Almost anyone who is interested in investing in real estate and is just getting started will find that although it is one of the best ways to accumulate wealth, they often fail to understand the basics that will help them succeed.
Sources of information such as article in publications, books, real estate gurus do not necessarily provide accurate steps by which one can take little baby steps to making their first successful offer. Some real estate investors do not even know what questions to ask in order to get started. And can you blame them?
So, here is one of the simplest methods that one can use to determine his motivation, action and direction when starting a real estate business by asking the W-H questions.
Why
Understanding your purpose will help you go the distance when things are not necessarily hunky-dory financially or otherwise.
What
Among the several ‘what’ questions that need to be answered, determining what your goals, your criteria for buying property, techniques to locate good property investments and which methods will you use to determine optimal amounts in offers for properties.
When
Some important ‘when’ questions could include when will you buy your first investment property, when will you devote time and efforts to tasks in the investment process and when will you spend the time to study the amount of knowledge that is required to be successful in this business.
How
This one could begin with asking yourself how you will fund property purchases; find the information required to make informed offers, market your properties after the purchase and so on and so forth.
Where
This question could help you determine where you could have your office or education materials that you will need to study or answer to the questions you might have and most importantly, where will you find the help to run your business.
Who
This question might help you determine ‘who’ will be involved in the different aspects of the real estate business that you have in mind.
Looking at this list, there’s no doubt that there are a lot of personal questions to be answered before you go out looking for advice from experts and the like. Get started!