How to Overcome the Obstacles of Self-Education in Real Estate
Entering the world of real estate investing on your own can be a daunting experience, especially if you don’t have anyone to look up to or follow in your journey. Although we live in a world where one can get educated on any topic in just a few clicks, learning how to do real estate on your own is not as simple as doing a couple of Google searches. With that said, here are some of the most common obstacles of self-education in real estate and how you can overcome them.
#1 Not Knowing Where to Start
The main struggle people face when deciding to get informed on real estate investing is that they don’t know where to start. There are plenty of podcasts, Youtube videos, books, and webinars that you can consume at your own pace. However, none of those will tell you where exactly to start and what your first steps should be. Not knowing where to start is what prevents many people from progressing toward their dreams of real estate investing. The best way to overcome this obstacle is to seek mentorship and guidance. Have a professional guide you through a ready-made path so you can learn everything you need to know in the correct order.
#2 Learning the Wrong Things
If all you’re doing is relying on random sources of information and a variety of different people who call themselves experts in real estate, chances are you’re going to come across information that is just wrong. As a beginner without any real experience in investing in properties, you won’t be able to tell what’s wrong and what’s right when consuming content from various sources. This is another reason why you need guidance from a professional in the form of mentorship or coaching.
#3 Not Narrowing Down Your Focus
Another common mistake people make is that they try to focus on too many things at once. Think about it, if you try to master single properties, commercial buildings, and short term rentals all at once, chances are you won’t master any of them. Once you choose one type of investment property and one type of strategy to focus on, you will be able to divert all your time and energy into mastering those two topics. This will give you the power of focused learning, which will eventually allow you to take action instead of remaining stuck in one spot for years.
#4 Never Taking Action
Speaking of which, not taking action is the biggest mistake you can make as a beginner investor who is going through the initial learning stages. As you start immersing yourself in the world of real estate, make sure to find ways to take action while learning. This could mean going out there and networking with like-minded individuals, reaching out to potential contractors or investors, or looking for JV partnerships directly. Whatever you do, don’t just spend months researching topics without taking any real action. Remember, it’s the results that count.