There are many people that have been on a break from real estate investing for almost a decade. Many are dreaming of making a comeback. They know it is the best option for getting ahead, and back on track to their financial goals. For many, it is the only option for ever getting back out of the rat race. If this is you, now is the time to make your real estate comeback.
You’ve got the experience. You know what not to do. You know the basics of real estate already. You probably know the ins and outs of a few markets. There is a chance you’ll even have an advantage over those that started in 2008. So where do you start?
1. Taking Action: Taking action is the only way to achieve results. You’ve probably been thinking about this move for a long time now. It’s time to stop procrastinating, stop waiting, and time to actually do something. If you’ve already got some real estate experience, stepping back in is probably going to be incredibly easy. Make the time to get started, and you will most likely enjoy what is to come.
2. Set a Launch Date: Set a launch date right now. If it isn’t today, make it this weekend, or in less than 30 days. Set a ‘freedom date’ while you are at it. That’s when you’ll kick your current job to the curb and become an investor once again.
3. Objective Analysis: It doesn’t matter why you’ve taken a break from real estate, but it is important to be objective in analyzing what can be done better the next time around. Just make a list of what you did right, and what helped you succeed last time, and what you can do better this time. Maybe this time you’ll schedule a little more time to watch the data, diversify better, conduct better due diligence, and avoid being in negative cash flow situations.
4. Setting Yourself Up for Success: Start talking to your contacts about your imminent return. Get in touch with vendors like title companies, appraisers, contractors, and lenders. Do some extra market research. Maybe even invest a couple hours in speaking with advisers or coaches. Get some feedback on your ideas, get in tune with the current market, get an accountability partner, find your space, and get going.
5. Get Ready to Make a Splash: If you are really that concerned about hitting the ground running and realizing rapid success, start building your lead lists and marketing collateral now. Get a basic real estate website up. Start collecting names, emails, and numbers of all those that may be potential buyers, sellers, and tenants, or referral sources. Craft your direct mail, or emails, and be ready to make a splash.
6. Get Going: You are probably going to be really excited at how fast you can get going once you get back in the saddle. However, you do have to get moving. You may be limited on capital and time, but that isn’t going to change until you get back into real estate. Work with what you’ve got. Pick up the phone, send some emails, or just post on Facebook and draft some handwritten letters if that is all you can do. Just do it.
