Posted by publisher on February 8th, 2012
I?m a 30-year old real estate investor that has been in the housing business for almost nine years. I started in investing after I finished my studies in college. I began to buy rental property and was not very successful at that time but I learned a lot of things. Back in college, I met a mentor. He owned plenty of investment properties around my college towns and the person who tough me everything about real estate and some important lessons. I did not realize at that moment that he was setting me up to a path that would affect my family and finances for the rest of my life. Here are the two most valuable lessons :
1. Lesson #1 ? You can lose money in real estate in just two ways
According to my mentor, you can lose money in real estate in two ways: To sign you name to debt is the first. And to give someone a huge amount of check (out of your own savings) is the second one. Avoiding these things can put yourself ahead over other aspiring investors.
2. Lesson #2 ? It is much better to start your investing career without having money
The second lesson he taught me is to go into real estate investing without using your credit or having a lot of money. The reason for this is that when you don?t use your credit or money you will learn great techniques that don?t require these things. He compared it to a wild animal and a domestic pet. It is the wild animal who is more determined and stronger because he has no choice.
There was an initial hesitation on my part when I first heard these lessons. I thought that my situation is different from him. But after working in real estate for how many years I honestly can say that these lessons have essentially helped my business to grow together with my career.
The author is a part owner of Ogden Utah Real Estate, an investment company in Ogden Utah. We specialize in buying Ogden UT homes for sale on terms.
See more real estate news and articles at: UT AND THE NATION
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