A lot of real estate investors struggle to become successful because they don’t really know what they are doing every step of the way. They often stay stagnant in one position, either never growing or eventually simply walking away. According to Kimberly Dey, however, this can easily be avoided by following seven key steps.

7 Steps to Success According to Kimberly Dey

  1. You must get the right education. This involves learning about different creative techniques, particularly in relation to writing an investment offer. You must also be committed to keeping your knowledge up to date. A lot of investing knowledge can be found online for free, or at very low costs. If you stop learning, you will also stop growing.
  2. You must start to plan. Write down what your goals are, when you want to reach them by, and how you plan to get there. Some people want to keep their profits and reinvest their original funds, others believe investing their profits for more rapid growth but greater risk is the way forward. Some people want to purchase one high income property, others want to fix and flip many over the course of many years. You have to plan so that you know what you are doing.
  3. You have to know how to build a team. No man is an island, as they say, and you have to not just accept all the help you can get, you need to actively look for it. Build networks and relationships with banks, investors, lawyers, accountants, real estate professionals, and so on.
  4. You should review your circle of influence. Take a candid look at who your influencers are, who you believe and look up to, and why. Think about whether their knowledge is actually relevant to you. For instance, someone in North Carolina may use tactics that have little to no place in New York. Try, as well, to include other professionals who are truly like you into your circle, such as local Real Estate Investment Trust (REIT) representatives.
  5. Identify the right sellers. You need to make sure that you write an offer to people who have the capability of accepting it. You must find people who want to sell – or buy – and you have to be able to walk away if needed.
  6. Decide whether your real investing efforts are a hobby or a business. Either way, you also have to enjoy what you are doing.
  7. Keep going. All investments have successes and failures. If you stop trying the first time you experience a setback, then you may as well never start in the first place.

These are seven simple steps, but they create an action plan that works and that should enable you to reach your dreams and goals. There is a lot of money to be made in real estate investing, but you have to do it right. Think about how badly you want success, which will tell you whether this is the career for you.