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3 Ways New Real Estate Investors Gain Real Experience

Wed, Jul 1, 2020

newinvestors-reducingrisk-riskmanagement-gaininginvestmentexperienceStatistics from GOBakingRates, as reported by Motley Fool, reveal that 55 percent of Americans aren’t investing in anything. Even when we look to real estate investment, we know that a lot of people think about doing it bet never full that trigger.

For many, they don’t feel like they’re able to afford it. For others, there is a level of anxiety that holds them back. They feel too inexperienced, too in-over-their-heads. They feel like there’s too much to lose.

Whatever the reason, we know this for sure: being a brand new real estate investor is no easy feat. Just transitioning from thinking to doing is an enormous step.

One of the things we see so often is that, to succeed in real estate investment, you need experience. It becomes the double-edged sword of needing experience but being unable to gain it in order to succeed.

For so many “gaining experience” means opening yourself up to failure. And it’s true, much of our experience in real estate investment is earned through trial and error.

However, there are ways that real estate investors can gain real, helpful experience in the industry without having to suffer the blow of investment failure. Here’s how:

3 Ways to Gain Real Estate Investment Experience without Having to Fail First

Partner with Experienced People

We’re not going to beat around the bush here. The best way to gain experience as a real estate investor without exposing yourself to all of the risks that come with being new to the industry is by partnering with a turnkey real estate company like REI Nation. You’re not only able to leverage the value of service and management teams, but you leverage our experience, too. We’ve been in the game for over fifteen years and have combined decades of experience between our family and employees.

That experience is something you can take advantage of. The mistakes you would have made? We know how to avoid them. The kind of investments you really need in your portfolio? We’re familiar. How to navigate challenges and setbacks? We’ve been there. Simply put, partnering with a turnkey real estate investment company like REI Nation means that you can invest for the first time as if you’ve been doing it for years. 

Be sure to check out: Avoid the Mistakes Even Experienced Investors Make

As you go, you can lean on your network of teams and a personal advisor to ensure not only portfolio growth and success but personal growth. You learn the ropes along the way while having the “safety net” of experienced partners to support you.

Even if you’re not in the turnkey game, partnering with other experienced investors and companies is a key way to gain experience while also benefiting from those who have more. 

Immerse Yourself in Real Estate

One of the concepts we talk about a lot here is continuing education. As turnkey real estate investors, we cannot be content to stay in “newbie” mode. Sure, we can leverage the experience of others. Why would we need to know ourselves? Listen: every investor, regardless of experience or lack thereof, must work to immerse themselves in the industry. You might not need to know about placing residents, performing renovations, or how to determine worthwhile investment markets. That all might be taken care of.

But knowledge — from knowing how to crunch the right numbers to how to analyze a real estate market — equips you to not only make more informed decisions but to have more informed, productive conversations with real estate professionals.

Pick up books. Read some blogs. Talk to other professionals. 

When you do this, you bolster your own credibility and confidence as a real estate investor because you know what you’re talking about! Even before you invest, this is key. It will help you avoid scams and know what red flags to look for. 

Narrow Your Scope

Because the real estate investment world is so vast and varied, narrowing in your focus can be a challenge. Here, we’re a big believer in the saying “the jack of all trades is the master of none.” 

You can’t invest in real estate by every means possible and expect a quality portfolio. Each sector, each method, is guided not only by different principles and laws but by different types of goals, too. The more your attention is split, the less you will master your work. Narrow it down. Focus on single-family rentals, for example, rather than trying to own different types of properties or trying to flip at the same time.

Know what it is you want out of your investments on both a short and long-term scale. This will help you narrow down which investment strategies are appropriate for meeting your goals. Then, you will be able to focus on these methods, study them, and grow in relevant expertise!

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Topics: new investors

Chris Clothier
Written by Chris Clothier

Entrepreneur, writer, speaker, ultra-endurance athlete, husband & father of five beautiful children. Chris puts these natural talents on display every day. As a partner at Memphis Invest, Chris addresses small and large audiences of real estate investors and business professionals nationwide several times each year. Chris is also an active writer, weekly publishing real estate, leadership, and endurance training articles.

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