It’s widely believed that the only people who can make money in real estate are traditional “investors”–people who have the experience and disposable income to get an edge in the marketplace.
Today, however, more and more first-timers are playing their hand in the real estate investment game–and winning big. If you’re wondering how to succeed in real estate as a non-investor, here are 5 tips to get you started.
How to Succeed in Real Estate as a Non-Investor
1. Let go of your fear of not being an expert.
You don’t need to know exactly how to succeed in real estate before buying your first or second property–you just need a plan, persistence, and the willingness to learn as you go. Research strategies like flipping houses or purchasing rental properties and figure out which makes the most sense for you on a personal, professional, and financial level. Get the information you need to make an informed decision, but don’t feel like you need to have all of the answers before taking action.
2. Find a mentor who’s been down the same path and get their advice.
This could save you an immeasurable amount of time, money, and frustration. Connect with local investors at networking events and ask which insights they wish they’d known when they first started. Most investors enjoy sharing their expertise on how to succeed in real estate. The key is to be considerate of their time by asking informed, targeted questions rather than having them walk you through their entire business model step by step.
3. Start small while you figure out the real estate investment game.
Take the pressure off by allowing yourself to get a working understanding of property investment before making the leap into bigger and riskier commitments. Rather than immediately investing your life savings into a multi-unit building, pursue small projects and grow your portfolio as you grow your knowledge.
4. Consider hiring a property manager.
This is particularly important if you’ll be investing in properties that aren’t right down the street, or if you don’t have time to make real estate your full-time job. Having a property manager relieves you from time-consuming day-to-day responsibilities, and it’ll bring you the peace of mind you deserve. Start your search for a property manager in your area now!
5. The most important step is the first step: getting started.
No matter who you are or where you are in life, it’s possible to build a successful real estate investment portfolio. With patience, courage, and tenacity, you’ll be well on your way to success.
Robin Burinskiy is the Senior Content Writer and Managing Editor for the All Property Management Blog and Buildium Blog. She cut her teeth as a marketing copywriter at Wayfair and TechTarget, and she spends her free time perfecting her lifestyle blog, Feather & Flint. She holds degrees in psychology, sociology, and songwriting.