Finding Real Estate Success: Jack of All Trades, Master of None
Rich Dad Education holds elite trainings covering numerous real estate strategies and investment areas. Trainings incorporate topics such as commercial real estate, international and domestic land development, and mobile home parks, to name just a few. Students learn strategies that help them profit from foreclosures, lease options, tax liens, managing properties, and probate. Upon leaving these elite trainings, Rich Dad Education students are equipped with the knowledge and power to succeed in their real estate investing career.
With so many topics to choose from, many Rich Dad Education students take multiple elite trainings in order to become well versed in numerous real estate investing strategies. There is good reason for this too. By developing expertise in numerous real estate investing strategies, a real estate investor is better equipped to take advantage of real estate deals that are presented as well as current market conditions. One day a real estate investor might stumble across a deal that allows them to put their knowledge of rehabbing to use. Another day, a lease option might be the perfect strategy that works for both parties. Yet another day, the real estate investor might find an investment where they can take advantage of their wholesaling knowledge.
A real estate investor with a myriad of knowledge at their disposal can truly succeed in any market condition. However, a new real estate investor does not develop this level of expertise overnight. Unfortunately, some new real estate investors, in their desire to become master real estate investors, never truly develop expertise in any one topic. They have a cursory knowledge of numerous topics but not a full understanding of any.
Factors Involved in Student Success – Taking One Step at a Time
This Rich Dad Education investing series is examining some of the factors involved in determining why some students obtain success at the highest levels and others do not. One does not become a master investor overnight. For new real estate investors, there is a learning process that must be undertaken in order to get from point A to point B. For some students, there is such a strong desire to get from point A to point B that in their exuberance, they never truly become adept, let alone master any of the strategies. More importantly, sometimes they never even take the time to truly understand the basics of real estate investing.
As you start out as a new real estate investor, you need to take the time to first learn the basics. By obtaining a proper training you can start applying this foundational knowledge as you make offers on properties. This is the beautiful thing about real estate investing, it is not simply an academic exercise! You do not need to have a perfect knowledge of all real estate investing strategies to make a profit on your first deal. You should however, have a solid understanding of the basics of real estate investing to help maximize your chances of success on that first deal.
After you learn the basics, you should decide what area(s) of real estate investing you want to focus on. Once you have developed expertise in your chosen investment area, then you can move on to the next investment area. During this process you are simply taking it one step at a time and reinforcing what you are learning by applying that knowledge in real world real estate investing scenarios. To recap:
1) First, take the time to learn the basics of real estate investing
2) Next, start applying these basics in real world real estate investing
3) Then, focus on a specific real estate technique or strategy you would like to master
4) Next, start incorporating your new technique or strategy in your day-to-day real estate dealings
5) Finally, keep repeating this process
By just showing a little patience and taking it one step at a time, you greatly increase your chances of success. You actually can become a Master of all Trades, but it is not going to happen overnight. By systematically attacking each real estate strategy and then gaining invaluable experience by applying it in real world situations, you can develop true expertise.