If you are thinking of investing in real estate, please read this first! Too many people think of this as a get rich quick scheme. Please let me tell you that its not. You must know that if you are going to succeed in this business, it must be done right. You first must have the mindset that you are going to be learning and building in the beginning.
You will want to find good books and mentors to work with. If you are serious, then both will be easy. You have to put yourself out there to see what you can find out.
First go get a good book on real estate investing from you local library. One that is recommended by someone you know that is successful in real estate. Then call around to real estate offices and see if you can find a realtor that works with investors. You might get a few realtors that you talk with that say they work with investors, but trust me, there are certain ones that know what you are looking for.
Next, go drive around your neighborhoods looking for for rent signs. You know the ones that are bought from Wal-Mart. Don’t waste your time with the ones that are owned by a company. Call the numbers you see on the signs and ask a little about the house. Then ask the person if you are the owner. Then proceed to say that you are thinking about investing in real estate, do they have any advice for you. If they are an investor most people will talk and talk. Just let them and take notes.
Continue calling different for rent signs and talking to a few investors, maybe five or ten. Then you will have an idea of the language they speak. This knowledge combined with the information you learn in the books with give you a window into real estate. If a conversation goes well with one of the investors on the phone, offer to take them out for a cup of coffee if they have time. Most wont mind sharing some advice with you, if you show sincere interest in learning.
A book that you must read is Rich Dad Poor Dad by Robert Kiyosaki. This should be a required read in school, but its not unfortunately. In this book you will have a paradime shift. It will give you a window into a way of thinking that you probably have not thought of before. Take your time and enjoy the process of learning. So many people are looking for the easy way out in life and then before they know it, their old and not able to do anything.
Last but not least, you will make mistakes. You can count on this. This is your biggest opportunity to learn from what you have done wrong. Don’t bury your head in the sand like most and try to ignore what has happened. Make sure you learn from it so you don’t repeat this mistake. Good luck!
By Robert Holiday