5 Secrets to Getting Started As a Real Estate Investor

Investing in real estate can be very lucrative, while having your funds secured by an asset. That is why many people turn to real estate investing. One of the myths about real estate is that you need money and credit to get started or that it is hard. This is simply not the case. There are many ways to get involved in real estate investing when you don’t have money or credit. Here are 5 Secrets to get started as a Real Estate Entrepreneur.1. Decide on a strategy
The biggest challenge many new real estate investors face is the “shiny ball” syndrome. That’s when you hear about the “next great thing” and keep hopping from strategy to strategy. This will keep you from moving forward because you are always going sideways. The best thing you can do is pick one strategy to get started. After you have mastered that strategy, then look to add another strategy to your toolbox.2. Join local REIA
Join your local Real Estate Investment Association. First attend meetings for a couple of the groups in your area. Once you find the group that fits you, you can become a member. Membership has its benefits. For example, at my local REIA there is a members-only portion where members can get up in front of the room and tell everybody what they want, have or need. This is a great way to expose yourself to everyone in the room and let them know who you are and want you want (private lenders) or have (a house for sale).3. Find a local Mentor
A mentor is always great to have. Think about the top athletes and how they have a coach. You need the same in your real estate investing business. A local mentor can let you know what is working for them and show you the ropes. They can also introduce you to local experts such as attorneys, title companies, and others you need on your team.The one thing you should always do when you are looking for a mentor is let them know how you can help them. For example, you can be a bird dog for them and bring them deals. Then you can split the profits with them. This is a great way to get started because they will let you know what they are looking for, you go out and find the deal, you then work your mentor to get the deal done. You are learning while you earn.I can’t stress how important it is for you to let them know what you bring to the table and how you can make their life easier. Otherwise they have very little incentive to spend their time and energy helping you.4. Stay focused
Once you pick your strategy, stay focused. It seems all we hear about these days is how the sky is falling, home prices are dropping, homes are being foreclosed upon every where. Don’t let this get you down. Real estate investors know that the best time to buy is when times are tough and there is confusion in the market. Keep you eye on the prize and move forward. Attend your local REIA meetings to meet people who are positive about today’s market and whose spirits are high because now is a great time to buy.5. No Money, No Credit, Really?
Yes, it’s true. You can buy real estate without your own money or using your own credit. Notice I said “without your own”. This is because money is needed, it just doesn’t have to be yours. Some of ways to use other people’s money is by finding private lenders, hard money lenders, seller financing, and lease/options. You can also find people who have the money and are willing to put their money into the deal in exchange for you doing all the work, this is a joint venture situation.You can also joint venture with someone who has excellent credit, using their credit to get the deal done. Again, you are going to do all the work to get the deal done.Keep your eye on your goal and continue to move forward. Now is a great time to be a real estate investor.