Investing in real estate for a profit can be a very risky and tricky proposition these days. The first thing that you need to know is that it takes a tremendous amount of time, education, experience and expertise to be a successful investor. If you are fortune enough to be successful then the rewards include appreciation (of investment property), rental income and numerous tax benefits. Alternatively if you don’t do it right, then you can be stuck with illiquid (hard to sell) property that is management intensive. Other factors that you also have to take into consideration include national and local market conditions.
On the national level you have to deal with interest rates and tax laws, and on a local level your success will depend on economic growth an demand and supply of properties in your local community. So let’s get started with some beginner real estate investing tips and advise.
First and foremost when getting started you need to be very dubious of those whom you seek advice from. The real estate industry is full of self-promoters and scammers. You must be especially cautious of those scam artist who promise you instant riches and wealth. They come into town holding these so called real estate seminars and use high pressure sales tactics to get you to buy their real estate course. It is a long-term commitment that takes years of experience as well as trial and error to be successful.
Another beginner real estate investing tip would be for you to go online at amazon.com and take a look at the books on real estate. Their books are rated by actual customers who bought the books and are rated on a one to five star scale. A customer review with four stars or higher is probably a good book to purchase. For example;
There’s a book selling on Amazon right now called – FLIP: How to Find, Fix, and Sell Houses for Profit, by Rick Villani, Clay Davis and Gary Keller. This book has received rave reviews (five stars), and these reviews are coming from people who actually purchased the book.
Another good book on investing that is a hot seller on Amazon right now is Investing in Real Estate by Gary W. Eldred. And if you want to learn the basics in investing whether its finance or stocks and bonds then I would recommend the money expert Jordan E. Goodman.
And finally the last recommendation I would make for beginning investors would be for you to try to find a job in the real estate profession. For example you could get a job working in a realtor’s office. The advantages of doing this is that you will learn the in’s and out’s of the industry before investing any of your own money.
So in conclusion it all comes down to the one ingredient, the one common element that can make or break you in whatever endeavor you seek out in life, and that one important component is EDUCATION. Receiving the proper education in your occupation of choice will ultimately be the difference between your ultimate success or your ultimate failure as an investor. Good luck!