1 Thing You Should Know Before Investing!
When looking into building your wealth with investing in real estate, I think it is very important to know what you want from it before you start. There is a saying that has always stuck with me when looking into my investments. “What is your Why?” What that means is, why are you looking into investing into real estate? What is driving you? I’m guessing the goal is to build wealth, passive income, and to have financial freedom. This is what most investors are looking to gain. Then, your next question should be. How much income and I looking to gain? How much will be enough? Once you have answered these questions, then I believe you can begin your path down real estate investing with a clear head and solid goals to hit.
There are people that jump into this crazy game of investing without having goals and not knowing WHY they are doing it. You will see that they acquire tons of properties, because most people think the more properties the more income... Right? This wouldn’t be more false in my perspective. People that are new to the investment world don’t fully understand the amount of time, effort, and cash that goes into each property you acquire. It is easy to get in over your head and take on more than you can handle, this can take the fun right out it really quick. When you purchase anything that looks to be a deal without having a specific return that you stand by you find yourself making less money for the effort you are putting in. Seasoned investors will not even consider a property until they run their numbers and see if the property is going to net the lowest return they have set for themselves. With that being said, they know their goals and what it’s going to take to hit them, without it becoming a full time job.
When investing stops becoming fun, and you dread having to manage your properties it’s not why you started investing in the first place. You started to make your life easier and more enjoyable. So it is very important to know up front what you are getting yourself into and WHY you started in the first place. Make sure you have clear goals, and not only clear goals but realistic goals that you can hit. The saying “less is more“ is so true on this topic, being picky and having properties that are netting exactly what you want will be way more beneficial than acquiring any and every property that comes across the table.
We have a brilliant team here at The ART of Real Estate, who are very versed in real estate investing all over the US! We would love to help you out in your journey, and help you find properties that will allow you to hit the goals you have set for yourself. Feel good about your answers to the above questions, and ready to get started? Give us a call, we’d love to talk about your WHY!