5 Steps to Overcoming Fear and Getting Rich With Real Estate

Here is an easy-to-replicate, five-step method of finding and buying properties that takes emotion out of the equation.

Step 1. Set Your Goals

Where are you today as a real estate investor? Where do you want to be long-term? You have to consider the time, money, and skills you have to invest in the outcome you want. Then you determine where the gaps are, and fill in.

No background in real estate? Head to the library to read up on real estate terms and trends. Looking for help with the marketing side of your business? Pick up a home-study program. No time to deal with tenants? Look into a management firm.

Once you know what you need and how to get it, you can make a plan to move from today to tomorrow.

Step 2. Research the Markets

Look for places where you can find properties that meet your investment goals. I like Justin Ford’s suggestion to look for markets that have potential for value and for growth.

This step takes some work, and this is where people often start chasing hot tips and hot markets. That’s a mistake. Do your own research. The clarity that comes with becoming knowledgeable about an area will give you the power and confidence you will need to move forward.

Step 3. Find a Property

The trick to finding a property is to let people in your “finder” network (realtors, brokers, etc.) know exactly what you are looking for. If all you say to them is “I want to buy a property,” they will either send you everything or they will send you nothing. Be specific. For example, “I am looking for a duplex or a triplex in the Pinewood neighborhood that has a motivated seller.”

Meanwhile, you need to know what other duplexes and triplexes are selling for in that area and why. If you can’t figure out WHY a property is selling for an under-market price, you likely haven’t found a good deal.

Step 4. Buy the Property

Once you hit this point, you should be in problem-solving mode. You are creating the deal here – and the best deals are negotiated when you solve a problem for the seller.

Let’s say you find a great property and the seller has already moved out or can’t afford necessary repairs. Try offering a much-lower-than-market price for a fast close. If the seller will not reduce the price, try for vendor financing with favorable terms or try to negotiate furnishings, sporting equipment, or even vehicles into the deal.

Or let’s say you find a multi-unit property that the owner is selling because he’s feeling burnt-out as a landlord. Offer to become partners with him – with you taking over managing the property in exchange for 50 percent ownership.

Once you’ve negotiated a great deal, you secure your financing, get an inspection, hire a lawyer, and complete some final due diligence to ensure that property really does meet your objectives.

Step 5. Make Money

At this stage, it’s all about maximizing your revenue. Spend a bit of time finding and placing good tenants (or hiring a quality property manager), and then monitor the bookkeeping records regularly. It only takes a few hours a month – and while you’re doing it, you will spot ways to minimize expenses and make more money as you get ready to buy your next property.

Following this simple five-step process takes the fear out of making a real estate investment. And it ensures that you’re buying property that meets your long-term goals. 

As Michael Masterson said in his book Automatic Wealth “Here’s a promise: If you haven’t ever invested in real estate but you start this year, you’ll be glad you did. If you keep investing – buying at least one new property a year (which will be easy once you get going) – you will be a real estate multimillionaire when you retire.”$

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