Real estate investing can be one of the most profitable, stable, and powerful wealth-generating vehicles in the investing economy. Or, it can be a huge headache and a very expensive experiment in failure.
Real estate has always been considered a “safe” place to put your money, but that doesn’t mean making money with real estate is easy. On the contrary, without a good education in real estate, property investing can be disastrous.
So in this article, we want to share important tips about getting a good education in real estate investing to help you generate profits and build wealth.
Find a Mentor
Yes, there are many merits to a classroom education in real estate. And we wholeheartedly recommend that you start your real estate investment education by hitting the books in some fashion. That being said, if you really want to learn about the nitty gritty of how to make money as a real estate investor, find a mentor.
A good mentor will push you to be the best version of yourself, but in the field of real estate investment specifically, mentorship is about a whole lot more. Making a profit as a real estate investor is as much an art as it is a science, and shadowing someone who has mastered the field’s nuances can teach you a great deal.
To find a mentor, join groups and organizations that are attended by experienced real estate investors, such as investment communities, business groups, local meetups, and local development organizations. While attending local and online groups, develop your networking contacts using tools such as a CRM and LinkedIn.
Internship and Bird Dogging
Some mentors provide opportunities for prospective real estate investors to learn and grow through internships and/or bird dogging.
Interns have the opportunity to learn the skills required to invest in real estate while working with a successful investor, and eventually growing to make their own deals.
Bird dogging is a term specifically used of someone whose job it is to “find” investment properties for purchase, much as a bird dog is used to find birds for hunters. Starting as a bird dog for a real estate investor is a great way to learn the ropes, while also making money.
Get Your Hands Dirty and Do It
Getting an education in real estate investing is incredibly important. There are plenty of technical factors relating to real estate investing that can be learned quickly in a classroom, online, and while interning with a mentor. But eventually, to be an expert real estate investor, you will have to get your hands dirty and actually invest in a property.
Once you are ready to start investing in real estate, with the finances and education necessary to succeed, jump in and start doing it. Research and find your first property, purchase it, rehab it, then either flip it or make it your first rental property.
Like other professions, continuing education is important for real estate investors.
Real estate investors need to continue their education to keep up with the latest real estate investment trends and real estate laws. It’s important to understand current macroeconomic factors affecting real estate investing, as well as changing local and federal laws applicable to real estate and taxes.
Continuing education regarding local real estate markets is also vitally important. Real estate opportunities change over time, as communities grow and diminish. Therefore, staying abreast of local real estate trends helps investors know where to buy investment properties, and also when to sell them.
Graystone Investment Group
Graystone Investment Group is an experienced Investment group, wholesaling properties in the greater Tampa Bay market since 2005.
Unlike other wholesaling groups, we find properties that we resell to investors at discount prices, while also connecting them with private financing. We also coordinate with rehab and management companies we’ve worked with for years, at no extra charge.