So you’re a new investor looking to get started in the real estate market, then COVID-19 happened…No worries right?! While uncertainty is high in the market right now, there is so much opportunity!
For starters, do you know the future? Neither does anyone else! Don’t get caught up in the news, social media, what your neighbors are saying or your own thoughts. Stay the course that has worked for investors since the beginning. Andrew Carnegie said, “Ninety percent of all millionaires become so through owning real estate.” Let’s dig into what needs to be done in the current market to set you on the path for real estate success!
Get back to the fundamentals.
If you have ever played or followed sports you’ve probably heard this term after a loss to an opponent. Same is true for real estate right now. Get back to the basics!
What are the basics of real estate you might ask?
Staying on top of MLS, reaching out to your connections and building relationships: all of these are great ways to feed your pipeline with deals!
Don’t jump on the first thing that comes your way without doing your due diligence. Spending a little extra money or time to get an inspection, broker price opinion or anything that helps solidify the liquidity of your deal will payoff in the end!
Talk to your hard money lender! We offer a special program for new investors because we want you to be successful. Have a conversation around getting started and best practices for financing your deal!
This part is extremely important! Managing a project can be the hardest of these real estate basics. Staying on top of your timeline, costs, labor and contractors is a full-time job. Good management goes a long way to making sure your deal is successful.
Lastly, Patience is a virtue.
No one knows how things are going to shake out in the coming months. Spend time mastering these fundamentals and be on the lookout for opportunities because they are out there!
Good luck and stay safe!