If you want to be successful as a real estate investor, you're going to need to have some "healthy-skepticism". Some will liken real estate investing to playing the lottery. These people think the investment game is all about being in the right place at the right time and that makes them take either of two mindsets. They will either jump rashly into investing without looking first, or they'll avoid investing completely, believing it to be little more than a fraud.
Though it's good to be skeptical regarding matters that will affect your pocketbook, it's no good for a person to be so incredulous that they never make a move. Kiyosaki's Rich Dad series portrays real estate investing as incredibly easy. Too easy, in fact, if you don't realize the Rich Dad books are simply preparing the newcomer to educate himself further . The series itself isn't a comprehensive course, just a primer.
After finishing just a fewof the Rich Dad books, you will understand the very, very basics of real estate investment, and that anybody can become a prosperous real estate investor. Skeptics who aren't so skeptical they see the whole real estate investment game as a fraudload of nonsense, will realize there's so much more to learn at this point.
The realistic skeptic (as opposed to the cynic) realizes that research plays a key role in the success of an investor. It is important to know the manner in which one must do that research and what details one must gain from the process, and one must proceed to put that knowledge into practice by actually carrying out that research.
Beginning investors should study up on the cities in which they are interested, learning about the economy, whether the area is attracting renters in or repelling them, whether new businesses are coming in or whether businesses are shutting down. Those are just a few of the things an investor ought to know regarding an area in which he plans to invest, but they are extremely important.
The skeptic understands that even if he reads that an area is doing wonderfully, it doesn't mean that further research isn't in order. Facts must be checked and rechecked with several sources. A smart investor also will visit the area to see for himself. Officials must be interviewed. Experts must be interviewed.
A wise skeptic assumes nothing. Skeptics do their research, as do good investors. They allow experts to lead them to more experts. They question local politicians and businessmen. They get the relevant authorities to verify their statements rather than simply believing everything they hear.
It's all about hard work and questions. You shouldn't be afraid to ask questions. There is nothing wrong with being a skeptic.
Monday, March 10, 2008
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