Mark Bastorous' Tips for New Real Estate Investors

1. For Beginners In 2024, How To Invest In Real Estate Real estate investing can be a great platform to grow your wealth over time. It involves buying and owning properties to generate income or appreciation. If you’re a beginner, you might wonder how to start real estate investing, which has many options for investment. However, in this article, Mark Bastorous suggests five tips for beginners to help you start real estate investing and build your portfolio. So, whether you’re looking to become a full-time real estate investor or diversify your portfolio, read on to learn how to get started in real estate investing. 1. Start With Education:

2. It’s crucial to gain as much knowledge as you can about the real estate market before making an investment. This includes understanding the different types of real estate investments, the market trends, the financial and legal aspects, and the risks and rewards. There are different ways to educate yourself about real estate, such as attending seminars, reading books, listening to podcasts, and taking online courses. By doing so, you can gain knowledge, skills, make informed decisions, and avoid costly mistakes. Educating yourself may take time and effort, but it’s worth it in the long run. Remember, investing in real estate is a marathon, not a sprint. Therefore, here are a few strategies to help you learn about real estate. ● Read books. ● Attend seminars and workshops. ● Take online courses. ● Join real estate investment groups. ● Network with real estate professionals. 2. Set Your Goals: Investing in real estate, it’s vital to have clear goals in mind. This means deciding what you want to achieve with your investment, such as earning passive income, flipping properties for profit, or building long-term wealth through rental properties. Setting your goals can help you focus on the types of properties that will help you achieve those goals and avoid making costly mistakes. For example, look for properties in areas with high rental demand and stable rental rates to earn passive income. Setting goals can be like deciding what you want to eat for dinner – you need to know what you want before you can

3. plan to get it. Therefore, there are a few tips to help beginners set their goals for investing in the real estate market. ● Determine your why: Consider why you want to invest in real estate. Is it to generate passive income for financial freedom? Knowing why can help you set more specific and achievable goals. ● Consider your timeline: How soon do you want to see a return on your investment? Knowing your timeline can help you set realistic goals and choose the right investment strategy. ● Assess your risk tolerance: Real estate investing can come with risks, so it’s essential to understand your risk tolerance. ● Research the market: Before setting your goals, it’s essential to research the real estate market in your desired location. ● Set specific, measurable goals: Once you have a better understanding of your why, timeline, risk tolerance, and market, you can set specific, measurable goals. 3. Start Small: Investing in real estate, it’s essential to start small. This means you want to take on only a little at a time. You will develop knowledge and confidence as an investor as a result. Starting small also means being realistic about your budget and not taking on more debt than you can handle. It’s crucial to remember that real estate investing is a long-term game, and building a solid foundation with small investments can set you up for success in the future. Moreover, here are a few ideas to help you enter the real estate market slowly and successfully. ● Purchasing a building with numerous units, residing in one, and renting out the others is known as “house hacking.”

4. ● With the help of real estate investment trusts (REITs), investors can purchase real estate without really owning any real estate. ● Crowdfunding for real estate entails combining funds from several investors to make an investment in a project involving real estate. ● Joint ventures: In this scenario, you collaborate with someone who has more real estate investing experience and combines your resources to buy a property. ● Buying a house that requires work, renovating it, and then reselling it for a profit is known as flipping a house. 4. Build A Strong Team: Real estate investing requires a team of professionals, including real estate agents, attorneys, lenders, contractors, and property managers. Make sure to choose reputable and experienced professionals to help you navigate the investment process. When you invest in real estate, it means you buy properties like houses or buildings with the intention of making money from them. For example, you might buy a house and then rent it out to someone else, so they pay you money every month to live there. Or you might buy a building and then sell it later for more money than you paid for it. However, here are a few tips to build a strong team in real estate. ● Determine your needs: Before you start building your team, you need to determine what your needs are. ● Look for experience: When building a team, look for people who have experience in real estate investing. ● Ask for referrals: Ask other real estate investors for referrals to good team members. ● Check credentials: It’s important to check the credentials of the people you are considering bringing onto your team. ● Interview candidates: Once you have a list of potential team members, take the time to interview them.

5. 5. Be Patient And Persistent: Success in real estate investing involves perseverance, patience, and a readiness to learn from failures. Stay focused on your goals and investment strategy at all times and don’t let obstacles or setbacks deter you. Investing in real estate means buying properties like houses or buildings with the goal of making money from them. But it’s not always easy to find the right properties, negotiate deals, and make a profit. It can take a lot of time and effort to become successful. If you’re patient, you’ll be able to find the best opportunities and make the most of them. However, a few tips about being patient and persistent while beginners start to invest in real estate. ● Set realistic expectations: It’s important to have realistic expectations about what real estate investing involves. ● Educate yourself: The more you know about real estate investing, the better equipped you’ll be to handle the challenges that come your way. . ● Stay focused: Don’t get distracted by shiny objects or “get rich quick” schemes. ● Take calculated risks: Real estate investing involves taking risks, but it’s important to take calculated risks.

6. ● Learn from mistakes: Everyone makes mistakes, but the key is to learn from them and use them as opportunities to grow. Conclusion: Finally, beginners should be aware of the potential risks and rewards of real estate investing, and be prepared to take calculated risks. With a solid understanding of the real estate market and the factors that impact it, beginners can make informed decisions and increase their chances of success.