Read books, learn from other investors, take classes or seminars to further your knowledge. Joint Venture with an expert and soon you’ll have the knowledge and confidence to invest on your own.
Start learning about the local real estate market by visiting open houses and talking to people selling their homes privately. This will give you experience in seeing property, dealing with people, identifying the different kinds of neighborhoods, analyzing deals and more.
Talk to Realtors – it is their job to know what is going on in the market and they will hear about properties for sale before they hit the market.
One of the first things I learned when I took my Real Estate Investing Training was how important it is to Network with local investors. We have a local investment club SIREN which meets roughly every six weeks. We have had different Power Team members speak including: Realtors, both residential and commercial, Mortgage Brokers, Lawyers, Accountants, etc. Talk to experienced investors and learn from them. Share learning experiences with other new investors.
Knowledge and applying that knowledge by taking massive action was the number one thing that took my partners and I from zero to over $12M in properties in the first three years of investing.
When it comes to real estate, many people have a “scarcity” mentality. They believe there are a limited number of good deals, and they should do whatever they can to keep a deal for themselves. Real Estate is not an individual game it is a Team sport. My husband and I own only 6 properties completely on our own. The rest are owned jointly with others.
Helping You Build Your Wealth!
If you find a good deal that is below market value, what good is it if you can’t close on it yourself. You might as well make some money on it until you can invest on your own. By using referral fees and assignments, you can earn while you learn. Leverage your time and effort. Ensure you are dealing with honest, ethical and experienced investors who can close on the deals you bring them and pay you. I have personally paid anywhere from $500 to $15,000 for compensation for a deal.
Recommended Books: Real Estate Investing in Canada by Don Campbell.
Creative Real Estate Investing in Canada by Ken Beaton and Dave Dubeau.