How To Get Started In Real Estate Investing – Part 1
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You've heard about all the real estate success stories and you want to give investing a try. How do you get started?
The answer is a lot longer and more complex than the question. Frankly, it would be impossible for me to tell you everything you need to know about real estate investing in a few articles. It took me years to learn this business, and I'm still learning. But we can address some of the basics.
It's important to understand that real estate is a business that takes time and effort to show positive results. Successful real estate investors work hard and put in a lot of hours. This is not a "get rich quick" scheme – real estate investing is a serious, legitimate business that must be operated as such if you are to achieve your financial goals.
Can you make a lot of money in a reliably short period? Yes.
Can you make money in real estate if you do not have any cash to start with? Yes.
Can you do real estate investing as either a full-time or part-time endeavor? Yes.
Can you make a zillion dollars in three months working just two hours a week? No!
If you're going to be successful in real estate investing, you have to know what you're doing, have a plan, and have the perseverance and dedication to make that plan work.
Where do you start? With education. Yes, my company provides real estate investing education, and I do not apologize for suggesting that you take the courses we offer. But whether you get your education from us or elsewhere, you need that knowledge. Think about this: do you know of any occupation or profession where you can earn a six-figure annual income that you can learn on a website, by reading one book, or going to one seminar? I do not.
If you are going to achieve financial independence and build wealth through real estate investing, you need to know how to find the right investments, how to get them financed, how to manage the property you own, and much more.
The first step I recommend in your education process is to get an overview of all the various kinds of opportunities that are available through real estate. There are many ways you can generate cash and build wealth through real estate. You should understand all of them and then choose the ones that appeal to you. It's important that you spend your time doing things you enjoy; If you do not like what you're doing, you will not be successful.
Consider that these are just some of your choices: wholesale buying; purchase and lease options; pre-foreclosures and foreclosures; auctions; mobile homes; rehabbing; commercial real estate; and land development. And if you want to invest in real estate without actually owning property, consider real estate notes (mortgages) and tax liens and deeds.
Once you can see the big picture, you'll be able to sit down and make a plan. We'll discuss that process in Part 2 of this series.
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