I am often in the position of helping first-time real estate investors, especially through the coaching aspect of my marketing agency. Helping them to get started is very rewarding. What interests me is how often I wind up helping them on elements which are not directly tied to real estate. Some of my students are now aware of how their individual backgrounds can be applied to developing the skills and knowledge it takes to become a successful investor.
For example, people with sales experience should be more easily able to come up with selling points about a property or investment. Those who worked in finance should have a better understanding of how to make the numbers on a property work. Someone working in construction or installations would have a greater understanding of improving a property. Management experience can help for working with a team of professionals and/or investors to complete a transaction.
Knowing which skills you are best at is as important as knowing what you don’t know. Even if you are a solo investor, you still need to have your team in place to help you where you need it. An initial step is to identify exactly where help is needed. Your situation could dictate that it may be better to seek partners instead of going at it alone without experience in key elements. For example, finding a partner that brings money and experience in an area you need help with could be beneficial for all concerned. It is often better to have a share of the asset and future income than not having any.
Performing research comprises much more than looking for data to support your potential transaction. It can be time well spent to find one or more partners or sources and properly vet them to suit your interests. My team and I have many years of experience doing those very things, and can help you be “first in” on your next opportunity!