Experts such as Shahid Balwa believe it requires dedication and a willingness to learn, something that does not come easy for someone working under someone else.
2. First-time property investors often feel overwhelmed when entering a
new profession. Transitioning from regular ‘9-5’ to a more prosperous
lifestyle of real estate investing does require more than just packing a
cubicle and executing a deal. Experts such as Shahid Balwa believe it
requires dedication and a willingness to learn, something that does not
come easy for someone working under someone else. Cultivating a
positive mindset is as much required as the willingness to make the
move. Whether you are looking to launch your career or simply seeking
answers, here are a few tips that should help:
3. Be Ready To Take On Challenges
First step to successfully entering into real estate investing is
understanding that it requires a major commitment. Also, there are
many risks involved. As a first time investor, you need to be prepared to
face failure and keep growing. Investors often face a steep learning
curve while going through their investment deal. Make sure that you
are ready to endure all challenges that come your way and turn them
into valuable lessons.
4. Do Your Homework
Developing an understanding of the industry and profession you are
working for is crucial to staring real-estate investing. There are many
resources that you can look into including blogs, books, online forums,
and courses. The best way, to begin with, is familiarizing yourself with
terminology and jargon used in the real estate sector. It is also
advisable to seek knowledge from an industry expert.
5. Know Your Market
Researching the local market should be on top of your priority list when
beginning to invest in real-estate sector. Market data such as crime
rates, property taxes, school districts, and other amenities need to be
carefully analyzed. This shall help you make an informed decision when
investing in a particular area. Other aspects that need to be considered
include property inventory, saturation of competition and local
homebuyer tastes.
6. Connect With Local Investors
If there’s one practice that needs to be kept constant throughout the
investing career, it’s networking with local professionals. This helps get
valuable tips and advice that would help you as a first-time investor.
The networking process also helps to find an ideal real estate mentor
and create opportunities such as joint ventures or partnerships.
7. Hone Your Mindset
Besides the practical things mentioned above, a first-time investor
must also retrospect and examine their mindset. Having the mindset of
an entrepreneur greatly affects the outcome of your venture. With the
right mindset, a person can seek opportunities in every type of
situation and will be proactive in achieving the same. Polishing the
business owner mindset also helps deal with failures, challenges and
other hurdles that might come your way.
As you can see, there’s a lot to be considered when diving into your
first deal. Take inspiration from experts such as Shahid Balwa –
founder of DB Realty and learn as you take your wealth graph higher.