5 Questions to Answer Before Starting Your RE Investing Career

By: Ethan Brisby

@ethanbrisby

1. What role within the game will I play?

Real Estate’s impact on our day-to-day lives is unavoidable. You are likely sitting inside a piece of real estate as you read this essay. Real Estate is so vital to everyday life, that the roles and the ingredients that go into the creation of the real estate game are too numerous to count. I recommend reading and asking questions of current professionals prior to jumping in a real estate career.

2. How much money do I want to make?

Our creator requires that we make our requests known. It’s important to decide on your financial goals before getting into the game. You need to have some idea of the number you are aiming for monthly, yearly, and where you want to be in five to ten years. Then stay the course. You might just hit the nail right on the head by attracting that amount to you after you’ve become successful in your routine and character development. One thing is for sure, if you do not have a set of financial goals you will be on a one way course to no where.

3. Whose team am I playing for?

No man stands alone. You need to identify your team and their roles. Know which players have what you need and build a relationship with them. The way the real estate game works is intricate. There’s a weave of interactive moves that have to be made for any deal to acquiesce. Know the role of each player in the type of deals you will be doing, and then go find an expert to work with in that area. Do not learn solely on the experts; CPAs, lawyers, surveyors, bankers, etc. You need at least rudimentary knowledge in each field. Once you have your team in place, you are ready to get in the game and play.

4. What are my boundaries?

Some people do not play by the rules. They expect a nice warm fire before putting in the wood. This is not the way to go. One of the primary reasons real estate professionals or most any entrepreneur-like career may fail is because someone or some entity exceeded their boundaries. By boundaries, I mean values and core competencies. What do you stand for? What do you do well? You got to know yourself first. I am not suggesting you go on a Himalayan-Zen Fest Tour. I am instead suggesting you take inventory of where you’ve been, where you are now, and where you want to be in the future. Know thyself.

5. How will I know when I’ve made it?

This is a question that may not have an answer. Your life, and your career, which is a sub-set of your life is but a journey. You need road signs and check points. Will you take your dream vacation once you purchase your 5^th investment property? Will you shift from residential to commercial deals in five years? Much of this is unpredictable, but you still need to have an exit strategy and pit stops in mind. For some it’s not about “making it,” it’s just about doing the work. You have to decide then what drives you and motivates you to do what you do.

Ethan is an author, public speaker, and real estate entrepreneur based in Austin, Texas. He works directly with young professionals and small business owners who want to generate a passive income by investing in real estate assets.