I’m not suggesting that you need to know everything. You don’t. You’ll continue to learn as you go. But you must educate yourself in the basics to get started on the right foot. A little education goes a long way in accomplishing four essential goals:
1. Demystify Investing and Lessen Your Fear
Learning about real estate will demystify it for you, reducing your fear of the unknown. Without that fear, you’re more likely to take the leaps necessary to progress to the next level and reach your goals.
2. Know that Ordinary People Can Be Successful
It will show you that you don’t need to have any innate real estate talent or know-how. You’ll truly see that anyone can do this. You don’t need a degree in law, finance or real estate, and you don’t need outrageous sums of cash. Ordinary people just like you, with ordinary reserves of cash, have achieved great results in real estate investment, and you can too!
3. Pick an Area of Real Estate to Specialize In
It will help you to narrow down which area of real estate you’d like to specialize in. When you understand some of the unique qualities of each type of real estate, you’re more likely to discover the type and location that best suit your investment style and needs. If you need help developing a Real Estate Investment Business Plan, check out my guide.
4. Identify Experts to Assist with You Investment Strategy
It will also help you to identify which experts might be best for your particular kind of investment strategy. When you assemble your team of advisors, one of them will be your real estate agent. He or she will be an expert in one particular sector—the one you’re investing in—but most likely won’t be an expert in other sectors. For example, he or she might specialize in duplexes, but not strip malls. So by sticking with one sector, you can retain the same team of advisors without having to seek others.
Where do you get that education? A good place to start is to read books, newspapers, magazines and online articles on related topics. One resource will lead to another, and then another, and as you find yourself asking questions or wanting more information on a specific issue, it will guide you to the next article or book.
For more on this topic, check out my book, Loopholes of Real Estate
Loopholes of Real Estate by Garrett Sutton
Loopholes of Real Estate reveals the legal and tax strategies used by the rich for generations to acquire and benefit from real estate investments. The book clearly identifies how these loopholes can be used together to maximize your income and protect your investments.
Written in easy to understand language, this book de-mystifies the legal and tax aspects of investing with easy-to-follow, real-life examples. Read the Pacific Book Review.