Historically, real estate has been one of the safest asset classes for investors, while at the same time offering the potential for gains. Real estate investing offers several possible benefits generally not associated with other types of investment, such as leverage, tax advantages, and control. More than likely the word investing or investment can come with a fearful connotation: starting capital, risk assessment, and maybe lack of confidence in your ability and know how on the endeavors you’re pursuing. Fortunately, there are a lot of great resources and educational tools out there to help you navigate what it takes to get started and become successful. Motivation, education, and overcoming your fears are your first steps in pursuing real estate investing.
Education for Real Estate Investing
First off, real estate investing is not a “get rich quick” scheme. It’s built on a solid foundation that slowly builds up to equal long-lasting success in a carefully constructed business. This doesn’t nor shouldn’t be a costly pursuit. There’s an astonishing number of educational resources out there you can access for nothing or nearly next to nothing.
- Books: If it has been attempted and achieved in real estate investing, it most certainly has been documented and made into a book. It’s a widespread learning method that’s aptly available to everyone, everywhere. No matter what specific niche you’re going into, you’ll find the reading material you need to further educate yourself. If you’re not so keen on cracking a book and keeping your nose buried, they make most publications available on audiobooks too. Audible.com has the web’s largest selection.
- Blogs: Of course any amount of searching online can yield almost any result you’re looking for. Blogs are a great way to get a condensed and zipped up version of information. Take https://flipoutacademy.com/blog/ for example: from the amazing advice to outstanding services they offer, make sure they’re on the forefront of your real estate web search.
- Podcasts: Much like a radio show, you can search through hundreds of podcasts that cater to your specific field of real estate investing. Google “real estate investing podcasts”, find your match, plug in, sit back, and listen to a wealth of great advice.
- Mentors: This is the fundamental principle in your educational endeavor. The right mentor contains way more value than any book, blog, or podcast. They can be sought out for a nominal fee, or you can cultivate them organically and possibly save your pocketbook the added expense. Seeing as how a mentor is most crucial and your best in education, we’ll discuss them further with securing one organically.
We’ve all grown up with mentors, whether we realize it or not. They’re someone with which we had a preexisting relationship where we’ve learned and shaped ideas from constant exposure to them. The mentoring part was never forced, manipulated or paid for, but simply grew organically from what already existed. Now unless you grew up with those in real estate investing, you’re probably wondering how this will work for you considering you’re doing this with someone completely new.
First off, there are certain reasons why a seasoned professional may want to work with you in this manner. They may have a dream of passing on a legacy, of having someone with similar interests to talk with and striking a friendship, or the potential for future deals you can cultivate together. Here we’ll go through some tips for building a beneficial relationship with a mentor.
- It starts out as simple as establishing a friendship with a professional you’d like to learn from. Seek out an individual that specializes in your prospective field, so you’re getting the exact knowledge you need minus the excess fluff if you were to choose just anyone.
- Add value to the relationship that becomes meaningful and profitable for your mentor. If you have a certain skill set they can utilize, offer it at a reasonable rate while being dependable. From cold calling to maintenance home repair, there’s a slew of opportunities you’ll most likely find a fit for.
- Don’t be greedy and automatically expect something right back. Just building the relationship has value in and of itself. Provide your value, be dependable, yet don’t expect something in return.
- Be in it for the long haul. Not wasting their time and proving your worth will get you the help you seek. Putting the time and effort into a mentoring relationship only to have the student lose interest will cause it to fall apart and a sour outcome. The persistence of building knowledge and actively growing outside of the relationship will be quite advantageous for you. By focusing on your mentor and yourself, you both win. Helping them to succeed in the process will prove beneficial to you as well.
You’re taking on a new momentous endeavor with real estate investing. There will be doubts and fears at first, but don’t let that roadblock bring you to a full stop. You can overcome and succeed by taking the right steps to get there. Start with developing a plan and applying it daily. With hard work comes success, and you have to be committed. Without commitment, no amount of education or mentoring will help you. Participating with like-minded individuals such as building relationships and asking questions are crucial to the learning process. Participation also includes watching others, picking up on those traits that led them to their success, as well as learning the universal lingo they use to communicate. After you have the lingo down, learn the concepts. From debt to income ratios or percentage of ARV importance in a house flip, study and understand what you’re working with. Once you get the hang of it, teach someone else. That will cement in your mind what you’ve learned.
Don’t let your fear of screwing up keep you from acting upon it. Once you have an idea of where to start, learn the ropes. Learn the basics, ask questions, and start planning. Taking action despite your fears will force you to learn as you go. There’s only so much you can take in from a book or a blog, even a mentor. Once you apply hands-on experience, the know-how you’ll gain from that will become the most invaluable. So get educated, formulate your plan, and take action to boost confidence and make real estate investing work for you.