Today we’re going to talk about five actionable steps you can take when your goal is to invest in real estate, but you’re not quite ready yet. You know that real estate investing is the number one way to build wealth, but maybe you still have to get some ducks in a row before you take action.
This is not a bad place to be, it’s great that you have a long-term goal in mind. On this episode of Investing in Real Estate, I’m going to help you map out five specific steps you can take when you’re not ready to invest yet.
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1. The first thing you need to do is have a solid and comprehensive view of your overall finances. Once you do this, you’ll have a better understanding of how long it will take you to start investing. You need to know where you are before you figure out how to get where you want to go. So what does this mean? I want you to carve out some time this week to look at all of your finances. Commit to creating a balance sheet every quarter. Calculate your Freedom Number at morrisinvest.com/freedom. Leave no stone unturned, write down every debt, look into retirement accounts, consider your home equity position. In this process, I also want you to write down a few ways you could actually purchase your first rental property.
2. Sign up for the Financial Empowerment Bootcamp. I have a totally free resource at morrisinvest.com/bootcamp. It’s a 90-day plan to help empower you to take control of your finances. In the bootcamp you’ll learn valuable information about liabilities and assets. Again, it’s totally free and I think you’ll be surprised at what you can accomplish in 90 days if you commit to it.
3. Invest in your learning. If you aren’t ready to invest with your dollars, the most important thing you can do is invest in your learning. Make learning about real estate investing a regular part of your life. There is so much information available to you: podcasts, YouTube videos, books and audiobooks, webinars, and more. Find a medium that you can easily incorporate into your routine. For example, maybe you have a long commute and it makes sense to listen to podcasts and audiobooks. Maybe you prefer watching videos. It doesn’t matter how you take in the information, what matters is that you do it consistently.
4. Find support. When you have a big goal, it’s really helpful to have people who want to see you succeed. I challenge you to find at least one person to be your cheerleader – someone you can talk to about what you’ve learned and how you plan to start investing. It’s really powerful to have someone you can bounce ideas off of. If you don’t have anyone in your personal circle who can do this for you, consider attending local real estate meetups to find someone who can keep you accountable, and vice versa.
5. Book a call. One question we hear all the time is “what do I need to have in order before I schedule a call?” And the answer is, we’re happy to talk with prospective investors at any point in their journey. So whether you think you want to invest by the end of the year, or maybe in a few years, we’d be happy to chat about your options and how you can get started. That being said, we will send you some homework to do before your call… but if you are dedicated, driven, and serious about investing, this should be no problem for you. Schedule your free call at morrisinvest.com.
Episode Resources
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Rental Market Checklist
Commercial vs. Residential
IRR Video
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
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