Don't feel overwhelmed, read this article for direction on how to be productive with so much information out there.
Are you a real estate investing newbie? If you are you probably feel overwhelmed with information and others’ opinions. Read the article below to find out some ways to stay focused and be productive without getting overwhelmed with the resources at your disposal.
As a newbie real estate investor, you can get bombarded with so much information that you get thrown off and left in confusion.
These tips help you get more organized and increase productivity.
1) Get a business nameEven though a business name should not stop from doing a deal before you get one, it is important to get a name. What do you do if you get a deal before you get a business name? Go make some money, get your name later!
2) Decide on a business model You cannot be a jack of all trades. Concentrate on one business model at a time. After all maybe you are just a beginner; all pieces will come together in due course.
The first step is to make money as a real estate investor and reduce confusion.
Most likely you will try most business models in due course. It’s part of the learning process.
3) Get a real estate investing website This is extremely important for a successful real estate investing business. It tells your story for you and saves you from repeating yourself over and over.
It pre-screens and pre-negotiates with motivated sellers so you save lots of time and effort and delivers deals ready to go.
And selling houses becomes real easy with the right website. It builds your buyers list so selling future properties becomes easier. Of course a good website also helps you manage all types of contacts.
You can attract private money investors on the website to finance your deals, as well as attract and reward bird dogs or people that send you motivated sellers.
Of course you must get a website that is adaptable to changing needs that changes as your business models and needs change.
Check the end of this article for a good real estate investing website.
4) Get your dream team Talk to a good title company to close your deals. Get an inspector, Realtor, contractors, plumbers, etc.
Keep these contacts on your real estate investing website and open a folder for them.
5) Join a real estate club Join a local real estateclub. Attend all meetings. This is where you meet people who do exactly what you are trying to do. They will make your learning curve slower.
You will know what works, what you can do tomorrow and what you will need to do to stay in business.
The groups also organize classes – you may be amazed how much you can learn even when you are experienced.
Most importantly, these contacts will help you get motivated sellers, or even buyers for your properties. Some of them buy properties at wholesale prices for cash!
6) Manage your time Time is money. Spend time marketing and growing your business. Put off less productive tasks for later. Keep a diary with important things to do every day.
7) Keep business tools handyKeep some contracts in your truck that you can fill by hand. A digital camera for taking pictures. A voice recorder for recording property addresses when you cannot write. My iphone does wonders in this respect. Keep some trash bags, hammer and other simple tools you might need from time to time.
In your office, each property should be filed in its own folder along with closings documents, spare keys, etc.
Simon Macharia
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