Thursday, October 8, 2009

How to Get a FREE Real Estate Education

Want to save yourself thousands of dollars and become a successful real estate investor at the same time?

A completely FREE real estate education.

Here are four quick pieces of advice:

1. If it sounds too good to be true slap yourself if you even think about buying it. You aren't going to make $5,000 in 60 Days or $2.5 million in 18 Months. Sorry. Save your money. Buy actual real estate with your money and not books on how to buy real estate. Most of the get-rich-quick courses you see sold on the Internet, often at very high prices, are worthless junk. Don't waste your money or your time.

2. You don't need to buy lots of books or information. Most of what you will read in a book you paid money for can just as easily be found for FREE in a book from your local library. Dozens, even hundreds of free books you can read. Local business groups and legal associations publish FREE or discounted cost practice manuals. Non-profits also have huge amounts of FREE information available. Save your money and buy real estate, not books and courses about how to buy real estate.

3. Get a job in the real estate industry before you become an investor. Take a year or two learning about real estate from the inside out. The experience is invaluable. You will get paid by an employer to learn the ins-and-outs. Get a job managing rental properties and live rent free while honing your sales abilities. Learn how to really manage fifty apartment units and the same time. Certainly get your sales license even if you don't ever use it. You make vital job and networking contacts by working in your local real estate industry.

4. Go into real estate when you are financially ready. Don't rush things. Make sure you have plenty of cash available to invest and as personal and business reserves. Work to improve your credit rating while you save this money. Both these two simple acts will make you tens of thousands of dollars on your first purchase and save you lots of worry. There is no urgency. There will always be good deals on good properties. Markets never change.

5. Be prepared to never stop learning. As a real estate investor you need to stay current on everything from new tax laws to who is selling what property on every street in your town. Real estate is the study of-----

Political Science

-----and just about every other art and science you took in high school or college.

Unless you are prepared to stay current on the latest tax code developments, learn how to REALLY use a financial calculator and figure out IRRs, discover who is selling pretty much every property in your investment target area, make friends with the guys and gals at Home Depot, City Hall, and your bankers, realize others will and they will become more successful investors because they did.

Robert J. Abalos, Esq.