What to Do on Your First Day as a Real Estate Investor

Massachusetts Real Estate Careers with Tom Cafarella

Day one as a real estate investor can be a confusing time. Here are the things you need to know about how to succeed and where to begin.

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About 10 years ago, I had my first day as a real estate investor. Even after all that time, though, I still vividly remember day one.
So if today is your day one as a real estate investor, or that day is coming soon, and you’re feeling totally confused—I’ve been there.
The feeling of being lost is totally normal. There are so many things you may feel that you should or could be doing—like getting a new phone number for your business, launching your website, and starting your LLC.
It can be difficult to know where to begin. But the good news is real estate investing is very, very simple. Real estate investing is a sales and marketing business so the one thing you must become good at from day one is being able to market to get motivated seller leads and to get good at sales.
This way, when you get face-to-face with sellers you can buy their property at a discounted price.
In real estate investing, the key thing to focus on is getting great deals; and a great deal means that you are getting a property for much less than fair market value.

In real estate investing, the key thing to focus on is getting great deals.

If you visit a house that is $200,000, for example, you are making a great deal if you are putting it under contract in the ballpark of $130,000, $140,000, or $150,000.
This skill is something you’ll want to learn before anything else. Getting out there in front of motivated sellers and getting good at sales in order to get great deals are the main steps that will jumpstart your success from day one.
On the marketing side there are three things that work: Internet marketing, cold calling, and mailing. You can’t buy deals that everyone else knows about. If the property is on the MLS, you’re brought a deal by your real estate agent, or the property is on Zillow or Craigslist, forget about that deal.
On day one, you can forget about everything except getting good at sales and marketing. But what are some things you shouldn’t be doing on day one?
First of all, while you do at some point need a website, it’s something that can wait. Day one simply isn’t the time for things like that, getting business cards, finding cash buyers, or raising capital.
All of those things should be placed on the back burner until the priorities we’ve discussed have been taken care of. Don’t waste your time on any of these things until after you’ve booked your first one-on-one seller appointment.

That being said you should be prepared to build a business. Real estate investing isn’t a get-rich-quick scheme. It will take time like any other business.
If you’d like more details you can visit www.GetFreeSlides.com and email us to send you a Powerpoint over everything we’ve covered here. If you have any other questions feel free to get in touch by giving me a call or sending me an email. I look forward to hearing from you.