Real estate, like just about anything in real life, is something that you can succeed in without studying it in school. It’s not like becoming a lawyer or engineer; your success depends on your own mettle. Knowledge can be acquire d through experience and amplified through good, old-fashioned common sense. Many people have become very successful in real estate investment entirely on their own, with no help or advice whatsoever. You may be able to do that too. However, one thing that is inevitable if you jump right in-you will make mistakes. Some of these mistakes will turn out to be quite costly in terms of both money and time. Chances are, many people have already made these mistakes. Wouldn’t you rather learn from other people’s expensive mistakes than have to make these mistakes for yourself?
The first kind of knowledge you need to acquire is a working knowledge of the basic concepts of the real estate business. You need to become aware of the various approaches to real estate investment strategy, and decide what approach and type of real estate investment strategy best suits you, yourself and your resources. For example, if you were to choose to invest by acquiring foreclosed properties, you’d have to learn about how foreclosure works, learn about real estate law, learn about zoning, learn about the market for the kind of properties you want to acquire, and more.
Much of this you can learn from books, public documents, and the Internet. However, one disadvantage of learning this way is that it isn’t very selective. How will you know what you will and will not need to know until you actually succeed as a real estate investor? It’s kind of a catch 22-you won’t know something is useless until you learn it and don’t use it. This is one advantage of learning through training-you work directly with successful real estate investors who are experienced in the local area you want to invest in, and the type of investing you want to do. They have already vetted what you do and do not need to know well in advance for you.
Training with real live people has many advantages over books, the Internet or learn-at-home courses. Real live human beings can give you feedback on the fly.
They can apply their knowledge and experience directly to your own unique situation, and best of all, can give you objective, expert critiques. If you choose to go ‘all the way’ with your real estate training and hire a coach or mentor, they can help you in many unique ways. For example, they can help you not only set clear, achievable goals but also they can keep you honest about working toward them. When you are working with a real estate coach, there is no wiggle room for passing the buck or making excuses. They can also help you plan your business well into the future, and give you the benefit of their knowhow and experience to work toward your dreams.
