Getting started in any new profession can be a very overwhelming feeling. Getting started in real estate can be downright scary. The real estate world is full of financial terms and industry specific jargon that can take years to fully grasp. This alone could make investing intimidating. However, when you throw in the fact that you would lose real money by making a few wrong decisions, you realize just how stressful investing can be. The best way to put yourself at ease and make the transition into the business as smooth as possible is by asking as many questions as possible. Do not be afraid to ask questions – It may be what saves your business.
Most people do not feel comfortable asking questions. The best investors are those who are constantly asking questions and seeking the right answers. Why would I invest in this market? Where would I go to for financing? What is the expected return on my investment? These are some of the questions you can ask yourself, but you can also find a big picture perspective. There are many investors who started off just like you and were looking for some guidance. Between investment clubs, networking meetings, website forums and local contacts, you should be able to find someone who can answer these questions for you. The hardest part may be asking the questions.
You should always start by formulating your own ideas and goals for how you want your business to go. If you are not sure as to what you want, it can be easy to get pulled in a dozen different directions. Real estate is something that is very difficult to be successful at if you do not commit to putting yourself out there. You need to be constantly networking and meeting new people. You also should not be afraid to jump right in with two feet and ask questions at meetings even if the answer may appear obvious to others in the room. You can find answers to basic questions online, but if you want real perspective you should ask questions of those investors who are in the business and closing deals.
If you are unsure of what the next step in the process is, don’t be afraid to ask your realtor or attorney. These are the two people in the transaction that will only make money if your deal closes. If they get annoyed by your questions you should immediately look elsewhere for business. This doesn’t mean you should call them ten times a day with basic questions, but if you have made an offer or are thinking about making one you have every right to ask questions. This is your money and you stand to lose if the deal goes south or if is not how you thought it would be. If you do not get an email or call back within 24 hours, you should really examine how much you mean to them and take your business elsewhere.
Asking questions and listening to the answers is the best way to get started. Nothing will replace real world experience but if you can’t get that yet you should ask away until you find the answers.