Real Estate Investing
FREE BOOK – 24hr Info #: 859-554-3388
"How To Make Money In Your Local Real Estate Market"
Today's Article: "Story Time"
When my retail coffee shop business failed, I knew that I needed to pick a direction to go from there. My choices were, (1) pursue the passion that I had acquired for real estate from my books, or (2) go find a 9 to 5. Well, since I wasn’t married, didn’t have children, didn’t have money, I decided that I didn’t have much to lose, so you guessed it, I went after my passion for real estate investing.
Upon doing some networking in my area, it turned out that one of my business relationship friends knew someone who was active in real estate investing. The problem was, he lived in Louisville, KY and I lived in Lexington, KY. I asked my friend to introduce me to this guy. Little did the investor guy know at the time, that I was a man on a mission and I was going to work for him whether he liked it or not.
With time, I professionally pursued the new relationship and became an “apprentice” if you will, to this investor. It really was a win-win relationship. I would drive an hour to Louisville every day to work for this guy, willing to do whatever it took to give me more knowledge about the business. Overall it was about a six month period where I wasn’t making a penny, but I was getting an invaluable education about how to make money as a real estate investor.
Eventually, the time came where I was either going to move to Louisville and work for this guy full time, or stay in Lexington and start my own real estate investing business based on the knowledge that I had acquired. At the time, it was the scariest thing that I ever did, but I decided to make a go of it on my own. I was extremely fortunate to have been able to experience the business from someone already in it. This mentor, mentee relationship was invaluable to helping me gain confidence and get started as a real estate investor. I wouldn’t wish for it any other way.
This method of learning was so beneficial to me in my early days that I have made it a personal commitment of mine to reciprocate and give back to other aspiring real estate investors looking to achieve great success in this business.
You must constantly invest in your education as a real estate investor if you want to achieve great success and longevity.
That said, businesses also don’t succeed on pure drive and determination, although it could be argued that these things are ultimately what helps keep businesses afloat through growing pains and other challenges. In short, your vision and courage are most admirable but they aren’t a substitute for properly educating yourself on the nuances of your business. In this case, you still need to be able to understand the numbers, prepare paperwork, evaluate market conditions, interact with people, negotiate effectively, and ultimately determine the profitability of the real estate deals you pursue.
The adage ‘Do your homework’ has multiple applications in the world of real estate investing. Sure, it can refer to proper evaluation of deals, adequate due diligence, or even timely reliance upon your professional team. I’ll discuss these things in future articles. In the here and the now, the idea of doing your homework also means getting yourself properly educated in the business and, if you haven’t done enough to this point, there’s never been a better time than now. Now, make a commitment to education and treat this part of the process just like you would any other aspect of your business and success will soon be at your doorstep.