How to get your Real Estate Education?
“If you think education is expensive, try ignorance.”~Derek Bok
Why do you hear so many stories about people failing in real estate? Well, many times it's because they had no idea what they were doing or got in over their head. Education is critical to success in real estate investing. I can’t underestimate the importance of educating yourself before you take the plunge. If you’re just starting out you may wonder where you can get your real estate education. You can learn from personal experience, but experience can be an expensive teacher.
I recommend reading a whole lot of books and using online resources. I learned a lot from my colleagues both offline and online. You can also get formal education. For example, you could enroll in real estate courses at a local college or university. Another option is becoming an agent, or taking the requisite training even if you don’t get licensed.
What do you need to know about real estate to be successful?
The toughest part of getting started is selecting a strategy. To do so, you need to know about the different methods of investing in real estate, various property types, financing options, etc. You must also decide which strategy is appropriate for your personal situation based on your financial situation, risk tolerance, investment objectives, etc.
You have to learn how to evaluate properties and transactions to know what a 'good deal' is. I would also suggest you become familiar with your market and decide exactly what type of properties fit with your investment strategy. If you’re just starting out, you need to educate yourself about basic real estate principles and focus on narrowing down your investment strategy.
Recommended Reading List
Some of the book I found helpful and would recommend would be the Rich Dad Series by Robert Kiyosaki. They offer a lot of information in a format that is easy to understand. There are many more great books out there. Some additional books I would suggest for you are not directly real estate related but great general business resources.
Rich Dad's Advisors: The ABC's of Real Estate Investing: The secrets of finding hidden profits most investors miss AND The Advanced Guide to Real Estate Investing by Ken McElroy.
10 Commandments for Real Estate Investors by Frank Gallinelli
Good to Great: Why Some Companies Make the Leap... and Others Don't by Jim Collins
E-myth by Michael Gerber
Built to Last: Successful Habits of Visionary Companies by Jim Collins
- Some other resources you may find helpful are:
REFM - a website that teaches the finance elements of Real Estate
Bigger Pockets - Investing in Real Estate Guide
How did you get your real estate education?
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