Are you Listening to the Wrong People?

Posted on 03. Aug, 2011 by in General

When we first started down the path of real estate investing, we received a substantial amount of advice from friends and family. Most of the advice was positive, some of it was not.  Everyone seemed to have a scare story, some awful horror story of friends investing in money pits, losing all their savings, dealing with tenants from hell and dreams turning into nightmares.  Combine that with the media horror stories and you are well on your way to talking yourself out of any kind of deal.

Most people mean well, they really do. And it is okay to listen to  their advice, just don’t feel compelled to act on it.  As you start out in your investing career, lots of people will offer opinions and declare their expert status. I can guarantee that most people think they know something about real estate investing and will gladly share their opinion with you. Most of the advice you will receive will be from people who have never bought an investment property in their life. It’s well intentioned advice, so it’s important to respect their opinions, but conduct your own due diligence before you act upon any advice given to you.

How do you weed out the experts from the scaremongers? The next time someone offers you advice, ask them outright if they have purchased any real estate investment property? and if so whether they still own it? if not, why did they sell it?  This will give you an indication as to whether the advice giver is a so called expert after all.

So, who should you be listening to? If you are clear about what you want to achieve from real estate investing, find a role model, someone successful who has done what you are currently doing. Even better – find  someone who is travelling the same path as you (especially if they are a few steps ahead).

There’s a ton of unbiased real advice that can be obtained by joining various communities and forums.  Real Estate Investing clubs are a great start, you will find plenty of like minded individuals, often with the same goals in mind as you.   Reading the right books, getting the right education and joining a supportive community of experts is the best way to get the right advice.

To your investing success!




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