12 Simple Steps:
1. Don’t go into investing blindly, do your research. Follow a proven formula.
2. If you’re not sure what works for you, keep reading and listening to experts you know, like, and trust.
3. Remember: You don’t need to know everything about investing. You need to know enough about the one niche and strategy you are going to invest in. Do not become overwhelmed with every detail, focus on what matters.
4. Be certain to ask for help from others. Build relationships with other investors. Learn from those that have more experience than you. “You tend to replicate the mindset of the five people you associate with the most.”
5. Married couples should discuss whether or not it is a good time to invest or wait. Having a collaborative partner means you are twice as likely to succeed.
6. Write your business plan. This doesn’t need to be formal, but it should be written to review and use for future reference. Where do you want to go? How are you going to get there? Without a road map, it’s hard to stay on the right path.
7. If you are buying a rental property, budget for property management, whether or not you plan on using it. If you can’t make money while still paying a manager, you aren’t buying an investment – you are losing money and making a mistake. If you choose to become your own manager for your property this can also be lucrative.
8. Do the math; your wealth depends on it. To assist you on your journey, try the iBiS system. We guarantee that you will be satisfied with your findings. Revisit your previous calculations and come to your own conclusion. Be conservative in your estimates and don’t under or overestimate your calculations.
9. Sweat equity is a good thing. Don’t be afraid to get your hands a little dirty if needed, but also understand that you don’t have to. Manual labor can be a good trade for cash, but it’s not the only way.
10. You will have unexpected issues that will arise, don’t panic, be cautious on how you handle them and seek a 2nd or 3rd opinion to be sure. Remember, this can be a difficult process but there is a positive outcome that you are seeking and that outcome will help keep you focused and determined.
11. Treat your business like a business, not a hobby. Create systems, processes, and rules that govern how you run things.
12. Share your stories, mistakes, lessons, successes, and more with others. We are all on this journey together!