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Updated about 12 years ago on . Most recent reply

Account Closed
  • Real Estate Investor
  • Novi, MI
132
Votes |
437
Posts

How to know if you have enough knowledge?

Account Closed
  • Real Estate Investor
  • Novi, MI
Posted

Hey everyone,

I have been thinking a lot about something recently and I really wanted to get some insight and advice.

I along with so many other new investors have yet to do even one deal. Right now I’m in a position where I am trying to learn as much as I can (through BP, books, webinars, and trying to network) but I keep coming back to one main question.

How do I and other beginners know when we have enough knowledge to actually start taking action?

I feel like knowledge without action in pretty much useless but I’m really struggling with knowing when I have enough knowledge to begin. I think a lot of people use the excuse, “I don’t know enough to start investing.” While in some cases there is probably some truth to this, I know others just use it as an excuse to stay in their old ways.

I feel like I am letting this lack of knowledge (whether real or perceived) stop me from taking action and I know I have to get over it to be successful.

Anyone have any thoughts on this or experienced this yourself?

Most Popular Reply

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Ann Bellamy
  • Lender
  • Tyngsboro, MA
2,367
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3,269
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Ann Bellamy
  • Lender
  • Tyngsboro, MA
Replied

Definitely start small, because when you are in the big leagues, a small mistake is multiplied many times over and can sink you very quickly. So do a single family or duplex first, and go through the process of acquiring and managing real estate.

On top of that, self storage is a business in and of itself, with it's own special quirks.

Here are some resources:
www.selfstorage.org
www.selfstoragemichigan.org
www.selfstorageeducation.com
www.selfstorage101.com
www.insideselfstorage.com
www.selfstoragetraininginstitute.com
www.selfstoragetalk.com

There is a self-storage guru on the reia circuit - Scott Meyers. Not suggesting you pay big bucks for his stuff, but you may find one on ebay.

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