Thousands of people find their financial dreams in real estate. Some studies indicate that up to 75% of America’s millionaires got to their perch by savvy real estate investing. But how to start? Not only is real estate a fine road for success it is also littered with the unsuccessful who faced foreclosure and bankruptcy due to mistakes.
Many turn to the late-night commercials where real estate “gurus” hawk expensive seminars and courses. Many provide good information that can be used. their deadly weakness though, is that while many gurus hype what you can do, they often don’t emphasize when you shouldn’t use certain techniques.
The answer is finding a mentor. They are easy to find. Most large cities and most counties have Real Estate Investment Clubs where all sorts of investors: rehabbers, landlords, wholesalers, foreclosure specialists and others get together regularly to discuss business and network.
Most investors network extensively, because most successful investors develop niches in the market. Some invest only in abandoned houses, while others concentrate on bank-owned foreclosures. Most gladly exchange information with each other.
Develop friendships within the community and you can gain access to profitable deals that never make the classifieds, and you can run by your ideas and questions. Not sure about the true value of a house, although a real estate agent says houses are listed for $250,000 in an area? You can get on the phone and call your mentor. “Their listed for “$250,000,” she says “but they are selling for only $215,000, I wouldn’t buy one for more than $190,000.”
A good mentor can warn you off of the swindlers that roam in almost every community. Who are the good agents who will make you money, and who are the ones who talk a good game but waste your time. They can alert you to local laws and regulations no e-book or two-day seminar can teach you. In short, a good mentor can be the personal coach to help you launch your success in real estate.