Start Investing In Real Estate… But Not Today!

Written by Tom Dunn

OK, you’ve decided to do it… you’re going to get off the fence and start moving forward with your plan to start investing in real estate. What are the very first things you need to think about, and the very first actions you need to take. Read on for answers!

You’ll be very surprised by what I think is the first thing you should do once you’ve decided to start investing in real estate. My suggestion is… don’t.

Don’t just jump in and start buying property. Even though you think you know what you want to do, you’re far better off taking a little time to think about how real estate investing will fit into your life, and what types of real estate investing will work best for you. The way to start investing in real estate is to first develop a strategy.

Start investing in real estate by planning your investing style. What I mean is, decide what kinds of properties - and what kinds of deals - you are bet suited for. After all, there are as many different ways to start investing in real estate as there are colors of the rainbow.

You could buy, rehab, and resell fixer-uppers from private owners. You could buy and hold rentals, either single-family homes or multi-units. You could buy pretty houses and lease option them to bruised credit-buyers. You could buy and rent commercial property, such as strip plazas and office buildings. You could invest in unique residential property, like mobile home parks or condominiums.

See what I mean. Spending a little time now to think through exactly how you want to start investing in real estate will bear fruit later. Don’t pigeonhole yourself. Somewhere out there is an investing style that suits your skills and temperament, and it’s your job to find it.

When you take the time now to investigate different ways to start investing in real estate, you’re making an investment that will pay you big dividends. You just might prevent yourself from getting stuck in a deal you have no skills for.

I’ve written a more detailed article called Beginning Real Estate Investing. Check it out for some great ideas on matching your abilities to your investing style.

Now, go make more offers!

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Tom Dunn is a successful real estate investor and author of the popular DealFiles Real Estate Investor Stories free newsletter. © 2007 by Tom Dunn. Website: www.dealfiles.com e-mail: tom@dealfiles.com

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