Millennial Money - Successful Real Estate Investing Tips

Are you a beginner thinking about investing in real estate? Wondering whether you should go alone or with other people? Maybe you're just not sure where to start. If you're tired of having to scour the internet to find answers to your questions, this video is for you! Tune in as we reveal important tips and tricks from real estate mogul Ken McElroy that will help you get started on your first property investments.

Firstly, you need to know that property management is crucial but not that complex; however, there are many things involved in it. Secondly, you have to focus on passive income and cash flow instead of the capital gains. When people invest in property, one thing that they tend to focus on is capital gains. This is when you buy properties for less than their actual value in order to sell them at a profit later on. It's a good strategy if your goal is to make money quickly. Still, it's not always sustainable because there will come a day when all these properties will no longer be worth anything more than what they were bought for originally.

Before you focus on the larger numbers, you have to start small. Most successful investors start with lesser units like single houses until they eventually have enough experience and funds to expand into multiple apartments and properties. When you enter the world of real estate, it can be quite scary at first. You don't know many things yet, but you have to put yourself out there and start asking the right questions in order to succeed organically. It is essential to be seriously dedicated when you're first starting out. The most important thing that someone should focus on when investing in any property is to understand the bigger picture. You can do this by taking the time to study how the population and demographic trends are constantly changing. After that, you can begin to identify the demand created in a specific area by analyzing these trends, and just like what ice hockey star Wayne Gretzky says, "I skate to where the puck is going, not where it has been."

Now I want you to ask yourself, are you ready to take the plunge and fully commit yourself to invest in properties? Comment down below your answer because I want to hear just how dedicated you are in starting your real estate journey. 

Understanding the numbers, trends, and how the properties work is the key to being active in your investments as well as building trustworthy relationships with your future investors. Always remember that the market is much more important than the property. An example of this is examining the city of Phoenix, Arizona, which is one of the largest cities in the United States. Approximately 300,000 new people have moved into the area, creating a huge demand for housing as well as everything else. In contrast to that is a city where people are choosing to move out from, like Detroit, for instance, where you wouldn't want to invest given the current circumstance. All this information is, of course, available on the internet for the public to see and analyze.  

Timing is a crucial thing when it comes to real estate. This is why it's important to have your property management, equity, debt, and capital all set up so that you can buy when things are low and look for signs that the cycle is peaking to be able to sell them high. According to Ken McElroy, the best time to buy is after a crash. And in order to understand why we must first take a further look at what a crash really is. In 2008, the housing market crashed. The economy was in turmoil, and people were desperate for any type of asset to turn their fortunes around. But smart investors knew there was opportunity everywhere. They just needed to know where to look. Typically, when there is a crash, there is not much money going around, which creates psychological barriers for some. People most likely move to rentals which is great if you buy rentals but not if you buy them at too much of a high cost because it won't be what the market supports. Gaining experiences and, again, asking the right questions will help you gain a sense of understanding of how to spot the good deals out there. 

Luckily, we're living at a time where there are plenty of opportunities for anyone to start businesses, and having a good sense of timing, will surely help in your property investments. Although it might be tempting to hire someone if it is your first time, you don't have to hire anybody right away. Most realtors generally post your listings on the internet, which is something you can do yourself. Focusing on Macro based matters like economic conferences that expand on how a city is currently doing will be more significant. 

Instead, what you can do is surround yourself with people that are better than you. I know it may sound intimidating at first. But in order to enhance your knowledge without gaining first-hand experience, it is by putting yourself around people who are a bit smarter and more knowledgeable than you. These people will act as advisers to you by observing how they think and how they operate and applying those observations to yourself. Have you ever heard of the quote, "Birds of the same feather flock together"? It can be applied in this case wherein the more you spend time with these everyday mentors that are present in your life, like teachers, family members, co-workers, and even successful friends, the more you start thinking like them as you can directly gain meaningful knowledge just by talking and being with them without having to spend a dime. In short, the number one thing you should immediately do after watching this video is to find remarkable people in your life. Go ahead and set the time to study them and discover what it is about them that made them successful, and can you apply that to yourself. These people are all around you, so what are you waiting for? Be hungry for knowledge and make the best of what you currently have access to.

Now, as a viewer, I want to ask you. Who are the everyday mentors in your life, and what valuable lessons have you learned from them so far? Let us know in the comment section below what you have experienced so we can all learn a little something from each other. Now let's get back to the video. 

When you have the financial knowledge, then that's when people will start to invest not only in your business but, more importantly, in you. You don't have to be someone who knows everything on how all this stuff works; you just have to look for the right people or team around you that will help and enable you to do much more without paying for expensive courses or classes. 

Today, the real estate game is different. Properties are more expensive than they were ten years ago, and many new investors worry about whether now is the right time to jump into the market. But you can't afford to be afraid when it comes to your financial future, and you don't need deep pockets to get started. One of the most important things to keep in mind is that making money through real estate has nothing to do with your credit score or how much money you have in your bank account. The only thing people are looking at when they invest in property is whether or not it's going to make their money. With a little creativity and courage, you can flip properties at a profit without spending tens of thousands of dollars out of pocket. Every square foot of property is an opportunity to make money; you just need to know what you're doing and who can help you get there.

And that's a wrap for this video! I hope you enjoyed it. If you have any additional thoughts on today's topic, let us know in the comments below. Don't forget to like, subscribe, and turn on notifications, so you never miss an update on our latest videos. Thanks for

watching! See you next time!