Every single day people decide that they want to get into real estate investing. They buy books, sign up for courses, go to seminars, and make a lot of plans, but then they never make a dime with it. Why? Well the answer is easy: they learn the how-to of investing, but they never put that knowledge into action. We’ve all heard the saying “knowledge is power,” but the reality is knowledge is nothing without action, so I say “applied knowledge is power!”
So if I could give one piece of advice: “Learn all you can and then apply that knowledge.”
As you are learning, go ahead and start planning and visualizing the application of what you are learning in the real world. Or better yet, find someone that will mentor you and allow you to participate with them so that you are applying your knowledge as you learn.
Real Estate Investing 101 – Know the Lingo
As you begin studying you will likely come across terms and sayings that are foreign to you, but used frequently in the industry. You will need to know and understand these words and phrasings in order to communicate correctly with other investors, tenants, REALTORS, and others that you come across.
Real Estate Investing 101 | Know the Process
You will also need to understand the basic mechanics of how a transaction unfolds from evaluating a deal, to making an offer, to the actual closing of the deal. The first of these is probably the most daunting and biggest hurdle for any new investor. Many new investors get very excited when they come across their first deal (or what looks like a deal), or second deal, or even hundredth deal; the sad reality is that most of these ‘deals’ are actually duds. You must sort through each deal carefully and know how to evaluate a property correctly so that you are putting your energy into the good deals. It can be very difficult for a new investor to walk away from a deal, but if you learn anything from this article, learn that it’s okay to walk away.
Although investing can be a lot of fun and very lucrative, it’s important to know that there will be problems, headaches, and unforeseen complications along the way. Because of this it is important to set clearly defined goals for yourself and your business so that you can see through the muck when it arises and focus on ‘why’ you are doing what you are doing. Focus, focus, focus and remember “Doubt will take you out of action; but Action will take you out of doubt.”
Phill Grove, CEO of REI Maverick, is a ‘Recovering Engineer’ who has successfully turned himself into a fully functioning Real Estate Investor. As such, Phill has closed over 1,200 real estate transactions and has conducted approximately $200M in real estate transactions. Due to Phill’s phenomenal success in real estate, Phill has also become a Real Estate & Business Coach to thousands of students finding financial freedom through real estate investing. Phill teaches all sorts of non-traditional strategies, such as short sales, auctions-options, REOs, subject-to, wraps, and contract assignments.I am an author, public speaker., and president of multiple Real Estate Investing Groups in Texas. To find out more about Phill Grove, please visit http://bit.ly/eKyOId
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