Real estate investing is a process that can be both thrilling and nerve-wracking. On the one hand, it’s an opportunity to earn passive income and grow your wealth. On the other hand, it’s also a big risk. This is where MY SMART COUSIN comes in!
At MY SMART COUSIN, we offer tailored solutions in every aspect of real estate investment and homeownership, with a particular focus on Black, Brown, and women real estate investors. Whether you’re looking to buy a house for the price of a car, or are looking to buy at a higher price point, we can help you proceed confidently and take you from strategy to a targeted list of matching properties, to negotiation, financing, closing, and property management.
There are so many things that can go wrong when considering property investment, and it’s easy to second-guess yourself. So, how do you build confidence and knowledge in your gut that you’re making the right decisions as a budding real estate investor? The answer is simple: knowledge. The more you know about real estate investing, the more confident you will be, positioning you to grow your experience, the second component in building confidence. And the best way to gain knowledge is by doing your research and learning from others who have gone before you.
Here are a few tips to get you started:
· READ BOOKS AND BLOGS ABOUT REAL ESTATE INVESTING
There is a wealth of free information available. Of course, caution is a must, as not all that glitters is gold. To sharpen your Spidey senses and ability to find hidden property gems, start reading and educating yourself about the process of real estate investing. And don’t stop at just one book or blog post—keep reading and learning as much as you can. The more you know, the more confident you will be.
· JOIN A LOCAL OR ONLINE GROUP OF REAL ESTATE INVESTORS
These groups are full of experienced investors who are happy to share their knowledge with newcomers. By joining one of these groups, you’ll have access to a wealth of information and experience that you can tap into when needed.
· MEET WITH OTHER REAL ESTATE INVESTORS IN YOUR AREA
This is a great way to network and learn about different investment strategies firsthand. You might even find some partners for future deals!
· DO YOUR DUE DILIGENCE
Before making any investment, you must do your due diligence. This means doing your research and being armed with as much knowledge as possible about the property and the market. When you have all the facts, it’s easier to make decisions with confidence. If you’re ever feeling hesitant, go back and review your numbers. This will help remind you why this is a good investment.
· HAVE A MENTOR
Having someone who can guide and support you is crucial when starting any new venture—and real estate investing is no different. Find someone who has been successful in this business and ask for their advice. Having a mentor will help boost your confidence because you’ll know that there’s someone in your corner who believes in you and wants to see you succeed.
· TAKE SMALL STEPS
Investing in real estate doesn’t have to mean buying a huge property, sight unseen. Start small by focusing on wholesaling or low-cost fix-and-flip properties in your local area. Once you have some skin in the game and see first-hand what it takes (and how rewarding it can be), then you can start thinking about bigger investments down the road.
· SET SMALL GOALS AND ACHIEVE THEM
One of the best ways to build confidence is to set small goals and then achieve them. When you take the time to celebrate your wins—no matter how small they may be—you’re reminding reiterating yourself that you can achieve your goals. This will give you the boost you need to keep going when the going gets tough.
· GET OUT OF YOUR COMFORT ZONE
One of the best ways to grow as a person—and as an investor—is to regularly get out of your comfort zone. When you challenge yourself and step outside of your norm, you’ll expand your learning, gain new skills, and build your confidence in the process. You may not always succeed when you attempt something new, but each time you try, you’ll become just a little bit better and more confident.
FINAL THOUGHTS
Building unshakable confidence as a real estate investor takes time and effort. But it’s worth pursuing because when you’re confident in your abilities, you’re more likely to succeed. So start reading, join some groups, and get out there and meet people. The more you know, the more effective you can be!
YOU CAN ALSO READ: WHAT IS THE GROSS RENT MULTIPLIER (GRM) IN REAL ESTATE?
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