Real estate is a sound choice when it comes to investing your money. If it’s so sound, though, why do so many people end up failing or not even trying at all? One reason is that they don’t take time to learn about real estate investing. It’s a shame, too, because there are plenty of resources that can help them learn the ins and outs of the market.
The majority of new investors are either overwhelmed, misinformed, or overconfident. Those who are overwhelmed may hear a lot of technical-sounding jargon like “rate of return” or “cap rate,” and get scared off. Those who are misinformed may be getting their information from the wrong places or from misleading internet “gurus.” Those who are overconfident often dive into it headfirst without first learning what they need to know.
The trick to being successful at real estate investing is doing your homework and learning all that you can about the market from reliable sources. Below are some good resources that you can use to learn about real estate investing.
Typically, the best seminars that you can attend aren’t free. The free ones usually give you a taste of information about real estate investing and then shift the focus around a sales pitch to get you to invest in a paid program or package. However, even free seminars can offer valuable introductory information that you can make use of as a jumping-off point. If you’re a complete beginner, free introductory seminars can be worth your time.
Paid seminars offer a more personalized experience and opportunities to dive deeper into the world of real estate investing. For example, FortuneBuilders and the Find & Flip Summit can give you the 101 on investing. These seminars can be pricey, so you need to weigh your budget to determine if the information promised will be worth it to you.
Don’t have time to travel around the country looking for good seminars? No problem. You can view webinars instead. While you don’t get the face-to-face learning experience of a seminar, you still gain access to a wealth of knowledge. Many live webinars offer question and answer periods, so you may even be able to get one or two of your personal questions about real estate investing answered.
Much like seminars, group meetups offer a chance for people to network and learn face to face from those who are more experienced. Unlike expensive seminars, you can find and attend local meetups for cheap or free. The only trade-off is that you’ll need to put forth more effort to mingle and converse in order to get the most out of these events. If you’re willing to do that, there’s a good chance you’ll make connections with experienced investors who are willing to share their tips and tricks.
If you’re thinking about getting into real estate investing, there’s a good chance that you already know someone who is doing it. Use this to your advantage, and pick the individual’s brain about how to do it successfully. This mentor could be a family member, friend, or co-worker. If the individual has knowledge about real estate investment, asking him or her to mentor you is a good idea. Don’t be afraid to ask. Most people are more than happy to talk about and share knowledge about a subject on which they are fluent. Asking them not only makes them feel good but also gives you the chance to learn valuable information.
You can also get paid mentorship, which offers you a much more personalized experience, from someone who has proven that their real estate strategies work. Paid mentorship programs are almost always worth more than their weight in gold.
If you have questions about real estate investing, there’s a good chance that others have had the same questions. Better yet, they’ve more than likely asked these questions on real estate forums. Such forums, including Bigger Pockets and REIClub, contain tens of thousands of posts from individuals who invest and want to invest in real estate.
You can browse the forums to learn answers to questions that you hadn’t even thought to ask. Also, you can use them to get your specific questions answered. If you can’t find the answer to a question, post it. You’ll likely get feedback from tons of people who have more experience than yourself.
Books are still one of the best resources that you can use to learn about anything, and real estate investment is no different. Plenty of real estate investing books are available in a wide variety of niches, and they range in knowledge for all skill levels. They can teach you everything from the basics, such as in “Real Estate Investing for Dummies,” to more complex matters, such as in “Every Landlord’s Legal Guide.” With so many options that specialize in different areas of real estate investment, like “Investing in Cash Flowing Rental Properties,” there’s no shortage of great reading material to help you learn what you need to know about real estate investing.
Blogs have been around for a decade now, and they cover nearly any topic that you can think of. They’re typically written by people who are passionate and knowledgeable about a subject and want to share what they know with online readers. The downside is that you may not be getting information from a proven expert.
A better option is to read real estate investment blogs from successful real estate companies or from people who are well-known in the industry, such as Gary Vee or Grant Cardone. Once you stumble across some blogs by people and companies that truly understand investing in real estate, you’ve unearthed a treasure trove of knowledge. It’s best to read blogs that are updated regularly so that you have access to the latest information regarding the real estate market.
Don’t have time to read? That’s no problem because of the plethora of available podcasts dedicated to real estate investing. These radio-like shows are becoming so popular that you can easily find one that suits your individual taste. You can listen to podcasts during your work commute or exercise workouts and learn more about real estate investing without needing to carve out more time in your day.
Best of all, there are tons of real estate investing podcasts to choose from. Some popular podcasts include A Millennial’s Guide to Real Estate Investing With Antoine Martel, the BiggerPockets Podcast, the Best Real Estate Investing Advice Ever With Joe Fairless, and The Alternative Investor.
Implement What You Learn
It’s one thing to learn about real estate investing but another to do it. When you feel ready, use the information that you learn from these resources to dig in and try it yourself. While learning about investing is good, nothing can replace real-world experience.
Keep in mind that there’s no right or wrong way to learn about real estate investing. The trick is to find a method that works best for you and stick with it. Once you find out how you like to absorb knowledge, run with it. Before you know it, you’ll be ready to invest in real estate property of your own.
This article has been contributed by Antoine Martel.