go for it!
A little tip, make sure the area of focus is something you are passionate about and enjoy, this will also make a world of a difference. If you are not passionate about your area of focus or do not enjoy it, when the going gets tough for you, you will probably get going. If you are passionate about your focus area and enjoy it, the speed bumps you encounter won’t be a big issue.
So before you start investing in real estate, take the time to determine your area of focus and then put some rocket fuel behind it and take off! It will be an important decision you make in your real estate investing career.