I am new to real estate investing of course. I want to start ASAP I am young and looking to learn this inside and out. I know the best way to learn is to dive right in. But I don’t want to dive into an empty swimming pool due to lack of knowing what I’m getting into.
#1. What is a good way to start building capital for investments. I’ve heard people say Lease Options, Wholesaling, Mobile Homes… etc. I’ll do whatever it takes. Starting from scratch now.
#2. What is the basic premise of bird dogging?
#3. What are good ways to learn about REI and get experience without buying properties. I’ve found reading this forum to be one.
#4. What are some pitfalls inexperienced investors run in to.
reading forums and joining your local real estate investing club is definetly a smart way to start learning. Try to read as many posts as you can.
One of the most common pitfalls for a new investor is getting involved in a deal and losing money due to underestimating repair costs or not having a property inspected properly.
In respect to what the premise of birddogging is…it is probably the best way to learn real estate investing without risk (or spending money). In essence you find properties for investors and they pay you a finders fee of 500-1,000s per property. It is a good way to get a free mentor because you can watch them work deals.
Read about the different types of investing and think about which one or two your most interested in. Focus learning more about that particular type of investing.
Soak up as much info as you can. There are tons of books you can read. Some are REI and some are just about money and how it works. I suggest " The Millionare Real Estate Investor" by Gary Keller, “The Millionare Next Door” and " The ABC’s of Real Estate Investing" by Ken McKelroy. These books have some good concepts and explan them well. Good luck.
So bird dogging can be compared to what medical students do when “shadowing” doctors? Observe and learn from people working in the profession. Except Bird dogs make money by finding property for whoever they are working for.
READ-READ-READ!!! Do not go out and buy the first course you hear about or pay for an expensive boot camp until you have done your homeowrk. My spouse invested $22,000 with a guru and I begged him not to. I suggested he go to the library, buy a book from a book store, find and talk to other investors to get their opinions BEFORE spending all of that money. Yes he has made his money back and then some but I found the course to be subpar and would rather have spent moeny on a better course.
BE PATIENT!! This is not a “get rich quick” thing. You have to know what you are doing at all times to make money and you can very easily lose alot of money if you are unsure of what you are doing. I have had so many new investors come to me and they want to make money right now. Deals do take time because you have to find the motivated sellers, do your due deligence, get your funding in place, etc.
Also this is not for everyone. There are certain aspects to Real Estate Investing that I don’t care for and I found that out by reading and asking lots of questions.
Unfortunately he learned the “Secret” the hard way…he spent more money than he should have on seminars and courses. Don’t get me wrong education is the most important but to buy nto every guru and attend every seminar out there is just too expensive and not necessary. Start off your learning the cheap way and then when you are doing deals go to a boot camp. And don’t forget to take a vacation while you are there.