One of the first real estate investing secret you should know about, especially as a first time home buyer, is this: Do not follow the opinions of your friends or relatives.
The reason is obvious.
Most of your friends are likely not seasoned real estate investors. So, if you take property investing advice from them, you're likely to be fed unfounded fears and BS.
Want to learn how to do something successfully?
Simply learn from someone who has experience . . . and a track record of success . . . with that particular thing you wish to do.
In the case of real estate investing, the first real estate investing secret to profitable real estate investments is to patiently learn from real estate experts.
There are two classes of people you can learn real estate investing from:
1. Seasoned real estate consultants and
2. Successful real estate investors
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Real estate consultants are real estate professionals that provide property consulting services to home buyers and investors.
Therefore, we recommend that you speak to a seasoned real estate consultant (or real estate agent) when considering investing in property buying.
Failure to do so can result in a situation where you either invest in a low return on investment property or even decide to cancel the purchase decision altogether.
The first real estate investing secret is to listen to expert advice not advice from friends or relatives who know little or nothing about successful property investing strategies.
Let's consider a real-life example to drive the point home.
A young motorcycle rider, called Daniel, who lived in a third world African country decided to buy a plot of land and build himself a home.
He knew he could not afford to buy land in the city centre, so he opted to buy in the outskirt of the city.
He contacted a real estate agent to help with the purchase since he knew nothing about the processes involved in buying a plot of land.
The estate agent asked him about his budget and he frankly told him how much he could afford.
The estate agent replied that he could get him a plot of land in a developing neighbourhood outside the city, which was within his budget.
Daniel was excited to hear the news.
He visited the area with the estate agent and immediately fell in love with it.
The area was a developing neighbourhood with few houses spaced far apart and a lot of undeveloped plots of land covered with bushes in-between.
Nevertheless, the atmosphere was serene and he had the feeling of being close to nature.
Best of all, the price of the land was within his budget and he had enough to pay for the land and the estate agent fees.
Daniel was ready to proceed with the purchase.
He had the cash and the willingness to buy. And he loved the location, even though it was pretty far from town.
However, there was just one problem.
He needed to tell his best friend who was also a motorcycle rider just like him, before closing the deal.
(Big mistake! Remember real estate investing secret #1: Do not base your purchase decision on the opinions of laymen!)
So, the following week Daniel brought his best friend to see the land.
His best friend was not impressed with the location.
"It is too far from town", Daniel's friend complained.
"What would you tell people in your village who think you're doing well in the city when they find out that you live in a place so far away from civilisation?", his friend asked.
The straight no nonsense criticism of the location by Daniel's best friend burst his bubble.
There and then he decided that he would work harder and save more money so he can buy land in a location that is much closer to the city . . . and with more prestige.
Fast-forward to 12years later and Daniel still has not bought a land near the city or any prestigious location.
In fact, a lot of things has changed since Daniel left off buying that land.
One day Daniel had a customer who was headed in the direction of the bushy, lightly populated village where the land he wanted to buy was located.
It was a long ride but the price offered by the customer was good. The customer opted to take a bike ride over that long distance because traffic was hectic that day.
It was a good deal for Daniel. So, he accepted the offer.
Daniel was shocked when he saw what had become of that little village where he was supposed to have owned a land.
That little town has become a bursting satellite city 12years after he chickened from buying that lovely piece of land!
"How did that village that was less than 20 percent occupied become such an overcrowded town with expensive houses?", he wondered.
If only he had listened to that real estate agent instead of listening to his best friend!
The above story illustrates the first secret of real estate investing that most real estate investors understand so well: Do not base your property buying decisions on the opinions of your friends or relatives.
First, your friends and relatives are not real estate investing professionals.
Second, your friends and relatives do not have the same vision and purpose as you have. So, they often cannot see beyond the tip of their noses when sharing their opinions.
Third, telling a friend who started his working career long before you that you want to buy a property when he is yet to buy any won't make him excited about the purchase.
Want to succeed with real estate investing?
Learn this real estate investing secret and let it guide your actions.
Consult seasoned real estate professionals and investors when considering buying a property . . . not your friends and relations.
That is one of the key to invest profitably in real estate and earn more money from real estate than all your ignorant friends put together.
The next article will discuss another very important real estate investing tip.
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