Are there some real estate moguls or experts you should listen to? Are there some real estate gurus who's advice you should follow? What investing advice will help you make money with an income property? To start though, understand that making money through an investment property takes hard work and isn't easy - there's no such thing as easy money.
By now you’re probably familiar with all those real estate gurus and conference speakers who promote their how to get rich secrets in just about every media format imaginable – TV, books, CDs, eBooks, videos, conferences, etc.
A lot of these real estate experts definitely have some good tips that can at times be highly inspirational, especially when they claim that anyone can get into the investment properties arena if they establish good credit and have a plan. It’s that simple, right? If only! Many of these so called real estate “gurus” can accurately be called scam artists, but with so many of them around, who do you believe?
Those who talk about how much money they have really don’t have any.
Well, try these real estate and investment experts on for size. Let's see what they have to say about how to make money through income generating properties. While not all of these guurs are real estate experts, they are certainly wise with their money and their investments:
- Warren Buffet
- Bill Gates
- Donald Trump (Well, he certainly talks a lot about how much money he has, so maybe he doesn't have as much as he says he has)
- Robert T. Kiyosaki
- Peter Lynch
- Jim Cramer (Mad Money)
- Anthony Robbins
- Suze Orman
- Stephen A. Schwarzman (The BlackStone Group bought a lot of real estate as a private equity fund)
- Real Estate Reality TV (Yes, there are some good experts that have reality TV shows)
While it’s certainly okay to explore what some of the real estate gurus say (both fraudulent and useful), just keep in mind that the best way to make money is by saving money, working hard, and taking educated risks when buying property. There are no short cuts or get rich quick schemes that actually work. Sure, they could work out for a short time but then you'll end up losing all of your money or going bankrupt.
Really, you’ll just have to find what real estate investing method works for you, whether it’s consistently researching property, seeking out good partners, or whatever else.
Many of these real estate “gurus” can be identified easily. They’re the ones driving fancy cars, wearing exorbitantly expensive clothing, and using such terms as “lazy way,” fool-proof,” “painless,” “gold mine,” “easy,” and several other terms that suggest laziness and ease of profitability. If their programs, courses, or other alleged “help” sounds too good to be true, it is. These are the people employing “risk free” and “bulletproof” ways to con you out of money.
QUOTE: “The power of accurate observation is commonly called cynicism by those who have not got it.” -George Bernard Shaw
Often times, you’ll never spot a wealthy person (or a practical guru, for that matter) in a crowd. That’s because they’ve been driving the same old car for years, wear slightly drab clothing, and act out other habits that don’t noticeably reflect their substantial bank account. These people do not flaunt their wealth in ostentatious displays, or spend money on unnecessary items that won’t return a profit in the future. No, they grasp a bigger vision in life, one that is dictated by the understanding of making money by saving money.
However, unlike the claims most fraudulent gurus boast, there are no “cookie cutter” approaches, so what you’ll want to do is see what works best for you. Who knows? Maybe you can drive a nice car and wear expensive clothes. The important thing to remember, though, is that you must have a plan and know your priorities before visiting a new car dealership or looking at property. Without establishing these, you’ll be driving your Maserati nowhere fast or stuck with a property that won't rent or sell.
So how do you know what works best for you? For starters, you’ll need to increase your comprehension in all realms of real estate knowledge. Doing so will help you make better decisions in the future and therefore give you more confidence. Read numerous articles, essays, or books written by different real estate and/or investing experts - visit our site on a regular basis!
Get a broad perspective by reading more than one author. Each author might have a different spin on the same idea, so you’ll want to cover all the bases. Because different people have different ways of doing the same thing, you’ll eventually find which method works for you. Explore and experiment.
Perform a search on Google using any of the names listed above. Maybe you want to learn about a specific aspect of investing, so include that word in your query as well. While searching, you’ll discover additional tips, advice, and methods for building wealth that will lead you to other useful information. You might even come across other helpful people via forum or blog. Not all of their ideas will make sense to you, which is perfectly normal, but many of their words are inspiring and will make you think about how you want to invest in real estate.
Learn more here: The Company You Keep