Up-to-date education is essential for a successful investment in real estate. Even experienced real estate investors keep abreast of current market conditions and investment strategies that work best under these conditions. As MSN Money advises, “Educate yourself before you put your family’s financial future at stake.” Your education in real estate investment can come from university courses, association seminars, up-to-date training, advice from experienced investors you know and education for yourself through books and Internet articles.
Choose an investment strategy that you want to focus on. According to the Rich Dad Education Blog, created by real estate investor and author Robert Kiyosaki, “if you’re a beginner real estate investor, it’s wise to start with the knowledge of a few strategies and develop them as you progress. Find that your personality and market conditions guide you towards a single strategy that works for you. “Some common property investment strategies with which new investors often start include becoming a homeowner, rehabilitator or tumbler. Homeowners buy multifamily residential homes or properties to rent or rent to tenants. The rehabilitators buy properties that need repairs and arrange to sell or rent them. Turners buy properties whose mortgages have been executed or are auctioned off at discount prices and sell them back immediately with a profit. Start by specializing in a strategy that ignites your passion, and learns everything you can about it.
Take local real estate investment courses that instruct you about the strategy you have chosen. Join the local chapter of the National Association of Real Estate Investors, if there is one that you can access by driving from your home. However, beware of courses for real estate investors who sell information late in the night.. You have to be smart, you have to be willing to work and be aware of your level of risk tolerance.
Read books about your investment strategy and about general investment in real estate. Browse the list of free readings on Amazon.com offered by the National Association of Residential Real Estate Investment Advisors. Borrow the latest books on real estate investment in your public library.
Establish a network of relationships with all types of professionals who have to do with real estate in your area.
Find local advisors join the Chamber of Commerce of your locality or the association of owners and attend events to establish a network of relationships with other people who are in the real estate sector in your area. Make questions. Look for mortgage lenders, lawyers, contractors and other investors with real estate experience who specialize in the strategy you have chosen and can offer you valuable knowledge of knowledgeable people and a guide for you to continue with your education.