Wanna Buy a Minnesota Investment Property?

The Rich Dad book series (written by Robert Kiyosaki) represents many of the books that try to teach the hopeful investor that there is nothing magical about investing, and that you and I can understand how to achieve it. Although he started the series, by developing the idea in “Rich Dad, Poor Dad,” that wealth is determined by an individual’s philosophy on money, he is not the only writer working on his books. He presents the reader to the concept of mentors, or experts, that distribute their expertise with regard to buying MN investment properties with the investor. One of Robert’s advisers is Ken McElroy. Robert Kiyosaki values Ken McElroy's expertise to the extent, that he asked Ken to work write his series.

In “The ABC's of Real Estate Investing,” McElroy points out the complete necessity of hiring experts to help you with real estate projects. There are countless reasons to employ experts to support you, but the two most important ones are knowledge & time. Those two reasons feed off of each.

For instance, though the investor must have a basic knowledge of construction, law, financing, accounting, the market, etc., there is no way he will ever be capable to achieve expert status in every one of those areas. He needs to become an expert in the markets that interest him. That in itself will use up the majority of her time.

So, if he attempts to buy a property using that basic knowledge of contracting, for instance, he will probably make wiser decisions than the typical home buyer who is trying to do the same. However, there’s a big chance that she will fail to notice something that an expert architect would spot right off. Having that expert with him on your initial inspection is as critical as an fledgling adventurer having a guide with him on a hike through the jungle.

Now, consider this. Even if an investor were able to establish expertise in all those fields, you still probably shouldn't spend all your time dealing with them yourself. When there are accounting issues to deal with and legal issues to deal with, there simply isn't enough hours each day to manage it all. The investor should be out networking and staying up with the markets. It is more cost-efficient for you to simply pay the expert to do it, while you go out and do what you specialize in. (Or at least what you are endeavoring to learn).

And all this is BEFORE the investor purchases the property.

Once you buyes the investment property, you will have many new “problems” to solve. There are as many things to think about after purchase as before. That's why the savvy investor keeps a team handy with professional advice for every step of the way. This is the step at which an property investing consultant's experience becomes very useful.