Are you thinking about getting into real estate investing? If so, you need to make sure you have an idea of what you are getting into. This checklist will help ensure that you are on the right track.  

The first thing you need to do is figure out what your goals are. What are you looking to accomplish with real estate investing? Do you want to make a quick profit? Send your kids to college? Retire a spouse or parent? Build long term multi-generational wealth? Once you know your goals, you can start to put together a plan. 

Next, you need to educate yourself on the ins and outs of real estate investing. There is a lot to learn. So, having a solid foundation is going to be important. You will be able to access plenty of educational resources online, at your local library, local meetups, and REIA groups. REIA stands for real estate investors association. These associations are great for gaining knowledge and meeting other investors.  

Once you get a handle on the basics, it’s time to start looking for properties. This is where things get really exciting and sometimes (overwhelming). There are many things to consider when choosing an investment property. Your business model, price point, location, profit goals, and many other factors. Also, as an investor you are going to have exhibit a ton of patience. Looking at a large number of properties is par for the course.  

Finally, once you found the perfect property, it’s time to secure your financing/funding and then close the deal. You basically have 4 types of financing: 1. Your Own Money 2. Banks & Credit Unions 3.  Hard Money Lenders 4. Private Investors  

The type of financing you will use will vary from deal to deal. Begin reaching out and building relationships with potential funding sources ASAP. 

Once you have found a property, funded or financed the property, and then either fixed to flip or found tenants to rent your units. You have completed your mission.  

Congratulations you’re a real estate investor! Just remember to keep following your plan, pursuing your goals, and you’ll be successful in no time. 

Now that you know what it takes to get started in real estate investing. Put your head down and go to work. Profits, success, and freedom awaits you!  

Author:

Dexter B. Jenkins is a licensed realtor and seasoned investor who has been buying and selling properties since 2017. He writes and speaks extensively on the subjects of financial literacy and using real estate as a wealth generation tool.