By now you know you want to be in the apartment buying business. The process is fairly simple if you consider this three step plan:
STEP 1 - Decide which horse you're going to ride:
First things first, before you can get started as a real estate entrepreneur, you have to know what you want to do. I know we all want to become insanely rich with commercial investments. But we have to have a focus. The questions to ask yourself are: Do you want to invest in duplexes, triplexes, quads? How about 10-units, 50-units, or 100-units? Are you interested in wholesaling, rehabbing, or retailing these properties? There are so many options. Trust me, you must have a focus or you will get caught in a web of great ideas that will lead you nowhere.
STEP 2- Don't get caught up in paralysis of analysis.
That's the worst success killer in the business. The best strategy is to learn the basics. Don't confuse this with learning everything there is to know before you do anything. It is not possible to expect to be an expert before you begin. It took me seven months do my first deal. That's right! Seven months. I overanalyzed each and every step. I made the mistake of focusing all of my attention on this one deal. There was no guarantee that this deal was going to close, but I still didn't consider looking at any other deals during this time entire process. In my case I was lucky. The deal did close and the end result was great. I ended up netting $25,000 at close. But think about all the wasted time I did over analyzing deals. Better yet, think about all of the potential deals and money I could have considered, if I had looked at other deals.
STEP 3 - Proceed immediately to your first deal.
If you want to become a commercial real estate investor, then keep in mind that there is no such thing as lack of time. Every human being has the same number of hours in a day as you do. To become an successful entrepreneur, it is important to choice carefully what you do with your time. You must determine exactly what you want to do and give it your laser beam focus. Keep in mind that it's OK to fear failure, but you must give yourself a chance. Occasional failure is good as long as you are failing forward and learning from it. Lastly, go after your first deal. It's your future and the only way to predict your future is to create it!
And . . . Always Remember, You Can Replace Your Income With One Deal!
Author Resource:-
David Jackson is a real estate investor & author who has found a niche in apartment investing. Find out how you can buy apartments while being broke & with no money of your own at http://www.mymassivecashflow.com. Register for his newsletter & claim a CD at http://www.freeapartmentbuyingtips.com
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