Revealing the "Secrets" to Real Estate Investing

One of the most common pieces of real estate advice you will hear passed on is the importance of education and learning before doing in real estate.  Understanding real estate is important just based on the huge amount of expenses involved alone.  However, information on real estate is available everywhere, but there are still too people waiting to get involved despite some having years of preparation.

The two biggest hurdles to actively investing that I always hear from wannabe investors are:

1. If I had more cash (fill in the excuse- down payment, takes money to make money,...)

2. I am still learning (you can only read, talk, and learn so much without learning from experience)

The problem I have with both of these answers are all of the solutions to both.  There are books, mentors, groups, and blogs like BP that have already covered effective methods to operating around those roadblocks. So what are people waiting for?

It's the "Secrets."

The first thing I hear from newbies 99% of the time is, "What is your secret?" or "How can I do the same thing?" Despite all of the information available, people will still pay for seminars and classes that typically provide the same "Secrets" available for free.  Below is my "secret" road map to help you get started (examples in parenthesis):

1. What is your goal(s)?  It is impossible to develop the best plan for you if you don't know the objective.  This goal must be measurable, have a timeframe, and most importantly satisfy a need worth working for. (Create passive income that covers all of my expenses and reserves)

2. Create a plan. Now with your goals set, you can use your knowledge and education to create a plan that gives you the best and quickest plan to achieving your goals based on your personal situation. (Find a 4 unit building with no money down that has rents that support all of the expenses, covers my unit, and puts cash in my pocket)

3. Take action. This is the most important part. I have talked to so many people that have the first 2 steps identified, but fail to move onto step 3.  The sooner you take this step, the sooner you a building and growing.  I have made every mistake you can make in real estate, but can continue to grow through taking action. (Found a duplex that meets my criteria and landed a successful offer)

4. Reevaluate. This is a step that I forget about sometimes, but it is always good to reflect on what has worked, what hasn't, what you have learned, and what should change. Sometimes it is small and sometimes it is everything, but as you do more in real estate, you will learn things about yourself, your market, and discover new ideas that may change your entire attitude (Target a lower cap rate area that brings more profit and less work with less turnover, better tenants, and less repairs)

Hopefully someone finds this useful, but I encourage comments good, bad, and indifferent because that is usually where the best information is shared.