Investing In Real Estate

August 24, 2010 in Getting Started, Investing In Real Estate

 

So you think you want to invest in real estate?  It has proven over and over again to be one of the best investments you can make.  But like any business, there can be many pitfalls along the way. The best piece of advice I can give you is to find a mentor. Most metropolitan areas have a local REIA (Real Estate Investors Association). You can find a list of these groups online.  It is within these groups that you will find your mentor. 

In my hometown, Louisville, KY, we have a very large, active group of real estate investors.  Many of these successful people belong to our local KREIA group (the Kentuckiana Real Estate Investors Association). These folks come from all backgrounds and many drive an hour or more to attend the meetings. Some have a real estate background. They may be a Realtor, an appraiser, a mortgage loan officer or maybe a home inspector or pest control person.  They may be a trades person such as a plumber or electrician, have a retail background such as a carpet company, or a sell windows or other home improvements. Or, they may not have ever worked in one of these fields. In other words, they are people just like you and me that have an interest in real estate. You do not have to have a real estate background to be a successful investor.  Your local REIA group is also a great place for you to buy and sell your houses.

One thing is for sure. You need to get educated about the path you are about to embark on. Mistakes made along the way can be very costly. If you don’t have a local group to join, then you will find many other ways to get this education. There are books, tapes and seminars available to help you acquire the knowledge you will need. Bear in mind that they do not take the place of a real live person that can help you along the way.  A mentor can keep you from making some of the mistakes he or she has already made.  There are also many real estate “gurus” online that have free seminars commonly called webinars. It may be through these people that you will find someone to mentor you. If you are unsure of how to find these people let me know and I can help with that. Things change continually in this field so real estate investors are “lifelong learners”. Savvy investors will tell you that they never stop attending seminars and other educational events. They will also tell you that they have a bookcase full of books and tapes that they continually add to.

Investing in real estate can be very profitable and a lot of fun at the same time. There are so many ways that you can invest in real estate. So many in fact that you are almost certain to find an area that you will fall in love with.