Starting out in a challenging behemoth of an industry like real estate may seem daunting at first. With so many factors and risks involved, the simple act of contemplating where to begin can be overwhelming. After all, it’s one of the largest and most regulated sectors of the U.S. economy, accounting for approximately
$30 trillion. As with most things in life, however, once you get over the initial hurdle of getting started, opportunities begin to present themselves and everything becomes clearer with time.
What I've learned over my career may help you in your real estate investment journey and hopefully provide the impetus new investors need to take the first exciting step.
1. Find your vehicle.
It’s all about making that initial, defining decision on what you want to invest in. In order to find the vehicle, you need to do your fair share of research. Find out what problem currently exists in the market or what service is lacking
In my case, after two or three years of working in retail, I realized that the only person making money in the equation was the landlord. Additionally, I felt that the rental market was very strong and realized that this is a service people are always going to need — whether it be commercial, offices, apartments, etc. It was at that point after identifying a basic need that I began to look into real estate investing. This was going to be my vehicle.
2. Educate yourself.
It sounds like a cliché, but educating yourself is crucial. You need to learn absolutely everything you can about the investment vehicle you choose. You have to become an expert — no ifs, ands or buts about it.
I began to take classes, attend seminars and workshops and read any book I could get my hands on. People want to make sure you know what you’re talking about.
3. Hone in on the product.
Once you finally decide what to invest in, the next step is to determine the specifics. After taking a few real estate classes, I decided to begin with basic residential investment. Over the years, people have often asked me why I chose residential over commercial. The simple answer is that residential investments are smaller, and I wanted to start out small and gradually move upward.
4. Make a good name for yourself.
Your reputation, identity and credibility rest on your financial standing and experience. By financial standing, I’m talking about your financial history, i.e., bankruptcy, credit score, etc. Some may be discouraged by past financial problems and automatically deem themselves unqualified to enter the business. However, most people can work hard to clean their slates and move forward.
Moreover, your track record and experience matter. They will be used to measure you against others in your field, and they define who you are and what you’ve accomplished. Create a story for yourself that you’ll be proud to share.
5. It’s all about the deal.
If you don’t have much experience or an extensive track record but you do have a good deal at hand, investors will come regardless. A good deal is one that makes sense, is the right price and has the potential to provide a good return on investment. So, if you’re armed with just the right tools and knowledge, you’re an honest person and, most importantly, your deal makes sense, then investors will flock to you.
6. Don't forget about location, location, location.
This phrase has become so overused that we tend to ignore it. Love it or hate it, location and the demographics of certain locations are paramount when it comes to investing in real estate.
When I started out, the first properties I bought were single-family houses in Sunrise, Florida. It was a middle-class location with fairly mid-level prices and the ratio of rent to price point was good. I later went on to purchase duplex and triplex properties, then multifamily and finally hotels. It’s a long and intricate process, but the key is to start small and work your way up little by little.
7. Create a powerful presentation that will speak for itself.
People like visuals. You need to create a rousing and informative presentation that captures the essence of your company in a way that’s both efficient and aesthetically pleasing. It should include who you are, what you’ve done and what you offer. This step is integral to the process as it consolidates everything I‘ve mentioned so far and can be a make-or-break moment when it comes to potential investors.
8. Prioritize funding.
This step is pretty self-explanatory: For your business to succeed, you need investors. In the beginning, most of your investors will likely be friends and family who are gracious enough to lend a hand. After a while, you might get some friends of friends to invest through word of mouth or simple marketing, and slowly but surely, you’ll begin to build your network of investors.
9. Honor your commitments.
This needs to remain true no matter what. Your integrity as a person is invaluable. This business involves risk and requires a great deal of trust between all parties. Your word is the most valuable thing you have to offer.
10. Build a strong team.
You need to surround yourself with honest, intelligent and highly motivated individuals. Among these should be an attorney, an accountant, several realtors and marketing pros.
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