Coaching Tips For Young Real Estate Investors Trying To Get Into The game.
Updated: Jan 7, 2020
I believe that real estate investing is one of the most lucrative investments you can make, second only to yourself education...
So the faster you get into the game the better odds you have at success.
I personally started investing was I was 23 years old and I wish I would have started sooner...
You are never too young to start investing in real estate.
If you are like most people you have been told to get a college or university education...
And get a good paying job, save up all your money, and buy a home.
As a side note most homes are not assets and will hinder your ability to create wealth. Many your people make this mistake and become house poor...
Working at a dead end job just to pay the mortgage.
When it comes to investing in real estate, time works to your advantage. Historically the price of real estate increases as years go by...
In fact every property that I have invested in and held long term has doubled in value or more...
That's why I suggest you get in the real estate game as soon as possible.
Now if you're like most of my new real estate coaching clients, you don’t really know where to start and you probably don't have a ton of money saved up.
Real estate investing is not easy and it will not make you rich over night...
But if you are willing to put in the work, be coachable, and stay consistent over time you will become financially independent
Here are a few coaching tips:
Learn from others that are successful at real estate and have real world experience.
You can read all the books you like and surf the web for years but you may become even more uncertain as there is conflicting information or you are studying US information that is not applicable here in Canada.
The number one thing that helped me scale my real estate portfolio to over 100 rental units in under 6 years was connecting with real estate experts in my area and hiring a real estate coach that had accomplished what I wanted to do...
Work On Establishing & Building Your Credit
You need to make wise financial decisions and establishing sound habits that set you up for future success. In my 1 on 1 coaching program one of the first things we work on is creating new empowering habits that will help you in all areas of your life... not just real estate.
I'd also suggest you build your credit, and fully understand how credit works. which will play an integral role in your ability to secure financing down the road and or access more capital for renovations, flips, etc...
I recently taught my coaching client how credit works and he was able to gain access to an additional $18,000 and his credit score went up 30 points.
It's Not What You Make It's Where & How You Spend What You Make.
Learning to manage your money is always a good idea... Being disciplined with your money is hard to do with all the peer pressure to buy the next new Phone, or designer shirts, or fancy car, etc...
Being a good money manager will serve you well so work on saving as much money as you can as it will be easier to start your real estate investment portfolio...
Depending on your discipline and income level this may or may not be possible...
So if you're thinking " Jeff there is no way I can save up $ 50K or $100K to do my first real estate deal"
No worries, I have you covered. Rather that wasting years of time and giving up on your dream of owning investment properties... Invest in yourself education. It's less money out of pocket and as long as you take action and implement what you learn the ROI is HUGE!!!
Join a local real estate group or hire a real estate coach that can teach you how to buy real estate using other people's money. So in other words you invest your money in education and you use others people's money to buy real estate...
This is how you save time, avoid costly mistakes, and scale fast...
Once I figured this out my real estate portfolio took off.... I went from being in debt to owning over 10 million dollars worth of Canadian real estate and development land down south...
Get Creative With Raising Capital
I really enjoy helping new real estate investors raise capital to fund deals as this is one of the biggest challenges that holds people back...
But it doesn't have to be...
With some education you can do this as well.
Here are a few of my favorite strategies to access capital:
Joint Venture partnership
Self directed RRSP's
VTB - Vender tack back financing
Private money lenders
Refinance current deals to access equity
Put second mortgage on properties
Seller financing
Rent to own
And the list goes on and on...
There are so many ways that you can get started in real estate today...
And the first step is to invest in your education. You are going to pay one way or the other... either through costly mistakes and wasted years or through education so that you can invest correctly and scale fast...
The choice is yours!
Let's take time and struggle out of the equation so you can get in the game today
Please share this with others that you C.A.R.E. about. Let's help as many people as possible become financially independent. :-)
Until next time always remember " The More You C.A.R.E. The Less You Work"
Your real estate-based wealth coach,
Jeff Woods
P.s Whenever you are ready here are a few ways I can help you earn more money, create more freedom, and scale your real estate business.
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. 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.