So, you’re new to investing and you’re focusing your strategy on wholesaling. That’s a great place to start. I know you are all thinking, “How are these investors are going to take me seriously? I have no idea what I am talking about!” And your right, so before you go rushing out to build relationships with investors, do a little research. Let’s talk about some ways you can build your knowledge and credibility.
- Learn the Lingo: Start by learning the language of real estate. Search out real estate terms online and make some flashcards or something to help you remember the concepts. Learn about the different investment strategies in real estate as well. Once again, just Google it.
- Script it Out: There are hundreds of scripts you can hunt down on the Internet. Find some of them and make them your own by putting your words and personality into them. Next, practice your scripts with someone. Work out your nerves. You don’t have to be an expert, but be confident on how you present yourself.
- Don’t Lie: Never make yourself out to be something you’re not. If you are new, let them know, but be confident on how you present yourself. People will want to work with you because of your personality. Never get caught in a lie with investors because if they don’t trust you, they won’t want to work with you.
- Study Your Market: Get smart about your market by seeking out investment clubs in the area and attend their meetings. This way you will be around people who love real estate as much as you, and you can gain a lot of knowledge from these types of clubs. Next, search out your market statistics online. I suggest bestplaces.net because they have a ton of information for you and make it easy to understand. Also, talk to realtors who work with investors and get their opinion about the market.
These are just a few things I recommend doing to increase your understanding of real estate. Building your confidence using these methods will also build your credibility among your investors. Take your time to learn. Don’t rush out there and make yourself seem uneducated. Real estate is going to be around for a long time, so get yourself setup correctly.