Where to get started in real estate investing.
I’m a beginning real estate investor, and would like to know of resources (i.e. books/people/internet) where i can get info on buying houses for resale and for rentals. But just want to gather information that will keep me from making costly mistakes and avoid pitfalls.
This question is echoed by many people across the country that are looking for the doorway that leads them out and onto the path of real estate investing. But that door is hidden and often times locked or at least damn sticky.
#1 Piece of advice for new real estate investors – Don’t get suckered!
When you are just starting out, everyone and their cousin wants to sell you the secret to this and that. Everyone has a path to fortune in just minutes a week. What? You a bridge to sell me too?
There are no secret formulas to real estate investing!
I am sure I am going to tick off all the ‘Gurus’ with that statement, but it is true. No Guru has a secret formula, there is no magic website that has direct and secret access to buyers who are giving away homes.
Guru real estate trainers have one agenda; that is to give you enough information each time to keep you coming back and buying more, hoping the secret to making a fortune is right around the corner. They have all made their money doing various things and are now just leveraging that to make even more money. Honestly, do you think Donald Trump has ever done a short sale on a single family home? I bet not!
So rule #1 is avoid the so called gurus and the hucksters and the websites with golden promises. What you need grasshopper will not be found there. Take your time and start reading articles on sites like Bigger Pockets where other real estate investors hang out. There is plenty of information to get started with there.
If you want to get some books on real estate investing then just be sure that they are recently published. The world of real estate investing is constantly changing and while a book may have been a great resource for hot strategies 5 years ago, now it is out of date. Books can give you some good background info on the business and highlight the big principles, but they are just the start of a foundation. You wouldn’t want to go to a doctor that had only read the course manuals would you?
Next time we will go over my #2 piece of advice for would be real estate investors; Picking Your Poison.