As the New Year approaches, more people are inclined to sit back and relax; they feel the best way to ring in 2016 is on a relaxed note. However, I can assure you that now is not the time for sitting back and doing nothing. Of course you will want to spend time with friends and family, but don’t become complacent. Now is the time to put your real estate business in a position to succeed. Instead of mailing it in for the rest of the year, you should use this time to jumpstart your real estate business. The knowledge and confidence you gain now will help you hit the ground running well into the New Year. Here are a few reasons you shouldn’t wait to get started in real estate – and perhaps even consider forming a real estate llc.
If you wait for the perfect time to start anything, you could be waiting a very long time. The New Year will quickly turn into February, and before you know it you are in the middle of spring. There is always some excuse you can make to put off taking action. And it’s not like it is a unique circumstance; pretty much everyone procrastinates here and there. However, things certainly change when you need to get something done, as opposed to just wanting to.
Some of the most successful real estate investors owe their success to catering to their needs at the time. Some got started because they needed to provide for their families, or even to pay the bills after losing their job. Do you think they could have procrastinated? You don’t need a change of season or a change in the calendar to get started. As long as you have a plan in place and know what you want out of the business, there is no reason not to kick the tires and get started today.
The real estate industry is filled with things to learn, and -for that matter- experience. The vocabulary associated with the industry alone can be difficult to conquer. Additionally, there are several exit strategies you must consider on a given deal. It is important to understand that you don’t need to be an expert in all of these areas to get started, but they well require your attention eventually. Don’t hesitate to start with one niche, and work form there.
The average investor starts with little to no experience. As long as you know enough to make an offer and understand the risk involved, you can move forward. While the more education you have, the better; it is not a requirement. You can have as much or as little education as you deem necessary. Thinking that you need to know everything about every area is foolish, and something very few people can attest to. If you are at a networking event and you don’t know something, there is nothing wrong with asking. You can bet that some of the most experienced investors in the room probably had the same questions when they were just starting out. You don’t need to be an expert to make your first offer.
Every new business comes complete with growing pains; it is the nature of business. Just like you will not know everything as you are starting out, you will also make your fair share of mistakes. It is all part of the learning curve. Ninety-nine percent of the mistakes you make will be minor. You will miss something on a contract, underestimate a cost of repair or send too many mailing pieces at once. Most new investors are so consumed with making a big mistake that it costs them in other areas. Yes, you can lose money if you are not careful, but there is also tremendous upside. Those investors that do lose money often do so because they fail to put in the necessary due diligence that is required. Mistakes are all part of any business. The key is to try not to make the same mistake twice.
Anyone that is just starting out lacks experience. As simple as it seems, the only way to gain experience is by taking action. There is nothing wrong with leaning on your real estate agent, attorney, contractor or fellow investors when you are just starting out. The quicker you can fight through your trepidation and nerves, the sooner you will get the necessary experience you are looking for. It also helps to immerse yourself in the business. Use everyday as an opportunity to grow your business. Spend a few hours a day talking to people in your market who are doing it.
With the holidays in full swing, it is easy to let your mind wonder. A lot of people are inclined to just sit back and relax, which isn’t necessarily a problem. The real problem is neglecting your business. There is a lot that can happen between now and the rest of the year. Every day you waste is a day that is lost. Don’t wait for the New Year to get started.