Many people interested in real estate investing have getting started questions. Real estate investing is commonly thought of as a reliable way to earn money and many people are very interested in learning how to invest. While it is true that real estate investing is a great way to acquire wealth, you will still need to answer several questions before you start.
Articles about getting started in real estate investing are often confusing or vague to the average reader. While it is possible to learn about real estate investing from books or articles, it will most likely be extremely difficult.
The most common issue that many new investors deal with is the fact that they aren’t sure about the getting started questions in real estate investing. Rudyard Kipling, a famous author, once wrote:
"I kept six honest serving men, They taught me all I knew, Their names are Why and What and When, And How and Where and Who."
Asking these getting started questions will help guide you towards becoming a better real estate investor. Examining these questions will give you all the information that you need to know.
Why? The question of why you want to start investing will be very helpful for you to know and will help determine how successful you will be. You need to have a very strong reason why, so that you can persevere when you have problems. People without a sense of purpose and direction, often quit when things get difficult.
What? The what question is actually several questions. For example, you need to ask yourself what goals you have, what your purchasing criteria will be, what techniques you will use to find property and what system you will use to determine how much you should offer for each property.
When? Real estate investing takes a lot of time. Asking the “when” questions involve examining how much time it takes to become a successful real estate investor. You will need to ask yourself questions about when you are planning to buy your first property and when you will have time to devote to the investment process. You will also need to find time to study in order to learn all that you need to know about the investment process.
How? You will also need to decide how you are going to buy your properties and find the information necessary to make good offers. Once you have bought properties, you will need to figure out how to market those properties. If you are renting out your real estate, you will need to know how to handle problems with tenants.
Where? This includes locating both properties and information. You need to decide where to have your office and farm area. You also need to find out where to get answers to any questions you might have and where to get the necessary educational materials so that you can learn and improve as a real estate investor. You will also need to figure out where you can find employees and help to run your real estate business.
Who? Good employees and contractors can be difficult to find. You need to ask yourself who will be fixing up and maintaining your properties, and who will manage those workers. Some real estate investors prefer to hire a management company and others prefer to do the managing themselves. You will most likely have financial, tax and legal questions and you need to decide who will answer those. You also need to decide if you want a mentor. If the market is in trouble, you need to make a plan about who to ask for help in that situation.
This may seem like a lot of questions that you will need to answer before you are even able to start in the real estate investing business. Fortunately, you can easily find answers to these questions if you take a little bit of time to do research. If you work hard and do your research, you can have success and wealth through real estate investing.