Any competent real estate investment advisor will tell you it's easy to make your fortune with a real estate career - as long as you know what you are doing. The first advice your real estate investment advisor should give you is to not jump in with both feet right away.
Before making your first investment, you need to do some studying. First of all, do you want to invest in residential or commercial real estate? Which one you chose affects the real estate investment advisor you work with and what you need to be studying.
Once you have a real estate investment advisor, he or she will help you decide what books and articles you need to learn from. If you go into commercial real estate, you will have a ton of options to choose among. Your advisor will give you the pros and cons on subjects like industrial properties, apartment buildings, retail space, office space, etc. It will greatly increase how fast you conquer the learning curve.
With your new knowledge from a general overview, you're advisor will help you narrow down a more detailed reading list. Now is also the time to start talking to everyone in your chosen market segment that will give you a few minutes of his or her time. You want to advance your career with knowledge gained from other investors, attorneys, brokers, appraisers, mortgage brokers etc. Your real estate investment advisor will have contacts he or she puts you in touch with.
Next, you want to select a geographic market and learn everything you can about it. If you decide to get into retail space, pick the brain of your real estate investment advisor to learn everything you can about the current market conditions and for tips selecting a geographic subsection of your local market. Then talk to existing tenants in the market to learn what is going well and not so well for them.
Having cut your learning curve substantially with the help of your advisor, you will now be ready to make your first investment wisely. In all likeliness, you'll have come across several potentially highly profitable investment opportunities during your studies.
This is where your real estate investment advisor brings invaluable knowledge to your first real estate investment. It's all about the money. You'll gain great help performing your first due diligence. When the numbers make sense, you're advisor will show the ins and out of creative financing. You'll learn about low cost and no cost techniques such as sandwich lease purchases and seller financing. There are also many sources of private funding available.
Go for it - with the help of a real estate investment advisor!
Please leave a comment if this article was helpful or if you have a question.