Every new ambition needs to start somewhere - it's just a matter of determining where that is. When becoming a Real Estate investor there are a handful of questions you need to ask yourself before you can figure out what you need to ask of others. It goes back to the most basic questions they drilled into your brain in elementary school: who, what, where, when, why, how.
WHO are you going to be doing this with?
Are you going to be doing this by yourself, are you going to have a partner that you'll be working with, do you have a mentor that's going to guide you through the steps, is there a group of people that has decided to join together to do some investing, etc.?
WHAT are you looking to invest in?
Are you interested in residential or commercial real estate? Are you going to be a landlord, a flipper, a wholesaler, a note buyer, etc.?
WHERE do you want to invest?
Are you going to look for properties in your town, your county, your state, your country?
WHEN are you going to be investing?
How often do you plan on purchasing properties - every week, every month, every year?
WHY are you doing this?
Do you want to quit your job? Are you looking for a hobby? Are you looking for a way to put your kids through college? Are you looking for a way to put yourself through college? Figure out what is going to be the driving force behind your motivation.
HOW are you going to accomplish this?
Who's money are you using? How much do you have to work with? What do you already know? What do you still need to learn and what do you need to do it?
SET GOALS
If you're reading a book to expand your knowledge, give yourself a deadline for finishing it.
If you want to close your first deal in 1 month, write out an action plan of how you're going to achieve it.
If you want to make enough money to go on your dream vacation, set a time frame for it.
If you want to retire by a certain age, map out what you need to earn each year to do it.
If you want complete financial freedom, start your education now!
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