I’m very new to this, and considering how unstable the market/economy is currently, I’m even more confused on where to start or who to trust. I have some money saved and would like to make the right investment, but need someone to guide me. I would highly appreciate any genuine advice on how to find a legit person who will be willing to put effort and genuinely help, someone with big experience, who will not take advantage of you. I will pay for his/her work of course.
Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
4y
It totally depends on where an individual is at any given time, what they need to learn, and what their goals are. I believe the #1 thing to do for new real estate investors is to get out and network locally. Meet with other successful real estate investors face to face, learn their stories, what they did, and what they're doing in the current market.
I am almost serious. Financial advisors are selling paper, real estate agents are selling houses. If you ask me (agent) what you should invest I will tell you real estate! Because that's what I do personally, even my IRA holds real estate! In the end it is a very personal decision only you can make, but there are a few tips:
- Invest in what you understand! Don't invest in something you don't fully understand just because someone else said so.
- Invest in what you feel strongly about. Because when the sky darkens a bit on a long term investment, you don't want to be second guessing your investment
- Invest in something that plays to your strengths and gives you an unfair advantage. I invest in residential properties in Milwaukee, because that's where my unfair advantage is
I can understand where you're coming from but similar to what @Marcus Auerbach mentioned, you need to look out for yourself.
Continue to educate yourself with books like the Simple Path to Wealth and podcasts like BP Money (in addition to the real estate content of course) as it sounds like you may be curious about more than just real estate advice.
Even if you choose to work with an advisor in the future, it's important that you understand the concepts and how to articulate your goals. Otherwise, you leave yourself open to going with "their" best products not "the" best product for your goals.
Already mentioned above but keep growing your network of individuals who share similar goals to learn more.
Best of luck and here for you for any questions along the way!
Real Estate Agent · Milwaukee · Member since 2022 · 57 posts · 25 votes
4y
@Ana Franchi I agree with the popular vote on this one. If you ask me I am going to tell you real estate, but that is because that is my passion and area. While most categories of investing are going to make you money, some will make you more than others. But that does not fully depend on the market alone; It also depends on your knowledge and interests. For example, I am not an expert in the world of stocks, and while it can make money, I would not be able to fully take advantage of the profits as someone who lives and breathes stocks. But I enjoy real estate and understand it, so it means more personally. Find something that you like and stick with it!