How Learning about Real Estate Investing is like Learning How to Cook.
Imagine if you would, you learning how to cook for the first time. Maybe that's a bad example.
Your kid. They're what 2? 4? 6 years old? They've never been in the kitchen a day in their life. Ever. Do you trust them to cook you a lavish fine dining 5 course meal? Before or after the fire department put out the fire in your kitchen. Yeah kid, 'A' for effort. But...
Getting into your first real estate investments really require some gradual exposures. Have you ever been in a kitchen before? Can you identify the Stove? Microwave? oven? Do you know your knife safety? And how to take care of raw meat so you don't poison people?
Let's look at my kids as an example. I can still remember their first time cooking in the kitchen: They were maybe 14 MONTHS old. Yup. Her favorite meal was... PANCAKES. I gave her small, little things to do to help. We'd have her up on the counter, and she would slowly put in the flour and sugar into the mix. Yeah, so 4 of her cups was an actual cup... and probably 1-2 of her cups covered her head to toe! I think I still have that picture somewhere of her wearing nothing more than a diaper, and covered head to toe in flour! Once the baking powder was carefully measured by myself, I let her mix the dry goods.
Since those days, my kids have been in the kitchen WITH me. Yeah, when they were 3 and even 6 years old, I had a careful eye on them as they went about cooking. Yeah, serious cooking. They learned their careful knife skills, cutting easier items in the kitchen. They learned how to steam veggies, cook pasta, make tender sauteed chicken, grill meat & corn... and lets not forget all about the deserts.
As a Real Estate Investor, you need to be around other investors. Working some investments in not just a team environment, but having a skilled seaoned investor.
Now, my eldest daughter is 18 years old. How are her cooking skills? Well... she is definitely NOT a candidate for "Worst Cooks of America". Neither am I. But at the same time, she's not exactly a 5-Star Chef either. What on earth is holding her back?
Any ideas what's holding a Junior Real Estate Investor back? Yeah, they may have gotten in a few decent deals. Yeah, maybe one was a loss, another was a barely made a profit, and a third was a stellar... $20k on a fix and flip. What's missing?
Real Estate Investing School.