When stepping into the “investing arena”, the more knowledge you bring to your field the better. Arena might seem a little dramatic, but that’s what the quick paced marketplace works. On one hand you must balance the facts of a property. Whether it is priced right, whether you can make your desired profit margins, if it needs to be completely renovated or simply fixed up and how much it may cost, and countless other facts and questions. On other hand, you must play the game of purchasing the property at a proper price and time to beat out other investors! This is why education is such a vital key to the investment game.
Understanding key principles is very important before you begin to throw money into this “arena”. Decide what you want to focus on, and begin to take classes and workshops on this particular field. Focusing on single family homes? Grow an understanding of how transactions work and what to expect when looking for a property, as well as what will make your deal look better than the other guys (i.e. cash deals, quick closing times). Looking at commercial real estate? Understanding how financing works and how much longer it can take than residential is key, any amount of education and information will become invaluable when dealing with professionals in this environment.
Classes on virtually anything will help you become better accustomed to the real estate market, and will put you ahead of the competition!