“How do I get started in real estate investing?” I get this question quite often.
I’m planning a series here for beginners. In the mean time, following is a letter I received recently along with my responses. You may have some of the same questions so I hope you find this helpful:
With years of market research experience under my belt, I’ve come to the realization that this is not the career path for me. Independently sitting in front of a computer for hours on end can be enough to drive someone crazy. I’m sociable, self-motivated and passionate… I’m convinced a career in real estate (with the goal of becoming an investor) would be a MUCH better fit.
I’d really appreciate it if you could answer the following brief questions and provide any additional helpful information… It would really help to receive some useful wisdom from a seasoned professional.
What’s the best way to start a career in real estate (any special education)?
Yes, absolutely you need education. We never stop attending seminars, reading, being a part of groups. I hope you’ll follow my blog Karens Perspective.com. Click on “investing” on the tabs.
You can find local investor groups in your area at National REIA.com. I always recommend caution with groups because they can teach things that aren’t accurate, but it’s a great place to learn (be sure to verify what’s taught) and make connections. If possible, get a local coach or mentor who’s successful at what you want to be doing.
We started by lots of reading at local bookstores while sitting with a cup of coffee. There is also a lot of online information. Your reading should lead you to an area of interest for yourself which, hopefully, will lead you to a teacher/mentor.
What are a few things any good real estate professional should know?
Have all of your contracts approved by local attorneys. Many people sell contracts and forms, but yours must be state approved. We have all of our documents NC compliant. Always use professionals for closings – we buy title insurance and have every closing with an attorney. Many guru’s teach shortcuts and doing things on your own – don’t. Much of the Guru teachings works until you’re challenged in court..
What do you LOVE about real estate?
Almost everything. No 2 days are the same. I love houses. Fixing up run down properties is gratifying. Helping sellers who can’t sell traditionally or buyers who can’t buy any other way is a thrill. Teaching other people is rewarding. I travel a lot or take time off and someone else is paying down my mortgages and creating my wealth no matter where I am or what I’m doing. It doesn’t get any better than that!
I look forward to hearing from you.
Always let me know any questions you have that I can answer here on the blog.
