By Damon Cameron Jr
Real estate investing is a powerful tool many people use to create financial freedom and build generational wealth. If you are considering investing in real estate, do you know what type of real estate business you want? Many young people struggle to find clarity before investing in real estate. Building a plan for your real estate business is vital in the early stages of achieving financial freedom. In this article, we will discuss how to build clarity before investing in real estate so you can become a Freakish with our financial future.
What Is Your Why?
Are you committed or interested in financial independence? The journey to financial independence is full of adversity and challenges. Most real estate investors quit or fail due to the lack of a strong emotional “why.” You must find two or three reasons why you MUST achieve financial independence. A strong emotional “why” will pull you through the hard times in your journey to financial independence. Most real estate investors will give up. Will you?
Get Clear on Your Goals
Do you have clear goals? Many experienced real estate investors set specific quarterly goals throughout each year. Setting clear goals early in your real estate investing journey will allow you to know where you are and where you want to go. Set specific goals for your real estate business and hold yourself accountable by setting deadlines. Keep track of your progress and check off your goals along the way!
What Is Your Niche?
What is your specific niche? Single-family? Multi-family? Apartments? Student rentals? House hacking? The niche you decide to invest in should align with your goals. Are you a risky person? Student rentals or multi-family properties may be the best real estate niche for you. Do you want a boring, predictable real estate business? Single-family real estate may be the best real estate niche for you. Choose a real estate investing niche that aligns with your goals and lifestyle!
Specialize in One Market
Do you know where you want to invest in real estate? Many experienced real estate investors advise new investors to pick one city to start investing in. You must understand your market better than the average investor. What is the population? Are people moving to or leaving your market? What is the employment rate in your market? What is the cost of living in your market compared to the national average? Choose a real estate market that fits your real estate niche and strategy.
Build Your Brand
Many real estate investors use social media marketing to promote their brands. Facebook, YouTube, Instagram, and TikTok attract millions of people around the world daily. Showcase your niche, strategy, and market on social media to attract partners, attract other investors, and build your network. Social media marketing is a powerful tool to get your message out to millions of people. Real estate is a business of relationships. Social media is an excellent opportunity for you to meet other investors and build profitable relationships.
Steps to Take Now
Write down these five headings and make a list of things you can do NOW to get you started on a path to clarity. Your future self with thank you!