Getting involved in real estate investing requires extensive education. As an investor, you will be entering into contracts for tens of thousands, if not hundreds of thousands of dollars, and if you do not know what to do or make mistakes, your first investment deal may be your last. The fact is, you will pay to learn real estate investing. Either by mistakes, missed opportunities, or education you will learn. The smartest way to have a successful career is to educate yourself. With so many choices out there, how do you decide which book, product, or program will work best for you? It really depends on how you learn. Before committing to any type of educational program, ask yourself the 4 questions in this article.
Question 1 – how serious are you about this career? Too many investors make mistakes during transactions or miss opportunities because they don’t recognize a potential transaction. Any business endeavor is going to require an investment in education in order to have success and real estate is no different. You’re either going to pay learning by mistakes, learning by missed opportunities, learning by splitting several deals until you have the knowledge and confidence to do deals on your own, or investing upfront in education. If you’re not willing to invest time, sweat, and money into learning the industry in which you supposedly want to participate, then you do not deserve success.
Question 2 – how should I invest in learning the business? There are really 3 ways: books, seminars /education companies, and mentors. Generally, a combination of all 3 works best. Even Donald Trump still reads books on real estate.
Question 3- how do I learn? This is the biggest question you should ask yourself. Are you better reading and retaining information, learning in a classroom environment, learning on line, watching video, listening to audio, or learning by doing? Once you understand your learning style then find information in the format in which you learn best. For example, I’m a classroom junkie. I have an undergrad degree, MBA, and certifications in other industries as well. For me to understand and learn real estate, I would need to learn in a classroom as it’s how I’ve learned and had success in the past. Others have different styles and ways of learning. Identify what works best for you and take action.
Question 4- This last question is most important. Who is responsible for my success? Ultimately, you are. In my humble beginnings, I was part of a real estate education company that has dozens of local success stories and hundreds of failures. What’s the difference between the winners and the losers of this game? Everyone had the same education, so it wasn’t the company’s fault. It is up to the individual. If you have knowledge, do you take action? How do you take action? Education alone may not be enough; you may also require the services of a mentor to guide and provide confidence for you.
They key to real estate success is 100% up to the individual investor. Understand how you learn, invest in the right manner, and put yourself in position for success.