Real Estate is a big business. First step to start you have to figure out your goal in Real Estate. #PeterVekselman #PartnerDriven #Motivation
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Speaker 1 (00:00):
So here’s a question that comes up all the time. How do you get started in real estate investing business? You know, in the end real estate is a big business. There’s a lot of things that could be done. There’s a lot of techniques. There’s a lot of strategies. There’s a lot of ways to skin the cat. So the thing I always point out to people is like, figure out what your goals are, figure out what your objectives are like. For instance, you know, one of the big things real estate has is it has short-term
Speaker 2 (00:22):
Place and it has longterm place.
Speaker 1 (00:24):
So one of the first questions you want to ask yourself is, are you a short-term
Speaker 2 (00:27):
Investor or are you long-term investor?
Speaker 1 (00:30):
Now, the thing about short-term investing is that you can make some
Speaker 2 (00:33):
Really big money. Short-term the downside to that is you got to do it over and over and over again.
Speaker 1 (00:39):
Now on the, on the other side, there’s long-term
Speaker 2 (00:43):
Money, like literally lifetime generational kind of money, but that money tends to come in and smaller
Speaker 1 (00:49):
Increments like a monthly smaller increments. So that’s one of the things you want to figure out. Are you trying to build up a stockpile of cash or are you looking to more or less just, uh, create long-term wealth and in, in, in grow that way. But the other thing you want to ask yourself is time allotment. Like, are you, full-time
Speaker 2 (01:06):
Jumping in, if you’re a full-time jumping in, there’s going to be a lot more techniques
Speaker 1 (01:10):
And strategies you can utilize. You know, you could do the wholesale strategy that fix and flip. You could do the rental, you could do the creative
Speaker 2 (01:16):
Now knowing. And if you’re doing real estate, part-time, you’re going to be limited
Speaker 1 (01:20):
In the kind of techniques and strategies you could be utilizing. The other question you want to ask yourself is, um, how are you doing financially? Like the good thing about real estate is that you could actually start with very little if, if any money, if you know, a couple of very key techniques like the wholesaling techniques and things like that, or maybe creative strategies.
Speaker 2 (01:41):
Um, on the other hand, if you’re loaded with cash and you’re loaded with money and you’re very finance stubble,
Speaker 1 (01:46):
That gives you a lot more opportunities. You know, the more money you have, the more options you have, you have to figure out geographically, are you looking to invest locally? Which by the way, I recommend where you looking to invest, maybe regionally, that’s something else that you want to consider when you’re starting out. But the biggest advice I can give to someone that gets started out is get connected to someone that’s successful. You know, the thing about real estate, this is not a business where you want to learn off the hip. This is not a business where you just want to learn by trial and there, I don’t care how much money you have or don’t have. What you know or don’t know is in the beginning stages. One mistake literally gets you knocked out. So get connected, get connected to someone successful in this business. Find a mentor, find a coach. I promise you and ask me how I notice you rather learn on their dime than on your dime, but it’s definitely an incredible business to get into and be.