The more information you get, the more questions you have!

Real estate investing (REI) is always attracting people’s attention as a great way to build wealth. The stories are exciting, and some may seem too good to be true. You read inspiring books, but after a while, you find that they only leave you with more questions than answers. Many gurus in this business make money seemingly off exciting people and telling them, “you can do it”, without actually giving enough tangible advice to act upon.

I became interested in personal finances first and read tons of books on it. This topic naturally led into investing, and more specifically, real estate investing. I came across Rich Dad, Poor Dad and I was hooked. It sounded amazing and I wanted in. I kept reading for a few years. I even spent thousands of dollars in an investing course. What a mistake. Never again! If you’re tempted to spend thousands on a course, please, please, please, think again. There are tons of courses out there for a fraction of the price. And there is a ton more information out there for FREE! It’s called networking and meeting like-minded people. Use those thousands of dollars on a down payment for your first investment property. There is no better teacher than experience.

Wholesaling is a popular way that many people go for when breaking into the investment community. In short, a wholesaler finds a property that’s typically not listed on the MLS. This property is usually in need of repair, inherited, or the owners are behind on payments. The wholesaler sends out countless flyers in the mail to their target area letting people know that they buy houses. The owners need to be willing to sell their property for a deep discount. They get the property under contract, and before going to closing, they sell that contract to another investor. The investor would fix and flip the house or keep as a rental. The wholesaler typically makes from a couple thousand up to several thousand for these deals. Think of it as a finder’s fee, put simply.

I tried to do wholesaling. I really did. This was my first real attempt to put all my reading into action. But, I didn’t get a deal because I was confused with questions no one seemed to answer…or answers I didn’t understand. Looking back, I clearly didn’t know enough about what I was doing. It still felt great to try, it answered some questions, and it increased my confidence. One of the best places I can suggest learning from is at your local real estate investors association (REIA). Simply Google your area and “REIA”. There are also meetups onMeetup.com.

Remember, you’re always learning in the REI business. Questions will always be there, even for seasoned investors and landlords. So get started on building your knowledge base and confidence. Join a REIA group and network with others!