There are a lot of people out there that want to invest in something but they don’t know what. One option is real estate investing. People always need somewhere to live so why not get involved by buying real estate? But like anything, there is a learning curve and if you don’t do some research and learn what you are doing; you can lose a lot of money. With that said, what do you really need to get your business off the ground?
As with anything you want to get involved with, it’s important to do your research and learn what you are doing. You can’t start a job or hobby without some training and learning, this is the same with buying or selling real estate. Get onto the Internet, be prepared to find a lot of incomplete or information that is not relevant to you, and create bookmarks and notes on the information you find important. If in doubt if you need it, bookmark. It may be handy to make a note why you bookmarked a certain site as you can get lost very easily.
Take Your Time
While your first instinct is likely to jump in with both feet, its important that you take the time to do your research and really figure out what you want to accomplish. Too often people jump in, don’t think about what they are doing, and get themselves in trouble and are frustrated when they aren’t making money a few months later. But without a clear idea of what you are trying to do, and finding the right resources and people to help you, you do not have much of a chance. With real estate, you are going to need a good mortgage broker or banker that can help you with the finances, a lawyer and an accountant. Make sure to ask them about their experience with whatever you want your business to do. Do you see yourself running one property, multiple properties, flipping houses after a year or something else? To be successful, you need to make sure you have the support you need. Even if they don’t have the experience, if you have a good relationship with them, and they are willing to learn, it can be a great and long relationship.
Make Your Business Legit
This means registering it as a legal entity. This allows you to keep your business finances and other aspects separate from your personal identity. There are more legal ramifications but it is best to talk to your lawyer about them. Pick something that is not exclusive to buying or selling but something in the middle so that you are seen as an expert on both sides when it comes to real estate investment.
You may feel that a business card is no longer important in the digital age, but think about it. Spending money on a business card shows you are serious about it as you are spending money on cards. A digital signature is free, but a business card can show you are serious as you have invested money in yourself and your business. You don’t have to spend a lot of money when it comes to buying or selling real estate, it’s about spending it in the right places.
Not only are business cards a good idea, but a professional website. Ideally, the two are similar and complement each other. It is a good idea to check if your business name URL is available before you settle on your name. It is best if the two match or you can come up with something close enough, you don’t want people to have to remember your business by two different names. A website does not have to cost a lot of money, there are a lot of templates you can use that will get your site up in minutes and will not take a lot of work for you to keep it running and maintained.
A good idea is to keep all your documents on the cloud for easy access. You could be on the run and need to send a contract to a client but you only have five minutes to get it done. By having it stored online, it is easy to whatever site you are using, grab a link and send it to your client in seconds. Make sure that you keep these folders organized and the names are meaningful to make things simpler. Do not use names with only a date, use names such as “Smith Contract, January 1, Year, 123 Main Street” to make it easier to find. You can then search using a date or street name and still find the proper file. Start this process when you start your business or it will be overwhelming to make the change later on.
Double Duty Tools
These are tools you likely do not need when you are starting out but you may want to consider when you start making money. You may think that you need to rent space somewhere to make your business seem bigger or more profitable than it is, especially when you are first starting. But by finding the right tools and setting your business up the right way, you can do a lot with small things. For instance, consider using a PO address as opposed to your home address. This can make your business seem bigger as you don’t have the capability to get mail at your business for whatever reason. You could hire a phone answering service so it appears that you have staff even though you are a one person operation.
As with anything, where there is a will there is a way which is the same with real estate investing. If you do your research, find a mentor and make some wise and smart decisions, you will be well on your way in no time. As your business grows, you can invest in more tools or people to assist you. But you have to get started first.