First Investment? 5 Tips For REI Newbies

Starting out in real estate investing can feel a bit anxiety provoking at times. So much new information and stepping out to take a risk. There’s a lot of helpful information out there, from books to workshops to courses. Surely, you’ve done your fair share of research, but you still might feel a bit hesitant about making your first investment deal.

If you’re a REI newbie, here are five tips I think will help you out:

1. Decide On Your Niche

There are various niches you can focus on when it comes to real estate investing. As you move toward your first investment, decide on your primary niche. Are you wanting to invest in fixer uppers that you buy and flip? Apartment complexes? Single family homes? Do you want to wholesale? Buy subject-to and sell with a lease-option?

2. Narrow Your Focus

Narrow your focus and spend more time learning that niche inside and out. Master it. As you learn about it and step out to make that first investment, you’re creating forward momentum that’ll get you results. If you feel like delving into a different niche down the road, that’s fine. However, for now decide on your primary niche and go after that.

3. Seek Credible Information

Not everyone who teaches on real estate investing is credible. In fact, there’s some hype out there that is just that – hype. Seek credible REI teachers or mentors, ones that have the background and success to back them up. Just because someone writes a book or offers a course doesn’t mean they’re offering the best tips and techniques for investing. Be sure to do your research, check for references, and ask around too. Excellent real estate investing teachers will have solid credibility and a great reputation.

4. Know Your Learning Style

If your tenant desires to stay in the home, you can give them the option of renewing the lease for the same amount or a different amount if you choose.  Of course, you don’t have to decrease the monthly rent. Most landlords don’t do that. If the remaining tenant won’t have enough funds to cover the monthly rent, then you let them know that they’ll have to move out within a certain amount of time.

might want to watch videos or listen to audiobooks or podcasts. If you learn better by seeing, watch presentations, videos or reading books. If you’re a better kinesthetic learning, maybe attend a workshop or event. Sure, you can learn in all sorts of ways, but it can help to discover your preferred style and spend time learning that way.

5. Get To Know The REI Experts

Before stepping out to buy your first real estate property, locate and get to know the best REI experts in your niche. For example, I specialize in buying homes using the subject-to method of real estate investing. Anyone who aims to buy properties this way can utilize the many resources I’ve created to help them become master investors. From books to courses to live seminars, you can receive some excellent information from an expert.

Whatever your niche is, locate the experts and take the time to devour all the resources they’ve got. It’ll make you a much better investor, as you’re learning from those that have spent many years learning valuable lessons that they’re not passing onto others.

I hope these tips have helped calm some anxiety as you continue moving forward on your real estate investing journey. It might feel a bit overwhelming for now, but rest assured the more you’re involved in the business, the more confident and relaxed you’ll become.