3 Tips to Turning a Bad Economy Into Real Estate Riches

3 Tips to Turning a Bad Economy Into Real Estate Riches

Turn on the news any given night of the week and you are sure to hear news about the economy being bad, people losing jobs, and companies going out of business. Real estate investors know that no matter what state the economy is in there are always ways to make money in real estate.

A lot of people are starting to take notice and see that real estate investors are making fists full of cash, even in the "so called" bad economy!

Before I got into real estate investing, I often spent most of my time figuring out how to break down the entry barrier and get into the business. For a brand new investor, finding out how to get involved in real estate can often be a challenge. I know for me, there was a lot of trial and error, and I traveled down a lot of "dead end roads" till I finally found my way.

Steps to Getting Started

One of the first things that any new investor needs to do is join their local REIA Club or another local real estate investing group. These groups are a great place to network with other investors who are out doing real deals in your local area.

Just a word of advice, make sure you watch who you are talking to when you are at these meetings. It is easy to waste time talking to other new investors who have not done any deals. The people you need to be networking with are other investors and especially wholesalers; because chances are you will get your start wholesaling real estate on some level.

When you meet a reputable wholesaler, make sure that you pick his/her brain. These people typically are very good networks, they know how to make quick money in real estate, and they have done a lot of transactions. When I got my start I offered to work for a seasoned wholesaler doing his marketing for free. I did such a good job at getting him appointments that he brought me in as a 50/50 partner. By doing this I ended up getting a real estate education that would be priceless to many people.

Keep Learning

Once you get a deal or two under your belt make sure that you continue to learn. Laws and other regulations in our business are always changing. Staying on top of these rules is often the difference between a multi-millionaire real estate investor and a struggling investor. Think about this, lawyers, CPA's, and Financial Advisors are always taking continuing education courses. In fact, it is required in their profession. Well, I'm telling you, it's only required in our profession for those who want to be successful. So if you want to have a long rocky road then don't continue to learn, because I guarantee there is some young, hungry investor out there who is willing to bust their chops to get what they want.

Stop Talking About It and Just Do It

99% of people wanting to be real estate investors never take action. On some level, every person who wants to be a real estate investor can take action. If you're working a full time job offer to help a wholesaler out on nights and weekends. You could even offer to pay for and send out marketing for a reputable wholesaler (marketing that he is not currently pursuing) and then work the leads that come in with him. This will get you some good experience into how a real estate transaction works and not to mention you will make some good money doing it.

Go out and tackle this real estate market head on. Not only is it possible, but it is profitable!

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