Whether you are just starting out with property or you are already on your way to building a portfolio, educating yourself is the key to success. While it is possible to hire professionals to do most of the work, without some basic understand of how the process works it’s difficult to be successful
You don’t need to know everything but you must educate yourself in the basics to get started. A little education goes a long way in accomplishing four essential goals:
1. UNDERSTAND INVESTING AND REDUCE YOUR FEAR
Learning about real estate will demystify it for you, reducing your fear of the unknown. Without that fear, you’re more likely to take the steps necessary to progress to the next level and reach your goals.
2. KNOW THAT ORDINARY PEOPLE CAN BE SUCCESSFUL
Educating yourself will show you that you don’t need to have any innate real estate talent or know-how. You will see that anyone can do this. You don’t need a degree in law, finance or real estate, and you don’t need huge sums of cash. Ordinary people just like you, with ordinary reserves of cash, have achieved great results in real estate investment, and you can too!
3. CHOOSE AN AREA OF REAL ESTATE TO SPECIALIZE IN
By choosing an area within real estate to invest in will help you to narrow down and focus. When you understand some of the unique qualities of each type of real estate, you’re more likely to discover the type and location that best suit your investment style and needs. Different areas include residential, commercial, renovations or developing, just to name a few
4. IDENTIFY EXPERTS TO ASSIST WITH YOU INVESTMENT STRATEGY
Identifying experts might be best for your particular kind of investment strategy. When you assemble your team of advisors, one of them will be your real estate agent. He or she will be an expert in one particular sector—the one you’re investing in—but most likely won’t be an expert in other sectors. For example, he or she might specialize in duplexes, but not malls. By sticking with one sector, you can retain the same team of advisors without having to seek others. Where do you get that education? A good place to start is to read books, magazines and online articles on related topics. One resource will lead to another, and then another, and as you find yourself asking questions or wanting more information on a specific issue, it will guide you to the next article or book.