Categories
Business & Finance

What to Know BEFORE Investing in Real Estate | [ How to Be a Full Time Property Investor ]

Watch this video on YouTube.

SUBSCRIBE FOR MORE VIDEOS

What to Know BEFORE Investing in Real Estate

There are so many cons and scam artists on the web talking about how to be a full time property investor.

As somebody with over a decades worth of experience in this field, I will tell you everything you need to know!

This video and article is for educational and entertainment purposes only.

I am not an attorney, CPA, insurance, or financial adviser and the information in these videos/articles shall not be construed as tax, legal, insurance, safety or financial advice.

If stocks or companies are mentioned, SCG may have an ownership interest in them.

Don’t make buying or selling decisions based on SCG’s videos.

If you need such advice, please contact the qualified financial or legal professionals.

  • Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”
  • “Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!”
  • “Buy land, they’re not making it anymore.”
  • Some people look for a beautiful place. Others make a place beautiful.”
  • Landlords grow rich in their sleep without working, risking or economizing.”
  • “Don’t wait to buy real estate. Buy real estate and wait.”
  • “To be successful in real estate, you must always and consistently put your clients’ best interests first. When you do, your personal needs will be realized beyond your greatest expectations.”
  • “Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy.”
  • “The best investment on Earth is earth.”
  • “Real estate investing, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth.”

Some of the wealthiest people on the planet and throughout history accumulated their vast fortunes from real estate investing.

As somebody who has over a decades personal experience in real estate investing, and have known and seen people become hugely successful in the same field, I wanted to offer my two cents on the subject.

We see a lot of online real estate guru’s highlight the following information:

  • Make money off real estate
  • Buy real estate with NO down payment
  • Become a millionaire by investing in real estate etc.

Now everybody has an angle or a hook when it comes to real estate or any type of investments e.g. stocks, shares, Bitcoin or whatever.

But ultimately let me clear up a very important point:

YOU DO NOT GET SOMETHING FOR NOTHING!

God forbid a relative passes and you inherit a portfolio of real estate, without hard work, the right contacts and money, you will not be successful in this bracket.

And let me clear another thing up:

MOST GURUS ARE JUST TRYING TO SELL YOU THEIR PRODUCTS!

Yes, they are selling you the dream, promising you the world, if you just pay $500 for their expertise or Udemy courses.

I have no problem with people selling anything, business is business.

But if you honestly think you are going to become a millionaire because a real estate “guru” has all the answers, you are badly mistaken.

The truth is, you need to educate yourself on the subject.

Investing in real estate is putting your money into bricks and water.

You are buying a piece of land, or a piece of a building to profit off of.

It is as simple as that, but have you factored the following in:

  • Deposit
  • Agents
  • Solicitors
  • Council tax
  • Service charges
  • Ground rent
  • Letting agreements
  • Maintenance

Sadly the beloved gurus who are making a fortune off their courses may be giving you some wise advice, but at the same are leaving out the harsh reality.

Say you buy a property, and you rent it out, what are you going to do in the following scenarios:

  • Your tenant decides to stop paying
  • Your agents don’t pay you
  • Your property gets damaged by your tenant
  • Drugs are being dealt on your land
  • Your tenant is illegally subletting

I have had first-hand experience in all of the above – not pretty.

This is what is part and parcel with investing in real estate, and it is hardly ever discussed!

If you think that you are just going to kick back and get money in for doing nothing (there is SOME truth about that), but the reality is, you WILL get involved.

I have had both experiences:

I have spent the summer dealing with my real estate portfolio and sacrificing my vacations to get so many problems sorted.

But also:

I have laid on a beach and see passive income come in from all my investments.

Like all investments and my disclaimer at the top of this article there are NO guarantees in anything in life.

This is why you must properly educate yourself on every aspect of the idea of real estate.

Don’t get me wrong a GURU may have a large portfolio and be very wealthy, but how well do you REALLY know this person?

I was largely influenced by close friends and family who I saw first-hand built up their real estate portfolios themselves over the years.

I didn’t buy a $500 course from a stranger on the internet.

Start networking, find likeminded people, and talk to your accountant or financial advisor:

“I am thinking about investing in real estate, where should I start?”

The best place to start is networking and speaking to the professional people, it’s exactly what I did.

At the beginning I was a rabbit in the headlights, I am embarrassed to admit I didn’t even know how a mortgage worked back when I started.

Unfortunately you will get badly burnt like in any investment without the knowledge, the experience, or the understanding of what you are getting yourself in for.

Also, things take time, if you invest in real estate today you WON’T be a Millionaire tomorrow.

I am patient, I know to sit comfortably and wait for the acorns that are my investments to truly become the trees they are hopefully destined to become.

However this quote really rings true:

  • “Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy.”

Regardless, I wish you all the best of luck in your endeavours.

One reply on “What to Know BEFORE Investing in Real Estate | [ How to Be a Full Time Property Investor ]”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.