Real Estate Investing What The Gurus Wont Tell You
I have been down the real estate investing path for some years now and have taken the time to get myself educated. If there is a new book I have purchased it. If there is a new technique I have examined it a new seminar I have looked at it and I have been to several. I have talked to several investors and spent time looking at and understanding the markets I choose to invest in.
It is almost trite to say that I think the best thing you can do for yourself when you enter any investment is to get educated. In fact let me say that if you dont want to take time to get yourself educated then you are not an investor you are a gambler or worse a fool. I know that sounds harsh but lets be honest why would you put your money into something you have not taken time to understand? Worse yet most of us do it anyway handing our hard earned money well I think of mine as hard earned to someone without understanding even the fundamentals of what makes the investment sound appreciate depreciate etc.
The Gurus like to say you can take this seminar or learn by your mistakes and take a more expensive seminar. True true you can make several mistakes in real estate investing but you can in your seminar choices too. Not all are bad and many are really good but that is for another discussion.
As I mentioned previously I have been to several seminars and often the rooms are packed; packed to the hilt with wideeyed optimistic men and woman who in many cases have had to stretch deep into their reserves to get here. They want it and they want it bad. Problem is most dont really know what they want so they buy this seminar this technique and they havent the foggiest idea what they are going to do once they leave the place. At the seminar they get sold upsold and crosssold. I cant blame the Gurus they are marketing machines and they promise riches. Can you get rich? Yes! Will you most likely get rich? Thats up to you but odds are most people leaving that seminar will do nothing at all. This is something the Gurus also know.
You see the problem is when most people get to these seminars coupled with the fact that they dont really know what they want they dont understand that what they are getting out of the seminar. It usually consists of a technique or two that the Guru has mastered then some discussion around entity maybe a legal point and some bit of old marketing. What they are not getting and the Gurus wont tell you this is a business or the skills to run a business.
But all you want is a couple of rentals you say? What makes a rental worth anything? How does the rental get filled managed maintained improved? What are your insurance requirements your liabilities if anything happens? How do you evict? How does it impact your taxes or your overall net worth? How do I optimize my cashflow while minimizing the impact on my occupancy rates? These questions are even addressing bigger business questions if you happen to make this a business.
Here is a key that every potential investor needs to understand. Most people will not take the time to focus on anything but their fear the fear of failure. The key is to acknowledge that we all possess that fear understanding the fundamental of operating your business along with innovative techniques builds the confidence you need to push past the fear. Most of you wont take that time but those that do understand they have the net already placed when they start walking the tightrope.
Jules Carney has been a real estate purchaser for 15 years and an investor for 10. He is a virtual Investor and is currently starting his blog Real Estate On Training Wheels at RealEstateOnTrainingWheels.com
About the writer:
About the writer: ThePadSeller.com The best deals in real estate
Related posts:
