Garrett Sutton is an attorney, best-selling author and one of Robert Kiyosaki’s Rich Dad Advisors. A clear and engaging writer, Garrett demystifies legal topics and presents them in a very understandable and accessible manner.
Getting started investing in real estate can sound daunting. There are so many things to consider – location, property type, loan products, dealing with tenants, etc. Just one of these things is enough to deter most people from ever getting started investing.
I’m going to tell you the easiest and best way I know to get started investing in real estate. That is buy a fourplex!
Steven Rinaldi owns a law firm in Maryland where he concentrates on business law matters and intellectual property matters since 2005. Prior to 2005 he was software licensing attorney for Mercury Interactive. He also was the Associate General Counsel of the American Bankers Association, and was responsible for all business agreements for a $30 million dollar a year division of the Association.
Your Time is Now!
Theodore Roosevelt said, “The only man who never makes mistakes, is the man who never does anything.”
I believe that 80% of success is just showing up., taking action, and learning as you go. Afterall, luck favors the prepared.
It’s said that the best time to plant a tree is 20 years ago. The second best time is now. So what will you wish you would have done today, in 20 years?
No, really. Think about it. What will you wish you would have done today, in 20 years? Watch the next episode of House of Cards? Scour pinterest for DIY ideas for pallet bed frames? Or maybe start educating yourself on a topic that you’ve been putting off?
So why should you stop procrastinating and get started taking action? Well, for one, it’s much simpler than you think! Think back to a time when you put something off because you dreaded doing it. Maybe the dishes, or getting an oil change in your car. Once you did it, you probably realized it didn’t take as much effort or time as you thought. Taking action towards your goals is the exact same. More good news is if you break your goal into small steps, it immediately becomes much easier to accomplish!
The hurdle to getting started is often in your mind. You might be afraid that you don’t know everything about the topic, before you get started. Well guess what? You’ll never know everything! It’s not even possible to know everything without doing it! SO why try to learn everything there is to know about it, before getting started?
This is the single biggest mistake people make when setting out to accomplish something.
So how can you learn to not let that get in your way?
Start by breaking your goal, task, dream whatever it is your working on into smaller steps. This immediately makes things achievable through small actions. Don’t wait. It’s not going to get any easier. You won’t be more sure about it tomorrow. If you’re having concerns about your probablility of success, find someone who has done what you want to do. Join a network, find a mentor, or surround yourself with like-minded people.
Let’s put all this into a scenario:
You want to retire in the next 15 years?! Seems pretty daunting! So instead of just making excuses of why that’s not plausible for you, or convincing yourself that’s not what you really want, rather put together a plan of action!
Simply start by setting your goals. – Let’s say you want to have $4000/month in passive income in 15 years so that you can retire. Great! That’s the first step already done! You’re already on your way to accomplishing your goal.
Next outline what it will take to accomplish your goal? Let’s say that’s 20 rental properties the produce $200/month each. Now you’re making real progress by turning a dream into reality!
Here’s where it starts to get hard. Now you have to start taking action. How are you ever going to buy 20 rental properties? Well, start with educating yourself. Read books, listen to podcasts, surround yourself with like-minded people. You’ll eventually learn how to find properties, analyze the deal, and find the best loan.
Next thing you know, you’ve bought your first property, then second, then third, and before you know it, you’re truly a real estate professional with 20 properties in 10 years, not 15 years! By 15 years, you’ll thank yourself for taking that one day to write down your goals and taking action!
You see how this all started with taking the first step?
The best news, you can accomplish literally anything with this simple mindset! Anything in this entire world! Things you can’t even imagine today! Things you didn’t know existed!
So take that first step. Take action. One day, you’ll look back and be glad you did.
That wraps up this week’s Friday Fundamentals with Jacob Ayers.
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Nathan is a real estate investor and adventurer. He owns a fourplex in Oklahoma City, and has been travelling through Central and South America for the past two years. Nathan began his real estate investing career understanding the power of multifamily properties. He is now actively searching for 80-130 unit apartment communities.
1. What was your biggest hurdle getting started in real estate investing, and how did you overcome it? Nathan wasn’t sure where to invest initially. With time, he became more familiar with the areas he was interested in. He started looking at a market, and refined it into areas of that market, then specific neighborhoods, down to the specific street.
2. Do you have a personal habit that contributes to your success? Determination and Visualization.
3. Do you have a favorite online resource? BiggerPockets and MeetUp
4. What book would you recommend to the listeners and why? Rich Dad Poor Dad by Robert Kiyosaki 4-Hour Work Week by Tim Ferris, Richest Man in Babylon
5. If you were to give advice to your 20 year old self, what would it be? Have focus and avoid the “shiny object syndrome”.
1. Investing in Fourplexes
2. Travelling while owning a property
3. Finding your first deal
Nathan’s Reasons Why
Nathan knew he wasn’t good at being an employee. Nathan wants to have time freedom. He’s not motivated by material possessions, although he appreciates them just as much as the next person. Nathan was naturally drawn to real estate as his vehicle to achieve time freedom.
Rich Dad Poor Dad by Robert Kiyosaki
4-Hour Work Week by Tim Ferris,
Richest Man in Babylon by George Clason
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