If you happen to watch cable or satellite television on weekends, you can find between 20 and 30 channels early in the day, with rich fast infomercials offering everything from books, tapes, seminars and even personal coaching services. Most are real estate oriented and I’m not sure if they’re worth the time you would need to order them over the phone. I have spent thousands of dollars on real estate home study programs over the years and will continue to do so in the future. I am always anxious to expand my education and understanding of what really works in the world of investment real estate.
Because of the time, energy and dollars I have spent in the past, I have a pretty good idea of what a real estate investor wants to avoid and the best steps to take for a successful start. Education definitely plays a role in the success of a real estate investor as well as business acumen, attitude and sometimes luck!
Here are some detailed steps an investor can take to improve their chances of success.
– Learn the basics of real estate in general.
As with any investment strategy or business, the property has its own language. There are terms and phrases that many of us have heard in the past but may not know the exact meaning. It is very important from the very beginning to research and learns the basics such as the meaning of the terms and phrases that are used in the real estate industry every day. You can start by using a search engine and searching for the term “property definitions”.
– Start home study education.
There are great benefits to home study and I don’t mean the courses we avoided over the weekend. In your local library, in the area of real estate investments, there will be several titles recently written by authors with experience in their subject. Look at as many titles as you can read in a week and o to read. Write down sentences and topics that appear in the books that interest you and that fit your reasoning for starting an investment in real estate. This will be the beginning of your plan for the beginning.
– Develop a game plan.
At this stage, you have an idea of the general terms and phrases for the world of real estate investments and have begun to increase your interest and understanding of the specific strategies for real estate investments. It’s time to formally develop your plan and start trading. Each of the real estate investing books you will read will give specific advice on teambuilding. It is a crucial step for your success and the best books offer advice on who to strengthen your team, where to find it and how important they are for your overall success. Before you can start investing, you need to have a plan of where you are going and how you are going to get there.
– Join local organizations for investors.
In each city, county and state there are several organizations whose mission is to support real estate investors. Each of these organizations holds monthly meetings and some of the best even hold weekly meetings where investors can network and learn. These meetings are crucial for a novice investor as they provide the opportunity to build your team with experienced members. They are also fantastic groups that are available for tips, tricks and training. Join a group near you and make your participation mandatory. Attend as many meetings as you can each month. Often the easy step of surrounding yourself with like-minded people who are positive and strengthen your determination to succeed can be of the greatest benefit to your future success.