Do These Three Things Before You Get Started In Real Estate Investing
Written by Antonio Srado on October 10, 2017
I recently began my career as a real estate investor and allow me to share that the journey has so far been interesting.
I am currently a bartender making ends meet in South Florida. My girlfriend of four years and I share expenses while I pursue the would-be lucrative industry of real estate investment.
Somewhat uncertain, I’ve chosen to do what most people do when first finding an interest in REI. Technology, being our presumed fortune teller, targeted an ad on Facebook that turned my ah-huh valve and guided me to register for a “free real estate investment course.”
Elevated by the Free offer, I decided to attend the class. And as most of you reading this post probably already know, it was just a glorified sales pitch.
At the time, I was so intrigued by the team’s ability to sell that I invested $500 and enrolled in a so-called elite real estate investment course. This too was just another glorified sales pitch. However, this time it was on steroids…
I’ve taken in the bits of information that the 3-day class shared. Albeit a tad frustrated that the secrets of real estate investment was not revealed, I’ve learned an abundance during my first month of engaging the industry. And of it all, here are the three most important lessons I’ve learned that may help you get started and avoid some financial mistakes:
1. RESEARCH CLASSES, SEMINARS/WEBINARS, ENGAGEMENTS
- Not all classes, seminars/webinars, or engagements are created equal. Some will actually offer thousands of dollars of information for a very small piece of the pie. We must first familiarize ourselves with researching the benefits of registering for relevant courses, but most importantly how to best maximize our time and hard earned money. Google will become your soul mate and you’ll become best friends with review sites. Be sure to take advantage of fact-finding and have fun while doing so. It will save you a ton of time and distress, especially when needing to later invest your time and money towards something that will provide you more value.
2. LEARN FROM THE MISTAKES MADE BY THE PROS
- A wise man once said: We all learn from our mistakes. Do you want to become the subject of previous errors? Probably not. It takes a ton of time, energy, and resources to sometimes recoup from them. So at most, it’s best to learn from the mistakes already made by the pros. Reading blog posts (BiggerPockets), listening to podcasts, and watching relevant YouTube videos are all resources that can aid your real estate investment education. Another method, and at times the most challenging to accomplish is locating a reputable mentor that will teach you a thing or two about the industry. Once you find a mentor, be sure to ask questions and LISTEN to what’s being suggested. Also, keep in mind that learning, listening, watching and interacting is just a small part of your real estate investment growth. You must effectively execute assigned tasks while learning and teaching others along the way.
3. FIND VALUE ON ALL OF YOUR INVESTMENTS (TIME, MONEY, ETC.)
- We are always surrounded by things that tend to distract us. Now-a-days it’s the use of social networks, news media, and viral videos. As you are beginning your career as a real estate investor, it is suggested that you maximize value per your time output. Whatever it is that you decide to pursue, ensure that you find value on all of your investments, including the investment of time. REMEMBER PEOPLE, TIME IS ONE THING WE DO NOT RECEIVE A RETURN ON! As for money, if you are to invest in your education, be sure to do your due diligence. Research the program, read/watch reviews and educate yourself prior to investing your hard earned cash! At the conclusion of your investment, ask yourself what value were you able to gain from the experience. Learn from it and grow!
I hope that these tips were able to provide some guidance in helping you get acquainted in real estate investing. I will try to post as frequently as possible while learning from my experiences and sharing my journey to success as a real estate investor.