Real Estate Education is the key to success in Real Estate Investing. But there are no top secrets to reveal, no secret pills, or magic resource. But there are 10 things you can do to become educated:
1. Online Study & Networking: There are several top online resources you should tap into. Personally I like CREOnline, Bigger Pockets and our very own MAREI.org but there are 100’s of online sites for real estate investors that you can tap into.
2. Join Local Association: This is absolutely vital to join a group so you have a resoruce to go to for questions, answers, vendors, and sounding board. For Kansas City area investors or out of state investors who invest in Kansas City Real Estate, I would recommend Mid-America Association of Real Estate Investors or for groups in other areas visit NationalREIA>com.
3. If real estate is totally new to you, a good intro for first time investors will be very useful to get a broad overview of all the types of investing, asset protection, finding motivated sellers and more. Your local group will probably offer this class for a small fee in the $100’s of dollars vs the big flashy gurus that come to town and teach it for $1000’s of dollars.
4. Your local group or your online group if you can find anything local should also have a ton of resources to access for teleconferences, ebooks, forms and documents. Absorb all of these that you can.
5. Key areas of study including: types of investing to find your niche, funding deals, and finding motivated sellers. If you know what you want to do, learn how to fund your deals, and learn how to market for motivated sellers, then the deals will all come together but you need to know these key areas first, then worry about asset protection, book keeping, and all the other mundane business owner tasks.
6. Learn your market – you need to know the market where you invest, what prices are, what rents are, what a typical house looks like inside and out.
7. Build a team of advisors – you can’t do it all, you you need to find people to be on your team: realtors, lenders, contractors, title people, attorneys, support staff, etc.
8. Set your Goals and write them down – you can’t acheive anything unless you know what it is you want to achieve. Be specific with what it is you want to do, put values to the goals, and deadlines.
9. Then break your goals down into workable steps in a to do list – I need to do these 10 things to achieve this one goal.
10. Take action, one of the best ways to learn is to do that first deal. If you do all of the past 9 and take an educated stab at investing, you will learn more with that first deal than all the online web sites and books that you read.
Our group – Mid-America Association of Real Estate Investors in the Kansas City Market will be offers networking and education for area investors. Visit MAREI.org for more information.