1. Don’t believe everything you read or hear. Most real estate investors do not earn $1,000,000 or even $100,000 in their first year. Good luck trying, but don’t give up if you don’t.
2. Make offers. You can’t invest in real estate if you don’t make offers.
3. Not all mentors are created equal. Most fee-based “mentors” have a little to no experience mentoring and may have very little real estate investing experience.
4. Join a real estate club. A local real estate club can provide you with an instant network of other investors, contractors, real estate agents, and anything else you need to invest.
5. Develop a strong local network. It can make your investments soar and save you from making big mistakes.
6. It’s OK to spend money on your first property. It will probably be a better investment than a mentor or expensive class.
7. Don’t quit your day job. It is much easier to invest if you have capital, a job, and good credit.
8. Partner with an experienced investor. It is much easier to make money on first investments if you do.
9. You must know how to “run the numbers.” If you don’t know which numbers, then don’t invest.
10. Start today. The sooner you start, the sooner you will really learn how to invest. Reading books doesn’t count as investing.
10.5 Find capital sources. As many as you can- long term loan brokers, hard money brokers, friends and relatives with self-directed IRA’s.