As the year comes to a close, I want to take a moment to address those who just got started this year in real estate investing – particularly those who are in the “still learning and researching” mode.
First, I want to congratulate you for getting started, no matter where you are in the process! More importantly, I want to remind you of what I believe to be the absolute best way to learn real estate investing.
Learn by doing.
Experience is the best teacher so start taking action on what you’re learning immediately. As you go along you will make mistakes. That’s ok! It’s all part of the process.
Afraid to say the wrong thing when talking to motivated sellers? Well, you probably will screw up a conversation or two. I certainly did. So what? If you don’t get started and practice talking to sellers, you won’t get deals. Sure, go ahead and research tips on how to talk to sellers and study a script to prepare yourself. Once you’ve done that, get on those phones.
Afraid you’ll offer too much for a property and not be able to wholesale it? Well, sure that happens sometimes too. Mitigate the risk by taking time to study your market and focus on just a few key areas. What’s the worst that can happen? However, once you’ve studied that market and understand what homes are selling for in the area, start making offers! More offers means more deals.
Afraid to network with other investors because they will just smell the “newbie” on you? Come on! Everyone started exactly where you are at some point. Just be real and start talking to others with more experience who you can learn from.
I could go on and on with things that people are afraid of, but you get the point.
Now once you start taking massive action, there’s something else that’s going to really help you learn real estate investing. Ready for it?
Teach others what you know.
Yes, that’s right. Even if you’re new to real estate investing, if you’ve started taking action, you are learning and there is somebody else out there who has even less experience than you. Share your experiences with them and share the knowledge that you’ve gained. Not only does this further cement everything in your own mind, but it can also help someone else break through some barriers. It’s a universal law that you reap what you sow, so if you prove yourself to be one who openly shares knowledge with others you’ll find that others will openly share with you.
Several weeks ago I wrote a post providing a 7-Day Plan for Aspiring Real Estate Investors. If you haven’t read that, I encourage you to take a quick look. These tips may sound really simple, but they are often overlooked. Start “doing” and watch that learning curve get shorter!