The educational background of today’s real estate investors is all over the board. Some are college grads and a few of those also have Masters degrees. A number of the most successful investors barely scraped by in high school. Does education play a role in real estate business success? Although it has benefits, it’s not as important as you might think.
What is important is training and education if you intend to make a success of your investment business. This with a little dose of natural entrepreneurial skill will take you far. It also helps if you develop your math skills, but since much of what you will do is based on formulas, learning how to follow directions is even more important.
The kind of training you will benefit from is training offered by those who have already found success as real estate investors. They’ve made the mistakes and weathered the losses so you don’t have to. Think of it as being on a trail and coming to a crossroads. In the beginning, no one knows which direction to choose. The first person is the one with the most risk. He or she chooses a direction and takes it. They win or they lose.
Your best investment will be your FIRST investment—the one you make in yourself.
But when you come behind them, you have their information to go on. You’ll no which direction will lead you to your chosen outcome. More important than that—you’ll know which one will lead you astray. Your wisest move is to learn by the experiences of those who have gone before you.
Knowing the formulas and following tips from successful investors is only half of the quotient. The other part is being self-disciplined enough to follow your mentors’ advice. Self-discipline means not succumbing to temptation when your heart says something different than your head. It means following the path without wavering and trusting what has proven true over and over in the past.
Some new investors don’t believe this. They think that it will be different for them and they ignore the warning signs along the road. These investors usually discover that the advice and knowledge shared by peers and mentors carries weight and they must now learn by their own mistakes firsthand.
If this has happened to you, remember mistakes can be valuable as long as you learn from them. They become expensive when you repeat them, such as doing the same thing over and over and expecting different results. It doesn’t work that way most of the time.
Your best investment will be your FIRST investment—the one you make in yourself. Regardless of your level of traditional education, be sure to learn all you can about real estate investment before rushing into your first deal. If you’ve already done that, remember you can ALWAYS start over.