Blogs » BCG Homes » Avoid the Real Estate Education Trap

Avoid the Real Estate Education Trap

Thursday, January 26

Education is extremely important, especially when you first decide to become a Real Estate Investor. In the beginning, there are so many questions that you will need to find answers to. Questions such as:

1. What is wholesaling?
2. What is a lease option?
3. How to find a deal?
4. How to recognize a deal?
5. How to fund a deal?

Our minds are so fragile in the beginning that it is very easy for us to get overwhelmed with information and caught in the education trap. We go to real estate investor meetings, workshops, and bootcamps. We read books, books, and more books. We purchase material from the so-called experts. We fall victim to their sales pitch, and spend thousands on mentoring programs. Some of this is crucial because it forms the foundation on which you can build upon, but there comes a point where it is time to put the books on the shelf, and your feet to the pavement.

I have seen too many investors and fellow colleagues actually become more fearful because of too much education. They spend all of their time searching for answers and avoiding mistakes. So they keep spending more of their money towards more investor programs instead of putting that money towards an investment property. They become rich with theories, but poor with experience.

Here are a few helpful tips on how you can avoid the education trap:

Keep it simple
Find your niche and stick to it. Once you have mastered your niche, move on to the next one

Keep your focus small
Don’t overload yourself with a million different strategies. Focus on one.

Put away the books
There isn’t a blueprint for every investment situation. Your real education begins when you start searching for deals.

Accept your mistakes and learn from them
Mistakes are inevitable. Instead of trying to avoid them, embrace them.

Network
Learn from other investors. You will find valuable information just speaking with your peers without having to spend money on another “system”.

Conquer your fear
Use your knowledge base and put yourself out there.

Bottom line, you need to have confidence in yourself. That’s why it is important to find your niche and master it. It’s hard to find your niche through books though. You need to just do it. Look at properties, speak with sellers, and try to put deals together. Once you do this you will find out what you’re good at, and you will have all the confidence you need to be a Real Estate Investor.


Comments

  1. Colleague_thumb_1378726687-avatar-deuce442

    Keith Schulz Reply
    about 2 years ago

    Excellent point! I have seen people in my local real estate investment club that have been going for 5 years and never done a deal. They are looking for the perfect deal rather than a profitable deal. It's the classic paralysis of analysis issue. In any case, just do it, learn from mistakes you make along the way, and you'll continuously improve in the future.

  2. Colleague_thumb_avatar-jsteck

    Jane Stoecker Reply
    about 2 years ago

    Wow! This is so true! We have felt some of this ourselves and realize it is just like that first dive into the deep end of the COLD pool. Just go or have someone push you. "pushing" for us was calling the sellers. This does make it feel real and you learn that people can be helped by your efforts as a RE Investor.

  3. Reply
    about 2 years ago

    Here, Here, forget the Guru's these folks selling info are just that, selling info, so they are really just carney's at the carnival of REI.

    All anyone actually needs is first to realize there in nothing new under the sun, only a different cycle in investing. All that is really needed is a plan of investing in the the correct cycle. 100% of guru's are selling info related to the cycle they lucked into, not the actual cycle that is happening at the moment.

    The best advice is to join your local REI group, find anyone that is truly investing in this cycle and is having success. Copy their success, that is all that is really needed to succeed in REI.

  4. Colleague_thumb_avatar-svornholt

    Sharon Vornholt Reply
    about 2 years ago

    Great advice for anyone that has trouble taking action. At some point, you just have to "go for it".

  5. Colleague_thumb_avatar-realtyman

    Dale Osborn Reply
    about 2 years ago

    Just do it seems to be the motto of those who have made a solid go in the real estate investing arena.

To post a comment to this blog, you must be logged in.

Don't have an account?

Sign up

Log in with your username or email address