Way #2-Education

Last week I discussed the first way anyone can earn while you learn about real estate. The topic was a little rough around the edges. Not my best work, especially at 2 AM.  I was trying to justify using a job in a field of the real estate industry to learn about the industry and earn an income while doing so. 

This week, I am going to expand a little in the realm of the first way, by going the route of self education. This method is separated from the first method by being self taught and self employed. In other words, you are learning and earning by trial and error. Most people choose this method to start. It is by far the hardest method, and most exploited method by "gurus." 

In my anti-guru post Quit Buying Stupidity, I rant against the people who make huge claims and offer empty promises. Some people sell the same old recycled materials from 1985 for thousands of dollars. They tell you to work smart, not hard, do this and not that; and with a little luck you will be rich FAST!

Guess what. They are right and wrong! Largely because of the luck factor.

In fact they are so right when they say "with a little luck;" that I mock them with a quote from a guru. It goes like this. "There are those who think about what they are doing; and there are those who do what they are thinking. Think about it!" Hilarious!

This brings me to my point. Educate yourself by doing something in Real Estate to earn money. The easiest method I found is bird-dogging. The method that searches for properties that are for sale but haven't hit a market yet. Someone pays you $100-$1000 for this information if you provide leads that an investor actually completes a transaction from. This method teaches you how to locate properties. Educational, yet money earning potential is not great. You wouldn't want to quit an hourly wage position for this.

I know a guy who wanted to learn how to research liens on properties. He was "lucky" enough to have a friend that was looking into investing in his area, but lived in another state. The guy went to work under his buddy, following his instructions. He got paid for his time while he learned how to do his research. Now the guy has a property research company, he employes about 30 people statewide, and doesn't even buy investment properties, but makes six figures a year.

My point is find a field within real estate, and find a way to go to work in that field immediately. This way you are earning while getting your education. Be ethical while you learn; admit to mistakes, if you make them. This will allow you to learn from your mistakes and prevent you from gaining a reputation of being a scammer. A bad reputation is the last thing you want in this field, as people will not work with you if they believe that you are unethical.

When you first start out. Be open and honest. You will receive a lot of skepticism and rejections when you first start. Use them as learning tools on how to overcome rejection and opposition.  Expect money to be slow in the beginning, but eventually the field you choose will become you major source of income.