“The more you learn the more you earn, IF you take action!”

- Emma Powell

Words of Wisdom and warning from a friend who wanted and still wants to become a real estate investor. Have you fallen into this trap? If not, how did you avoid it?

"I made the classic American blunder of wanting to do something and not knowing how, so I went and got a new certification. I became a real estate agent, haven't sold a single home, haven't bought a single investment, but I pay those broker and relicensing fees every year! I should have just gone and bought something with Professor Google as my guide. But I still haven't."

That's how I did it: attending networking meetings and a ton of research. I have a business degree in entrepreneurial management that's been helpful, but no where near necessary.

I'm not saying becoming a Realtor is a bad idea, it's great if you plan to flip homes (getting the commission on the buy and sale, having access to MLS data), but you will learn NOTHING on how to become an investor. It's all legal and ethical and contracts, not business, sales, running numbers, or finding deals. Just like a general contractor license doesn't teach construction, but legal, lien, and insurance requirements.

You also don't have to hire a guru for tens of thousands of dollars with words in the title like "Secrets". There are no secrets, and taking a course still demands acting on that knowledge. Pricey masterminds and networking events have their place, I definitely have benefited from them, but should NOT be the FIRST thing you do to get started. It's the feeling of taking action while still not taking any action!

BE PREPARED TO TAKE ACTION

No one is saying jump in without proper knowledge, this industry is not suited for a Ready, Fire, Aim enthusiasm. However, as with anything there's an 80/20 rule, and you can never get that last 20% of knowledge without DOING! Once you hit about 50-80% comfort level, dive in and make some waves while learning by doing.

Successful investors, especially in high-cost assets like real estate, focus on mindset for 80% of their efforts, 15% on networking, and 5% on strategies, tactics, and "secrets."

FIND FREE AND LOW-COST RESOURCES

Our weekly commercial investing club is FREE. Bigger Pockets is free. The local REIA is nearly free. Start there. Don't let the free part fool you into thinking we aren't getting real work done, and don't let the free part lower your motivation and commitment to participate. There's a firehose to drink from if you want it, in our club, all around the internet, live networking events, and more. Start learning and following up with taking action!