Any advice for a “wanna be” investor?

Question

What’s more important when starting out education or networking with knowledgeable people?

Travis Timmons · Answer

Get your financial house in order and be prepared to take action. You'll learn everything else as you go. Starting out, the fact that you take action is more important than the action that you take (so long as you're not completely reckless and manage your money well).

Mason Jeffries · Answer

@Reginald A. Shelby II I would say networking. BUT honestly, as others have stated, they go hand in hand. Develop a habit of reading for 30 minutes a day and you will learn a ton on your own! Networking is invaluable, just look at how much advice folks on this thread alone have given you with just your one simple question. Keep at it. What your doing breeds confidence.

Theresa Harris · Answer

I agree with Travis, get your finances in order first. Know who debt you have and how much you can borrow.  then decide what you want to do: short term rental, long term rental, flip, etc.  Be realistic.  As soon as you start getting your finances in order, you've already started educating yourself and it builds from there.

Reginald A. Shelby II · Answer

Thanks for your advice!

Jaron Walling · Answer

#1 Networking

#2 Clear financial runway

#3 Market research

Without these pieces you'll be over leveraged, buying in bad locations, or making a strategy mistake. I had 2/3 pieces BEFORE I worked with an agent and walked my first property. It was painfully clear I'm searching for ____ in ____ neighborhoods between this $$$ amount.

Nathan Gesner · Answer

If I had to choose: network.

Surround yourself with like-minded, successful people and you'll accelerate your learning.

If you're going to be successful, you need to educate yourself and it's an on-going process. The vast majority of wealthy people read books all the time: business, self-help, and biographies.

Jay Thomas · Answer

Your network is your networth. Find Facebook groups, webinars, books local meet ups and starting to everyone in the business. Learn what to and what not to do. Ask financing questions, locations, rentals, risk and rewards. Gather as much information you can for a few weeks and then sit down with yourself weigh out the pros and cons of everything you've learned and make the educated decision of which investment route will be the best for you.

Good luck on your journey!

Oh and finding an investor friendly agent will help with your connections as well !

Ryan Leonard · Answer

I agree with Nate. Getting out in front of people who know real estate is a huge advantage to fill in your educational shortcomings. Along with that, I find talking with investors to be motivating as they are living proof that everything you heard/read about is actually possible.

Nate Sanow · Answer

Yes. :) both are. If I had to pick, I’d pick network, because inside a network education seamlessly follows.

Any advice for a “wanna be” investor?

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