It seems like yesterday that I, too, was new to real estate investing. A good place to start is to ask yourself these questions. . .
You can anticipate spending a minimum of 2 or 3 hours most days, if you desire to make real estate your full time business. The hours will vary, of course, and taper off once you have a good handle on how your real estate business will run.
Most of us, when we were new to real estate investing, spent a lot of time at first, watching other investors to see how they got things done and what interests them. Funny, what interested my first mentor isn't exactly what I'm interested in now. Everyone eventually finds their own path and grows in the direction that they find the most enjoyable.
When I first got started as a new real estate investor, I absolutely enjoyed looking at property. So I obtained my Realtor's license and off I went! (or so I thought).
Along the path of previewing everything interesting I could find, I found that I mostly enjoyed helping people find their new home, and swerved a bit towards that end.
It wasn't long after that I had made enough income selling homes that I was able to start real estate investing myself. Back then there weren't as many options as we see now for investing in real estate. It was pretty much a 20% down world. But along came creative financing, which opened up a lot of new doors for new investors.
Fast forward to this century, and you could easily start your real estate investing business with little money of your own. There are ways to invest in real estate to bring passive income, or even (one of my favorites) by wholesaling real estate to others.
We discussed what type of investor you see yourself as, and many people start off my purchasing a rental property. It's a wonderful way to make passive income with real estate while providing quality housing for other families.
When it comes to renting out your real estate investment, you'll need to set some guidelines as to what is acceptable to you. The passive income and appreciation are second to none, and making a solid plan of how you want to run your rental property investing business, along with some research into the financials involved will keep you on the straight and narrow.
If this sounds like you, check out how to get started with your First Rental Property here.
While being a landlord can be fulfilling, it's not for everyone. Managing rental properties can be full time for sure, unless you outsource most of the maintenance to others. Having a property manager will free up your time so you can pursue other interests.
Wholesaling real estate is more time-consuming, but less hands on, since you can work at your own pace. However wholesaling real estate is more of a one-time and move on type of real estate business. So if you don't have a deal in the works, you won't have a paycheck arriving soon.
House hacking is a new term for living in a property while you fix it up. You can house hack by renting out rooms, short term like AirBnB or long term, such as student housing. My associate Toyya earns her passive income by investing in houses near colleges, and outfitting the house for students. It's her passion, and she's very good at it.
I can't say enough good things about how much I have learned from going to local real estate meetings. It's fine to just attend and be a fly on the wall, because you'll leave with some valuable education.
To find meetings in your area, do a search for REIA with this link. REIA is an acronym for Real Estate Investors Association, and it's a national non-profit organization for people to meet and learn from others pertaining to everything real estate.
My local REIA has monthly meetings where we all meet as a group and there is usually a key speaker, or at least a topic. Apart from the big meeting, you can attend meetings for specific areas of interest such as Landlords, Investing in Notes, Women's focus groups and more.
Another place to find mentors is on MeetUp, it's really a wealth of information for anyone who is new to real estate investing. Typically the meetings are free to attend, so you have nothing but your time invested.