Real Estate Investing
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"How To Make Money In Your Local Real Estate Market"
Today's Article: "The Education of the Real Estate Investor-Continued"
One of the easiest and most cost effective ways to educate yourself as a real estate investor is to attend local meetings with groups organized just for you. REIAs (Real Estate Investor Associations) are very popular, are widespread, and can provide valuable information to you at a reasonable cost. The low cost and convenience of REIAs are two clear upsides. The downside is that the organizers dictate the topics that are presented and who does the presenting. You have little control over what you learn and when because you’re not making that call. My suggestion is to use this as a component of your educational process and, especially if you want to get on the fast track to success, this should only be one of the many areas of learning for you.
Membership in a REIA gives you credibility, and not just from the education you will receive. You’ll also have the wonderful opportunity to network with other investors and get your name circulating around. These investor peers are people you may likely do business with in the foreseeable future. Wouldn’t it be nice if they were already familiar with you?
It seems like the real estate seminar concept has been just beaten to death at times but be that as it may, it is still an educational outlet that produces countless successful investors each and every year. There must be something to it, beyond the cynics who claim it is ‘gimmicky’ or a good way to part otherwise decent people from their hard earned money.
I’ve been around this business long enough to be at least familiar with most of the top seminar speakers out there and I’ve compiled a brief checklist of things to consider when evaluating seminars as an educational option. First, expect to pay more for seminar education. It will be more expensive than other types of education so be aware of that up front and don’t be one of those investors who expects something for nothing and walks away grumbling about the cost of the education, citing it as some sort of rip off. Yes, some programs are better than others but they will educate you and will usually do so in a shorter time frame than many of the other options you have.
Second, look for a company that has some diversity of training programs. Many seminar speakers like to hone in on the hot topic of the day (e.g. auctions) and fail to educate their attendees on some of the more basic fundamentals. Last, be ready to learn. Adults learn more slowly than young adults and need more repetition for things to stick. Therefore the learning process can be tiring, especially if you still have a traditional job. Real estate doesn’t have to be a full-time venture at first but, if seminars are your choice of education, be ready to spend some time at the training events and be ready to do what they tell you to do.
In almost all cases where seminar attendees are dissatisfied with the education they received, it comes down to whether or not they did what they were taught to do. When and if you decide to invest your money in seminars, boot camps, books, tapes, CD’s, DVD’s, etc. always keep in mind that you are paying a premium for this information because it is information that could make you a lot of money. However, it will always be up to you to take the information you invested in and put it into action. Your investment in this information is worth nothing unless you act on it. Therefore, if you really don’t have the time for this intensive style of education, that’s fine. Choose something that fits your schedule and be OK with learning and growing your business more methodically. That’s perfectly fine and especially if that’s what best fits your current obligations and lifestyle.
Seminars are often comprehensive, giving you a crash course or ‘boot camp’ of sorts for real estate investing, and thereby accelerating your educational progress and quickly preparing you in the lingo you need to be familiar with. An investor attending a comprehensive seminar may pay more up front for their education but it is usually highly focused and gives them the ability to almost instantly go out and start working the business like someone with more real time experience. For the passionate beginner who wants to learn and learn fast, this may be a great way to go to both get educated and, by doing so, give you more confidence to immediately go out and start making things happen.
Seminars also put you in contact with a variety of potential peers that have goals similar to you. Take advantage of this by exchanging business cards and making contacts for future reference and support.