When it comes to finding out how to get started in real estate investments, first-time real estate investors are bound to be overwhelmed. First-time real estate investors also have a lot of concerns, such as when to invest, how much to invest, how much return to expect, and so on.
However, before beginning your investing path, it’s important to dispel as many reservations as possible. Committing to real estate as an investor, whether part-time or full-time, necessitates extensive study and mental planning.
We will be having a conversation with Jacques Poujade. Jacques Poujade has always been a renowned expert in real estate and real estate investing.
He is one of the best people to get any knowledge when it comes to real estate because he is one of the most insightful. Jacques is the executive partner at Lend Plus.
He is someone who is committed to helping people in the industry as he shares useful tips and information about real estate and real estate investing on his personal website and social media pages.
Jacques, what is the first thing you will advise a first-time real estate investor to do before diving into the market?
First of all, the best thing you can do for yourself is to get information. How do you do that? In my own expert opinion, train yourself. You need to have information about what you are diving into.
You ought to gain an awareness of the business and the real estate industry. Many tools, including books, journals, forums online, and classes, are accessible.
Start learning the language and jargon to connect through the networks comfortably. You would still want to choose the niche in which you expect to be specialized and read all you can in.
If after getting the information I feel like I do not have enough knowledge and direction on how to go about investing in real estate, what should I do?
This is very easy. I will advise that you get a mentor. Securing a mentor is one of the easiest stuff if you’re new to the investment environment.
If you don’t know where to begin, another thing I suggest you do is working with someone who can offer you sound guidance on their profession — a decent investor-friendly real estate agent, for instance.
What if I do not have enough capital and funds to start, what do you think I should do?
It’s all right to start small. While you may want to reach the ground for your investment strategy for real estate, an intelligent solution is to start with a smaller project.
If the investment property is tiny or you step into a relationship to minimize risk during a steep learning curve, you can find opportunities to mitigate risk.
By beginning small you will be able to learn from any mistakes you make without throwing so much of your money in jeopardy.
How can one minimize losses?
Just like every other investment, real estate investment has risks involved. This is why you must determine the rewards and risks involved.
You must still question yourself if the deal you are about to take makes sense for you as a first-time real estate investor. You have to critically examine the expenses you will incur and the benefits you will get.
Just before you go what final advice will you give first-time investors?
You must learn to make sacrifices. Choosing to be a real estate investor means there are times you will have to sacrifice money you would have spent on things like vacations, more fashion items, and so on.
Moreover, for certain property owners, it might not be financially possible to leave their careers for the first time. Be ready to make sacrifices of your time, opportunity, and option of lifestyle.