Think Realty Resident Expert Sonia Booker Gives Beginner Investor Advice
I’ll never forget the lady who came up to me at the Think Realty conference in Baltimore, Maryland, this past June. You could see the look of despair all over her face, the look that I’ve experienced myself and see in so many others. Her question to me was simple, yet complex: How do I get unstuck?
She told me, “I want to invest in real estate. I have attended every conference, meetup, and webinar that I can get my hands on, yet I don’t feel any closer to being ready!”
My answer to her was simple: Too much information can paralyze you into doing nothing. Answer these three questions to “unstick” yourself if you are feeling stuck:
1. Why Do I Want to Invest?
Most people would say they want to invest to make money, but that’s not a good answer. You must determine what your big picture really looks like. A clearer view of your goals will help you identify the type of investor you should ultimately become.
When I posed this question to the lady in Baltimore, she said that she wanted to build a legacy for her grandchildren. She had just retired from the government after 30 years. She wasn’t in need of income; she was in need of assets to create this legacy. She described how she wanted to provide housing for seniors and that she had a background in that type of work. As she began to see things more clearly, you could immediately see the light bulbs starting to go off.
Once you get clear about where you’re going, you gain clarity about the types of resources you need to ultimately be successful. You’re no longer overwhelmed by information that isn’t relevant to your investment plans.
2. What Do I Need to Be Successful?
Do you need more information, money for a down payment, or maybe a mentor or partner?
In the case of the lady in Baltimore, she needed to learn more about multi-family real estate. She also needed to find out more information about senior housing requirements and opportunities in that sector.
3. What Will I Do Next?
Now that you know where you’re going, it’s time to get a game plan. Your personalized game plan helps to keep you moving in the right direction. Whether you’re investing in a single-family property or a building, it’s important to approach that investment with a plan and think of it as a business.
I received an email from the lady in Baltimore about 30 days after meeting her. She was so excited. She had done more in 30 days than she had done in the entire previous year to get closer to investing in real estate! Now that she has a clear purpose, she’s no longer stuck and she is well on her way to being an active real estate investor.