Beware Of Real Estate Investment Prophets
There are two things that seem to come with every booming real estate investment market:
- Increased interest from people who suddenly realize the value of investing in real estate.
- Self-professed real estate prophets. They offer courses on how to invest in real estate and, for a nominal fee, (often tens of thousands of dollars), promise to mentor and coach you on their secret way of investing in real estate, which will most certainly make you rich overnight.
The trouble is, most of the time, those under number one on the list pay those in number two for shortcuts somehow spend a lot of money learning, and little to no money doing or owning property.
I hate seeing people spend thousands of dollars on education only to end up with nothing for a down payment on a property. Especially when you don’t need to spend a fortune to build your knowledge of real estate investing.
There are plenty of books, clubs, podcasts available entirely for free.
Here are a few ideas where you can learn a lot and spend very little:
Books
Rich Dad, Poor Dad- by Robert Kiyosaki and Sharon Lechter – The greatest place you could ever start in understanding what investing in real estate could do for you and your family. A terrific place for inspiration and to start expanding your mind.
The Millionaire Real Estate Investor – by Gary Keller, Dave Jenks and Jay Papasan. This book has a lot more of the nuts and bolts of real estate investing, as well as a great set of guidelines to help determine whether or not a property is right for you.
Clubs and Activities
The Cash Flow Game – Based on Kiyosaki’s Rich Dad, Poor Dad this board game helps bring the principles of real estate investment without losing a dime. There’s a game in Bloomington at 7 pm on the second Wednesday of every month at the Knights of Columbus – 1114 American Blvd W, Bloomington.
Minnesota Real Estate Investors Association and W.I.R.E (Women In Real Estate Investing)- A great place to get a broad overview of the various ways to make money in real estate. Remember, you don’t need to pay for any seminars if they’re offered. If you’re a woman, you may find the W.I.R.E. seminars particularly substantive and a safe, supportive space to ask honest questions.
Minnesota Multi-Housing Association – Where do you go to learn how to become a landlord? How about from people who already do it on both large and small scales? Click here for their education calendar.
Podcasts
Check out my post on podcasts from last week here.
Local Realtors Who Specialize In Investment Property – Perhaps your best resource of all (of course, I’m biased). Nobody knows the market like an agent who not only works in your area, but specialzies in investment property. Most residential agents can’t do the math on an investment property. Since you’re buying an investment property for the financial reasons, math might be important!
Give me a call and let’s talk about how you can learn about getting started – without maxing out your credit card.