Getting Schooled in Real Estate Investing is the Best Thing You Can do for Your Success
Real estate investing is not highly complicated, and it is not something that requires years of study, a Bachelor’s degree, or highly sophisticated training. Anyone who is dedicated, eager, and willing to jump in and be bold can find success – that is part of what is so great about it.
That said, investing is not something you can just “do,” either. It is not a get-rich-quick scheme that gives you great rewards for little or no effort. There are many nuanced tricks to the trade, and many potential pitfalls. There is also a great deal to learn about the real estate industry in general. Investors who want to succeed are wise to educate themselves in any way possible.
So what is the best way to learn about real estate?
There are several different ways to learn – a combination of the following is probably your best bet:
Hundreds upon hundreds of books have been written on real estate investing, at every stage and for every audience. It is very easy to find great resources that will teach you the ins and outs of the investing process.
When you are searching for books, keep the following tips in mind:
• Avoid gimmicks. If it sounds too good to be true, it probably is. Experts may have simple steps for earning real estate investment success, and that is fine. It’s great, actually. But beware of any book that guarantees wealth with minimal effort. You may very well get rich in real estate. But if you do, it is much more likely to be the result of very hard work and a lot of trial and error.
• Look to the classics. Tried-and-true standards penned by respected experts are always helpful. While some aspects of real estate investment have changed over the years, some principles are timeless, and much of the wisdom of seasoned experts holds true across decades.
• Look to the new. To fill in the gaps between classic wisdom and today’s market, it is also a good idea to read books by today’s respected experts, especially if they reflect your niche market.
• Read reviews. Reviews will tell you quickly if a book is worth your time. Read the good as well as the bad objectively – one investor’s reasons for rejecting or endorsing a book may not have any bearing on your own needs.
Finding a trusted mentor willing to take you under their wing is invaluable. You could hire a professional mentor and get great results. Or you could do some digging and discover successful investors in your area. You may be surprised to find how willing seasoned industry veterans can be to share their wisdom and advice – for free. After all, they once struggled when they started out. They likely have a lot of gratitude to those who mentored them, and are eager to pay that kindness forward.
Podcasts, Facebook pages, online articles, blogs written by respected investors – there is practically no end to the free – and often spot-on – advice out there on the internet. Find trusted investment resources, and follow along on every social media option they have available.
There really is no better teacher than experience. When you feel you are ready, jump right in on a small project. Your successes and failures from here on out will give you the kind of intuitive, hands-on knowledge that just can’t be taught.