Building Confidence
28. Jul, 2010 
3 Comments
Building confidence takes time and experience. If you are new to the business, then you will become more and more confident as you do more deals. There are some ways to jump start your level of confidence such as educating yourself about the real estate investment world. Before you start investing, I recommend you go to a couple seminars or take a real estate investment course online. Also, buy some real estate investing books written by some of the top gurus. Join a real estate investment club so you can talk to other seasoned investors to get some tips. Real estate investors are friendly, and they love to give advice to new investors. You might also try finding deals and letting other investors/ buyers pay you a fee for locating the deals. This is referred to as “bird dogging”.
Working with a mentor is one of the best ways to learn how to invest properly. After you complete a few successful transactions together, you will have much more self-confidence. The more you learn, the better investor you will become. Real estate is a changing business. The market changes constantly and you never know everything. There is always more to learn, new areas and strategies to invest in. You also learn from your mistakes.
Building a Niche
Another way to build self-confidence is to specialize in investing in one area. Whether it is single-family homes, apartments, office buildings or retail doesn’t matter as long as you become an expert in that area. Some people spread their portfolios out in too many diverse areas, and end up making mistakes. Learn how to buy one type of property well. If you are successful, then continue on and keep building your portfolio. If something is working for you, then stick with it. You will know right away after a few transactions if you are in the right niche. If not, try investing in a different type of property.
Remember, you cannot expect to learn everything overnight, but the more you talk to other investors, attend seminars, read and work with a mentor, you should develop good investment skills that will make you rich. Real estate investing is the best way to build long term wealth for you and your family.
Great article Susan. I totally agree that having a mentor is one of the best ways to build confidence and success in your real estate business. The quickest way to becoming an “expert” in your marketplace is to learn from an “expert”.
Hi, Diva I just read your bolg on building Confidence it’s true I need a mentor in this R.E.I biz. I’m going to try and join your D.I.V.A money club maybe I can get a mentor there and start my R.E.I biz asap I hope and thank you for all your info you share with me. O yea I’m from NYC downtown manhattan.