For those of you who read the first part of How to Get Started in Real Estate Investing, welcome back. If you have not read the first part of this blog, go back and read it here!
To maximize the value we can bring to the community around us, we must be consistent in real estate investing. Now that we have a rock solid foundation based around our “Why”, we have ingrained the discipline needed to take action every single day towards achieving our goals. With that in mind, we can now begin to talk about free vs. paid education.
Like everything in life, there is a trade off between how you get your information. The trade off is time vs. money. You can certainly get your information for free on YouTube and do very well in this business. The only issue with the free approach is that it takes a long time. Obviously, if you do not have a budget to start, the free approach is for you. I started with the free approach. Initially, I discovered real estate investing from BiggerPockets. BiggerPockets combines education, tools, and community. This is a great place to start learning about real estate. When you are starting out, using free information is totally acceptable. Mine and many other real estate investors’ “whys” are built around having time freedom. Time freedom is having the ability to choose where to spend your time and who to spend it with. Free information can only take you so far because you are trading time for money. Eventually, you will be able to buy your time back once you achieve financial freedom. If you do not want to wait a long period of time to learn the business, there is another option for you.
Anyone can fast track the real estate investing business by finding a mentor. Finding a mentor will help you to learn the business very quickly. You can skip a lot of the growing pains of starting out as a small business. This too comes with a trade off; you need money. We’re trading money for time with this option. Many do not have this option to start, but if you can spare the extra cash to join a real estate mastermind, you can excel incredibly quickly. After all, time is our most valuable asset so when you have the option to buy some of it back; do it!
No matter where you would like to start your journey, the most important aspect of this business is taking consistent daily action. If you have interest in learning flipping, I would recommend picking up Bill Allen’s book, 7 Figure Flipping Underground. Another great read for people interested in owning rentals is The Book on Rental Property Investing by Brandon Turner. These books will give you the introduction into certain investment strategies. With these, you can begin to formulate ideas around which is best for you. In next week’s blog we will explore the different types of investment strategies. I will explain which strategy we, at Dregalla Development, LLC, currently prioritize and why. In addition to that, I will be helping you choose which type is best for you.
In the meantime, we have other content that you can check out if you are interested. We have other blogs on a variety of topics. Feel free to check out our Facebook page and Linkedin page as well! Whether you are a property owner, investor, contractor, or simply someone who wants to network with us, contact us here!