Now that you've completed the course, it's time to take steps toward making your new found knowledge work for you.

Step 1: Schedule a block of time asap dedicated specifically for you to reflect on what you want to achieve through real estate. Design your lifestyle in your mind BEFORE you begin looking for deals. You will save yourself and your team a lot of energy and time if you know exactly what type of investments you need to bring you the lifestyle you want. For instance, if you like to keep busy and be hands on, become a DIY landlord. On the other hand, if you like to maximize free time and don't need to maximize returns, become a lender to investors looking to flip or buy and hold etc.

Step 2: Now that you know what lifestyle you want, you need to find out what your role as an investor is and what supporting roles you need to achieve your goals. Start by listing the activities or skills that you are good at and/or enjoy doing (e.g. meeting people, construction, researching markets & finding deals, etc.). Then make a list of the things you are not good at and/or don't enjoy doing (e.g. raising capital, managing tenants, negotiation, etc.). Of the things you do like to do, ask yourself, what strategy fits best with what I am good at right now? Of the things you don't like to do, ask yourself, how can I improve on these skills or where can I find someone who is good at these skills? Finally, create a criteria for your chosen strategy that reflects what you're good at (e.g., 50 - 100 year old bungalows in gentrifying areas that attract young professionals and speculators who spend a premium for newly renovated homes, Min. 10 unit multifamily buildings in B class areas with C class tenants to be replaced with B class tenants, tenant-buyers with bad credit but high incomes hoping to buy in middle class neighborhoods, etc.)

Step 3: Find local real estate investing groups and join. If there are none in your area, consider starting one to attract other investors. Don't worry if you don't feel knowledgeable enough. Be upfront and say something like "Hey, I'm a newbie but I want to share my knowledge so far and I invite others to do the same." The goal is to become known in your community, learn and find others who you can work with toward mutually beneficial ends. Relationships are very important and take a while to develop, so start right away. These people will become your new friends, will provide resources and knowledge and will help push you harder or recover during tough times.

Step 4: Pick your market. Look at some listings, rent rates and do some preliminary due diligence on the town of your choice. If you find a cap rate of 7 - 12% in your area, it might be easiest for you to begin in your neighborhood within a 1 mile radius of where you live. If the cap rates near you are between 4 - 6%, it will be very difficult to find deals using the calculations offered in this course. In that case, look about 1 - 4 hours away from where you live for a market you can work in. If 1 - 4 hours away from where you live doesn't line up with steps 1 & 2, focus on step 3 and look for an investor who has a nieche that allows them to make returns that work for you.

Step 5: Find deals and make offers. Call for rents or for sale by owner ads on craigslist or kijiji. Find out a bit about the property owner, what they need and what they have. If the information you get meets your criteria and meets your quick calculation requirements, let them know you would like to make them an offer. Send out letters of intent. These are not legally binding and will help you get more comfortable with making offers, presenting offers, negotiation, etc. with no real risk.

Step 6: Celebrate. These first few steps are the toughest part for most beginners. If you have achieved them all, reward yourself. This doesn't mean you should stop. It means you have begun your real estate career. Your next goal is to celebrate once you buy your first, second, third, etc. investment property.

Always remember to have fun and stay focused!!

Endrik-Oliver Põlluste

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