Let’s keep our talks going about real estate investing. You basically want to start at the beginning – delve into the fundamentals. Talk to an expert in the field and find out what it is you “don’t know.” From that discussion develop a list of questions that you need to have answered and go to work finding the answers. With all the information sources we have available today, the answers are out there, you may have to dig for them, but they are there.
Talk to everyone you know who has done well with this type of investing, pick their brains. Get them to share their experiences and mistakes they made if they are willing. Ask about books they recommend. A mentor is an invaluable source for guidance in the first months of real estate investing.
Do not read just one book or watch one set of videos. To be truly educated in any field, you must study different perspectives on each topic and look for critical threads that run through all the material regardless of who the author is. Your understanding will begin to develop and you will slowly develop a solid knowledge base that will help you be successful.
Begin to network with others in the real estate world, agents, brokers and investors. In fact, joining a real estate investment club or taking classes on real estate investments could be fun and extremely useful in furthering your education.
I am sure that it is obvious, but I am going to say it anyway. Investing in anything requires capital. You must either have personal capital to invest, financial partners that will help provide the capital (and hopefully have some experience in real estate investments), or you must have the assets and a credit history that will allow you to finance your purchases. They all work, but the bottom line is that you must have the money to make money.
Join me next time for the last tips to find success in the real estate arena. Learning and doing are the best way to make your mark in the real estate field.