3 Coaching Tips To Ensure You Don't Get Taken Advantage Of When Buying Your 1st Investment Property

Updated: Feb 22


In today's market I see far too many real estate investors overpaying for their property due to lack of education and their excitement to buy the first deal.


Read this blog post now before it's too late and you end up losing your hard-earned money!


Here are a few coaching tips to help you avoid overpaying for your real estate investment property:


Coaching tip number one: Patience, patience, patience!


In today's world we are constantly bombarded by social media that falsely makes you believe in instant gratification…


It sounds great when the fake gurus online promise that with the simple push of a button you too can be driving a Lamborghini, while living in your oceanfront mansion, and counting your millions…


If you buy into this B.S. You are in for a world of hurt!


In order to become a world-class real estate investor you must be willing to invest in your self education…


You must be willing to consistently devote some of your valuable time to learning this skill set…


Developing any skill requires time & devotion in order for you to become great at that skill.


I understand that in the beginning you are excited and just want to get started…


But I promise you that if you have patience and take the time to properly educate yourself you will be much better off in the future…


Let me ask you a quick question…


( in order to illustrate my point let's assume that you have $120,000 saved up in your bank account for your first investment)


What do you think delivers the higher rate of return?


Option 1


Buying one duplex worth $500,000 ( 20% down = $100 K and $20 K for closing cost and small repairs)


Now you have one property, 2 rental units, no reserve fund for emergencies, and your bank account is empty!


You also have no education to deal with tenants or effectively manage this property…


You also have no idea how you're going to buy your next property as it would take you years and years to save up another $120,000…


Unfortunately this is what most new real estate investors do…


And sadly, the property they bought in many cases loses money every month!


OR


Option 2


You invest $50,000 into your education… and you hire a real estate coach that has a proven track record and has accomplished everything you desire to accomplish in your life…


And you learn how to buy assets that cash flow…


You learn how to manage your property and tenants...


You have reserve funds on hand so that you can sleep well at night and handle any emergency that comes your way…


You have resources , connections, and real estate experts that can guide you through any situation…


You have the ability to raise capital and use other people's money and credit so that you can buy as much real estate as you desire…


And you have the confidence to go out and take action…


That's exactly what you do….


And now rather than buying 1 property that may or may not make money...


You have acquired over 100 rental units in under 6 years just like I have done!


Now, what option do you think would deliver the greatest return on investment?


What option takes you closer to your end goal?


What option allows you to sleep comfortably at night knowing that you have done everything right?


What option is going to create financial independence for you and your family... Faster and more efficient?


If you said option number two then we need to talk immediately because I can teach you how to do this and it will not cost you anywhere close to $50,000.


Book your free strategy call HERE


Coaching tip number 2: Build your real estate investment power team now!


In order to avoid overpaying on your first real estate investment property I would suggest you surround yourself with the right people that can help guide you.


I have said it many times before and it's worth repeating here again today that no one ever creates greatness on their own…


And becoming a successful real estate investor is no different.


The only way I was able to turn my dreams into my reality was by surrounding myself with amazing people so that I could leverage their knowledge and expertise…


And as a side note this is also how you create freedom. If you are someone that thinks you have to do it on your own or that nobody can do it better than you then I would encourage you to keep an open mind…


If you do not learn the art of delegation you will never be free and you are just creating another job... NOT financial independence!


Here is a short list of people you will need on your team:


  1. Real estate coach ( * a good coach will help you find vetted industry experts so that you do not have to worry about this task and end up with the wrong people on your team)

  2. Real estate lawyer

  3. Accounting firm that works with many real estate investors

  4. Property management company

  5. Paralegal that specializes in tenant related issues

  6. Contractors

  7. Banks/ credit unions

  8. Mortgage agent

  9. Private money lenders

  10. Joint venture partners

  11. Sales and marketing team

  12. Bookkeeper

And the list goes on and on.


So as you can see you will need a lot of help if you want to build a lucrative real estate investment company that can fund your desired lifestyle. #FREEDOM #WEALTH


Coaching tip number three: Learn how to determine what areas are good to invest in and become familiar with that market.


As part of your ongoing real estate education you must invest time studying your investment market and become an expert in the region that you desire.


Here is a list of some of the data that you will need to research:


  1. What price are property selling for in your area? get comparable sold properties from your realtor.

  2. What are the average rents in your area?

  3. Is the population growing or declining?

  4. What employers are in the area?

  5. Is there job growth?

  6. What is the average income in your area?

  7. Is there great transportation ( things such as new highways, airports, go trains, etc)


If you would like to know how to determine the investment economics of your area in more detail please reach out and booked a complimentary coaching call and I would be happy to teach you and send you a template to help guide you.


While this May seem boring to you or like a waste of time... I want to assure you that it is time well spent…


If you do not understand the economics that drive a real estate market you are simply speculating and that could lead to a world of hurt!


So in conclusion…


If you want to become a successful real estate investor he must have patience, you must be consistent, you must be educated, and you must have a great team of people around you!


PERIOD!


If you found this valuable please share it on social media. Thanks


Until next time always remember " The More You C.A.R.E. The Less You Work"

Your real estate-based wealth coach,

Jeff Wood

P.S. When your ready here are a few ways I can help you start, scale, and manage your very own lucrative real estate investing company.


1. Join the C.A.R.E. community and connect with other real estate investors that are taking massive action. It's our new Facebook community where smart real estate investors connect, learn, and grow! Grow your wealth, Freedom, Impact, & portfolio! CLICK HERE to join today.


2. Book Recommendations. These selected books will help you build a solid understanding of real estate investing. See list now.


3.C.A.R.E. tool box. This is a list of free and/or low cost resources that every real estate investor needs to build a lucrative real estate investing company that will fund your desired lifestyle. Access your resources HERE


4. Work with me and my team privately. If you would like me to help you avoid costly mistakes and grow your real state business so that you can have the finances and time to fund your desired life let's chat. CLICK HERE to grab a complimentary strategy session. This way we can chat and get to know each other better. This is not a sales call I do NOT work with everyone. I want to see if we are a good fit and help you. If you decide you want to continue to work with me and you meet my criteria we can explore what that may look like. Because I am actively running my real estate businesses and value my free time I only work privately with a small select few every year. BOOK YOUR SESSION HERE.

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