Since I get over 1000 real estate investors, come to my different real estate investment websites and register with me every week, as I might expect, I get a lot of people asking me how to start investing in real estate.
When my business was smaller and I only drove my own real estate investment business and our local real estate investors group meetings, I used to sit down and meet investors who asked me this question individually. We would go for lunch at my favorite burrito place and I would ask them many questions.
I would like to know why they wanted to invest in real estate, what they expected to get from it, how they thought they would make money as a real estate investor, how much time and money they planned to invest in themselves and their real estate investments, what Their business and investment experiences had been so far and so on and so on. After a couple of dozen of these meetings, I saw a pattern in what I suggested for each of them and yes it really took so many meetings for me to tag this pattern I suggested that each of them began wholesale acting real property.
After I told them they would have wholesale properties first, I would then go down very randomly a list of the things they needed to get started in their real estate investment business. A few years have passed since the first meetings and the first time I made a quick list of how to invest in real estate. Over the years, I have had a lot of people started in the business based on these meetings with me. So, in this article, I would like to share my company setup checklist for real estate investors.
In the Business Setup Checklist, I will not spend a lot of money first to rent an office, buy expensive computer equipment, and otherwise commit a lot of costs without proven income from your business. Instead, I share with you what I think are the most important things to do and to buy to get started in your own real estate investment business.
First, I think you need to take the time to sit and decide where to go. Stephen Covey says, and I agree that you will Begin with Ending. It is much easier to achieve a goal if you know what you are trying to accomplish. Please, do yourself a favor and do not skip this critical critical step.
Secondly, install, or at least calculate, the smallest phone communication system you are going to use. Many times, it will use your mobile phone and change the message from something unprofessional to something more business like. Of course, there are a wide range of phone services you can install. Start very basic, spend very little and expand as revenue increases.
Then I strongly believe in using 24 hour inspired information lines in my marketing and I recommend that I pay the money to get this setting. With these, you can spend less on marketing and then get people to call in to get more information about buying, selling, renting or private money before talking directly with you. You will be tempted to bypass this step and use regular voicemails remember, Ive helped many other people to start investing in real estate and that would be a mistake.
The next step is the most important step of all Get your marketing and find out. Nothing happens until you start talking with motivated sellers in this business so you need to make them call you or start calling them. So take some time to figure out your basic marketing. Depending on your budget, you may also consider getting a website and bandit characters at this time as well. If youre on a tight budget, use the free website and skip the bandit signs until later.
Once youve marketed and start to find out, youll be organized and ready for sales calls. Make your seller Presentation and credibility package. Set up your office files to track revenue and costs, promotion files and property files. Also, make sure you have the files and forms you need to be stored in your car. You never know when you may need to sign a contract and better bring them with you in your car all the time, then miss an agreement.
And finally, create your business unit. The reason I recommend this last is that most will stay on this step and if you do not have the assets to protect its a mistake to hang it on to the start. If you have significant assets to protect, you should meet with your personal attorney at the beginning of a new company to get personal and professional advice about your unique situation.