Real Estate Investor Guidelines

Guidelines to Becoming a Real Estate Investor 

By Michael T. Perry

     Real Estate Investing is an extremely satisfying and financially rewarding endeavor. There are legions of people who watch late night infomercials, usually put on by some of the top well known and successful real estate investors in the country, and secretly long to be able to follow in their footsteps.  Many of these people will eventually buy the home study course they see advertised, or even sign up and attend a seminar in the hope of learning the secrets to real estate wealth.

     They will spend hundreds, even thousands, of dollars - - all in the hope that the exposure to this material will make them rich. A full 95% of these people will study the materials, do some research, and then do nothing to follow up or take action.  They never realize their dreams, and continue on with life as they always have in the past.  It's always been a curiosity of mine, for as long as I've been involved in real estate, (and that's over 30 some odd years now) as to why this is so commonplace. Many experts have studied this situation over the years, and it seems that the results of these studies all lead to a common conclusion.

    The culprit?  One word- - FEAR!   Yes, FEAR- - and it's not just fear of failure, it seems. People fear failure, they fear ridicule of peers and family members, they fear the possibility of looking foolish, they fear rejection, and yes, some even fear success.

  These fears are common in all of us, and they are overcome when one learns to literally talk themselves into success.  Self talk, positive outlooks, and follow up with experienced mentors will help you overcome those fears that are holding you back.  You are not alone, believe me.  Virtually every successful real estate investor I know has experienced some degree of uncertainty, or reversal, or doubt, and yes, even complete failure, on the road to success.  The ability to fail, shake it off and continue toward your goal is the only thing that makes a difference in the end.

   There are a few skills you will need to  gain a working knowledge of, and a few you will need to master, but none of these requires a genius mentality or above average IQ.  What they do require is some time, some study, some patience, and the ability to actually TAKE ACTION. Some of these skills are: 1) Learning how and where to find good deals, and recognizing them as such; 2 )Knowledge as to how to write a contract, present and offer, and negotiate with a seller; 3) knowledge of financing possibilities both for yourself and potential buyers; 4) A working knowledge of the different methods of re-selling a property-such as a straight sale, or a lease option (commonly referred to as Rent-To-Own), or something called a wraparound mortgage, or an Agreement of Sale.

   These are but a few of literally dozens of methods that can be used.  They look harder than they are to implement.  As I said, it requires some study, butg it is definitely NOT rocket science.  There are people who never finished high school making six figures a MONTH with real estate investin.  Yes, today, even in this market.  Bottom line, find a mentor, get some education, and proceed without fear - - or perhaps better stated - - proceed THROUGH your fears, and in spite of them. In the end, persistence always pays off above all else.

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