New Investor Basics: How to Prepare for Your First Investment
You’ve made the decision that you want to invest in order to build wealth and secure your financial future…great! But before you jump right in, there are a few topics that most seasoned investors will tell you you need to review and get a good handle on before you jump in to your first real estate investment.
Define Your Goals
Before you begin, take a step back and try and define your ‘why’ for wanting to become a real estate investor. What is it that is at the basis of your desire to embark on this new journey? Your ‘why’ is a concrete reason that will give you the determination to push forward, make sacrifices and achieve your goals.
Your ‘why’ will help you define the type of investor you want to be and create a solid plan before starting out…and in the long run, it will help you to be a more successful investor.
So Much to Learn
There are a lot of moving parts in investing, so before you start out, why not get a bit of education first. Online courses and webinars can help you to gain a firm understanding of the basics and prepare you for what lies ahead.
This is why Simply Do It created the Online Academy. The Academy provides you with tools you need to build a solid foundation for your real estate investment future. The Academy offers podcasts, webinars, live events, and tons of great content that give you the tools you need to learn at your pace, online or in person.
The Academy offers insight on everything you’ll need along the way, from how to pick a good property, to what are the makings of a good property investment group. And just like our Mentor Investors and support team, the Academy is available to you 24/7 to answer all your questions.
Paint an Accurate Picture
You’ll also want to evaluate your financial picture so you’ll be able to have an accurate understanding of how much you have available to invest and how much you’ll need to potentially borrow. Know your credit score and your current debt-to-income ratio as well, as you’ll need this information should you seek outside funding for your projects.
Become Comfortable with Help
Many new real estate investors make the critical mistake of starting off their investment journey alone. Without the knowledge and guidance, they often make terrible mistakes. This is where Simply Do It‘s Guided Investment philosophy comes in.
Simply Do It believes you’ll learn more by doing; however, there is no reason to do it alone or risk everything. Our Guided Investing program means just that…we will be there with you guiding you, supporting you, and educating you on the ins and outs of real estate investing every step of the way. We also have local teams across the country with a proven track record for success, so you can be sure your project will be handled by the best no matter where you choose to invest.
Once you know your ‘why’ and have a solid understanding of your finances, you’ll be ready to take your first steps towards your investment future!