What are the Best Real Estate Investing Strategies for the Beginners in Oklahoma City?
Real estate investing strategies help build your portfolio and focus on important goals. One of the biggest problems beginning OKC real estate investors face is what strategy to undertake.
There are so many ways to profit in real estate but you need to consider carefully where you want to end up. Many real estate gurus make claims of making overnight fortunes using their special technique they will reveal if you invest in their training program. Real estate investors are inundated with offers from these get-rich-quick real estate trainers.
Note: Top 5 Reasons Why Real Estate Investing in Oklahoma City is Making Investors Rich
In this article, I want to share with you the wisdom I unearthed after looking for those little-known secrets.
What I wanted was freedom from the shackles of my corporate job. Having accomplished this, I have the following Real Estate Investing Strategies based on my experience.
Develop A Broad, General Strategy That Will Get You Where You Want To Go
A strategy is a carefully devised plan of action to manifest or create the desired result. A strategy is long-term in nature. For example, your short-term real estate investment strategies for beginners could be to generate $40,000 to put into savings. (There are multiple ways or tactics of accomplishing chat.
• Is it to buy one rental property a year for your retirement?
• Is it to become financially free very soon to retire on some Costa Rican beach?
• Is it to build a real estate business that pays your salary and gives you the type of lifestyle you desire?
The two main real estate investing strategies are Creating Cash Now, and Building Passive Income and Equity. Creating cash now is like another job. Before you decide to quit your job to flip real estate, give this one some careful consideration. That weekend real estate seminar might serve to pump you up about flipping properties, but it’s not as easy as it sounds.
Figure Out Your Money
A really important one is how much is it going to cost to pay your bills. Most people have a good handle on this.
Here are some other ones:
How much will you need to save in order to invest in the number of rental properties that you will end up investing in?
How will you finance your purchases? What would it look like if you made a career transition in regards to getting a lender to finance your purchases?
Is there a way to create a reserve fund? For example, could you create a home equity loan?
Don’t Be In Too Much Of A Hurry
I’m all about safety and security. Ask my family. I’m the guy who drives the speed limit to the annoyance of others.
Even though I did end up quitting my job, I had a very good feel for what I’d be doing. How I’d pay my bills. I worked out an arrangement with my employer to work on a contract basis. By doing so, I was able to eliminate the 60-hour workweeks.
I had more time to devote to Real Estate Investing. And, I was able to work for that company for several more years which paid my bills during that time of transition. And I didn’t have an XXL lifestyle. I drove old vehicles. Wasn’t attached to designer labels. Didn’t go on fancy vacations.
So think more about working at your current job for longer. Buying rental properties in a slow and measured way while you learn the ropes. Retiring to the beach is a nice dream to have, but it’s going to take some time to get there.
Don’t Get Bogged Down In Tactics Until You Have Your Strategy Nailed Down
Tactics are actions taken to achieve some strategic objective. For example, two of your health classics supporting your strategy of being energetic and maintaining a particular weight could adhere to a low-fat diet and go biking 4 times a week for exercise.
For example, if your strategy is to build equity and monthly cash flow, your tactic may be to buy 2 single-family homes per year for 10 years for rentals. The strategy should always direct tactics.
Your strategy should be on a timeframe of years, and your tactics should be on the timeframe of weeks and months.
Although you can consider strategic thinking as a smarter way to guide your actions, it doesn’t tell you exactly what to do. Being tactical is all about action.
One clue that your strategy is not specific enough is if your tactical plan is fuzzy. It should not be. It should be very clear. If it’s not, your actions are going to be all over the place. For example, the strategy of “Creating Monthly Cash Flow” is not at all specific enough.
You can make it more clear by, for example, describing the types of properties in which you will invest. You can also specify the area in which you will be investing. The price range. The number of bedrooms and bathrooms. Once you have very specific real estate investing strategies, you can focus on the tactics for finding, renovating, financing, and managing these properties.
The More Focused You Are, The More Successful You Will Be
Keep sharpening that focus until it’s like a laser beam. For example, one of my associates focuses on Buying Low-Priced Homes with 3 Bedrooms and Bricks to renovate. He leases these homes to people through a government rental assistance program.
The 80–20 rule says that 80% of the results will be achieved with just 20% of the actions. Focus on the 20% of the actions that lead to 80% of the results you are after.
The Best Strategies Are The Most Simple
You should be able to articulate your overall strategy in one or two sentences.
