20 thoughts on “Getting Started in Real Estate Investing in Seven Basic Steps”

  1. Looking to get started investing in real estate? Don’t miss this fun and
    quick YouTube video staring Brandon of the BiggerPockets Podcast!

  2. Finding a niche is more than the kind of real estate you want to buy. It is
    finding a special service or servicing a customer in a special or unique
    way and making money from that. For example, If you buy a home for cash,
    then decide you want to finance someone else creatively without them
    meeting “banking criteria”(and you can because there are no banks
    involved), you have a niche. Niches are critical in this business. Niches
    can often flucuate, morph or disappear depending on market conditions.

    Strategy is a lot more then making money with that niche. It involves
    formulating a business plan with a specific blueprint or model (strategy)
    aimed at accomplishing various short and long term business goals.

  3. Watch this VID and then call me for some sweet deals… I’m not just a
    Realtor… I’m a real estate investor !

  4. Brandon you rock & Josh too of course :-) –BP beginner’s guide will be
    helpful to my NJ real estate investors! Then of course after
    reading–taking the plunge and start investing!

  5. Step one, education. I’m a big fan of real estate education but the student
    needs to relate with the material in order for it to truly be an effective
    learning tool. Books,pod casts,forums and blogs(as he mentions) will help
    you very little as a beginner because you will have great difficulty
    relating to it. Having a personal mentor who made successful deals and
    knows you as a person and is aware of your strengths and weaknesses, a
    person who can relate with you and you with them and that can help you keep
    your focus on, especially when it gets hard, is essential and will greatly
    improve your probability of success.
    Buying books and video’s are nice as little extras but they are designed to
    sell to the masses. Because they are designed to sell to the masses, they
    leave a lot of necessary facts out about this profession that do not appeal
    to the general public(decreased sales) and really put great emphasis on the
    facts that do appeal to the general public.(increased sales) This
    technique is the norm. as far as publications. These various books,pod
    casts,forums and blogs will have very little to due with your success if
    you have any.

  6. Ben I agree with you that as a newbie, having a mentor is really what I
    need. I need someone to talk to and to guide me through my fist 1 or 2
    deals because I am ready to move but I feel paralyzed because I don’t know
    how to talk to the owner of the property !

  7. Step 3, creating your plan.
    Any business without a business plan will fail. This is where strategy
    comes in. One of the important things here is that your plan will have to
    be created to be conducive with the current market environment where you
    are conducting business. And must be formed around servicing and public
    demand. After all, you make your money from servicing the public. It must
    contain obtainable short and long term goals that are conducive to your
    market environment. The last thing to be aware of, as markets continually
    fluctuate, adjust and change, your business plan must change with them.
    Your plan does not change the market. The markets change your plan.

  8. step 4, find your property.
    I think people put to much stock in a realtor. I’ve worked with lots of
    them and most have the mind set of a worker and not a entrepreneur or
    capitalist. It is not uncommon for a realtor to put themselves before you
    in a deal. I use them but I trust my own experience and instincts when I
    make a decision. I’m their boss. If your a beginner, this is one of the
    many reasons having a mentor is critical. Typically you should NOT use a
    realtor for a mentor.

  9. Brandon, thanks for this video and all the videos you make they are a great
    inspiration for me. I just need to find a mentor quick so I can make a
    move and stop feeling paralyzed!!!

  10. Step 5 pay for your investment.
    If your investing for short term such as flipping, borrowing money or OPM
    is certainly a way to succeed.

    When I invest long term, I use cash. If you want to buy rental properties,
    you will need to own them clear to retain a decent profit. Profits vary
    greatly depending what part of the country your investing in but this
    principle rings true not matter where you live.

  11. Hey Brandon, can I ask for your permission I want to share this video on my
    Facebook account. Thank you! Have a good one!

  12. Step 7 “get paid”
    In my experience people put to much focus on getting paid. Your focus
    should be more about how to service people efficiently and/or provide their
    needs. If you do this, the money comes. Remember, we are in the people
    business. Have you ever heard of a house buying another house?

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