How can I be successful in real estate?

For those who are cursed with insomnia and sit in front of their TV like a zombie, you’ve probably stumbled upon those infomercials that will make you rich in real estate. Order the “System” that will make you tons of money in a matter of days. Over the next few days, you are so excited about making your riches that you start planning how you are going to spend all that money. The day finally arrives and your package is in the mail, you open it with uncontrollable excitement only to be stunned to find a video or two and a 50 page workbook. “What is this?” Your excitement begins to wane, you have realized that perhaps this was not what you expected. You pick up the phone and call the number on your kit to ask them about the product you just received. “Well, sir/ma’am, this is just an introductory kit – for $900, you can attend this seminar to gain advanced knowledge of the well-known BLAH BLAH.” This is happening all over the country from people meddling with unsuspecting people who just want to get ahead.

I’m always asked “I want to be successful in real estate. How can I do that?” The first thing I tell people is that “there is no magic way to succeed if you don’t have the drive and the will to succeed.” Nothing you get in this life is given to you without the determination to succeed. The first step in the real estate success process is education. You must know all aspects of the market to make it big. Yes, it is possible to focus on a particular part of the industry and earn a lot of money. But to be truly successful, one must know the ins and outs of the negotiation process, the loan process, the appraisal process to get started. Your success in real estate is based on your drive to learn just the above processes to get started. So step number one would be education! This is essential, without it you are not going anywhere.

Step number two is as you seek education, you need to start building a network of contacts. Real estate is a people business. As a Master Note broker, you could never be successful without a network of real estate agents, business brokers, financial advisors. Without these people, I would never get the contacts I need to find financial notes in the real estate industry. This works the same way if you are looking to invest in property, sell property, or rent property. If you have the network you will find the properties you are looking for and you will get the information and contacts you need. I would suggest starting by joining your local trade commission, clubs like the Elks, Moose, and real estate networking groups. On the net, if you use sites like Myspace or Facebook, which will also build your contacts on a national level.

The whole process of doing it in real estate is much more complicated with just the two examples that I have given you in this article. In future articles, I’ll give you more tips and tricks to get into the meat of the industry. Remember that there is no magic wand in the real estate industry, no infomercial product will make you rich overnight. If you are really interested in this industry, please take the time to do your research and do your due diligence, because in this industry many criminals will be there to take your money.