So you took the plunge. You’re officially a real estate investor! First of all, congratulations. You’ve begun your journey towards financial security — and freedom — for life. If you’re like most new investors, you likely feel nervous along with excited. After all, you made a massive financial commitment. What if it doesn’t work out? What if you do something wrong? You don’t want to ruin your investment! Further, it’s even scarier as its halfway across the world!
If you want to lay the successful groundwork for your investing future, here are a few things every investor must do (besides have Star Dynamic help them on their journey!).
- Cultivate your relationships.
Nothing is more valuable to an investor than their relationships with their service providers. Whether than be realtors, property managers, contractors, title companies or anyone, its these relationships that will allow you to get the most out of your suppliers and your investments
- Read, read, and read some more.
Never underestimate the value in continuing your education. In real estate investment, the learning curve can be steep. While this is mitigated through knowledgeable and experienced support, it doesn’t absolve you from learning everything you can about your new venture.
From understanding different investment strategies to becoming acquainted with your investment markets, reading up is hugely beneficial. Never stop learning, studying strategies, options. Make sure you have a plan B for your investment should something not go according to plan.
- Think about the next steps.
One of the biggest mistakes we see inexperienced investors make is failing to plan ahead. If you know you want to invest, that’s great — but it’s not enough to sustain a long-term vision for financial freedom. As the owner and investor, you take control of the trajectory of your investing future.
What does that look like, exactly? For many, it means setting goals when and where you want to expand your portfolio. It means thinking about both short-term and long-term steps and how to achieve them. This is where you are the most proactive and involved — in shaping the growth and direction of your investment portfolio.
- Practice engagement.
Passive investors, above all other kinds of investors, can struggle with engagement. It takes intention and determination to engage with your portfolio and the people who make it all happen. During your first year, be particularly proactive in your engagement of others. Make connections with other investors, both those with more experience and those in your same boat. Join groups to discuss investing, particularly in the areas you are in; Facebook groups, attend workshops on investing, particularly US strategies; ask questions; be involved. (check out our Inner Circle coming soon!)
Engagement doesn’t just mean you initiate conversations and relationships with others. It also means you value reports and information surrounding your investments and their markets. Be an engaged investor.
If you follow these principles in your first year of investing and beyond, you are bound for success as a global investor.
For more information on this, and our US Property Investors Inner Circle, contact us now.