One of the biggest mistakes that new property investors make is thinking that they know it all.
Or thinking that they know just enough.
The reality is that there is so much to learn about property investment and you can never know it all.
When you are first starting out you will probably be on a budget. This is understandable. But I would always recommend that you invest in your education and commit to being a continuous learner.
Investing does not always mean spending money. With the Internet there is a vast amount of information available on property investment available for free. It requires an investment in your time.
Courses on Property Investment
There is a lot of premium training available for property investment. Some of these courses cost hundreds while others cost thousands. So how do you decide what training courses to invest in?
My advice here is to look for specific property investment training rather than general training. A lot of general training courses that I have seen advertised are more about “selling the dream” than providing you with any real tangible benefits.
Maybe you have seen this type of training product advertised. The sales page features the training provider next to their fancy house and car with money falling out of their pockets. Then they use the classic line of “this training is worth £5,000 but you can get it today for only £500”.
Really? A successful property investor is going to share their multi-million secrets with you for £500? Would you do that? No of course you wouldn’t. Stay away from this kind of hype. You can find a lot of general property investment training courses online for free that will offer you more. Start with these first.
The advantage of seeking out specific training is that you are very likely to find a trainer that actually knows what they are talking about. They have been involved in the area of property investment that you are interested in and have all the battle scars to prove it.
What kind of specifics are we talking about here? Well there are courses that focus on specific investment strategies such as HMO’s and the student rental market. Others are around taxation and financing property deals.
If you are able to find valuable training like this then you could reduce your learning curve considerably. Find out who the tutor is and check their credentials. Read through the course objectives and make sure that they match up with what you are trying to achieve.
Here are some other tips for finding good specific property investment training courses:
- Has the tutor actually been there and done it? Unfortunately there are people offering training that are “theorists” so you want to avoid these courses.
- Is the tutor still investing in property? You do not want out of date information. Things change all of the time in property investment.
- Is the course in the format that you want? Some people will prefer an online training course to attending a classroom environment.
- What do others think? Don’t just trust testimonials on sales pages. Have a look around online forums and social media and find out what people really think about the tutor.
- Are past students succeeding? If a tutor claims that all of their previous students have been successful with their methods then avoid this training. There will always be a number of students that don’t take action no matter how good the training is.
- Call the tutor and previous students. If you are going to spend hundreds on a training course then contact the tutor and ask to speak with them to see if you are compatible with them. Find some of the previous students and talk to them about the course as well.
Property Investment Books
Is it worth investing in books about property investment? I believe that it is. Most books will not cost that much and tend not to be full of hype. If you are unlucky enough to get a bad book then it is not too much of a loss.
I have personally learned a lot from property investment books. I like reading but I appreciate that not everyone is the same. Sometimes you can find a good book is available in audio format so you can listen rather than read. Property investment often involves a lot of traveling so why not educate yourself when you are on the move?
You can find some really good books available for less than £20. There are beginner’s guides and specific books available as well. You can get books in hardback or paperback or in digital format. Use books to keep your knowledge topped up.
Property Investment Seminars
Seminars about property investment often get a bad rap. In a lot of cases this is justified as they are just a marketing exercise for the company or individual behind them. There are some good seminars available as well and some of these are even free to attend.
One thing that I would definitely not recommend is to totally rely on seminars for your property investment education. If you do this it will take you a very long time to learn everything that you need to know about the industry.
I have attended a lot of property investment seminars, mostly paid for, and one thing that I will say about them is that they are usually motivating. You need to be relentless in property investment and maintain a high level of motivation every day. I have already written a post about this here.
Most seminars provide you with the opportunity to network with other property investors. This can really work in your favour. There is no substitute for learning from others that have already done it.
Before you attend any seminar check the schedule and who the speakers are. It doesn’t matter if they are free – your time is very valuable. If the seminar is on a specific subject such as buy to let then this is probably going to be a lot more valuable than a general seminar.
Blog Posts and other Online Information
This is a no brainer. Finding good property investment blogs is something that I highly recommend. You are on one right now! Free information can be as valuable as information that costs money. People like to give their opinions and will often share their property investment secrets with you for nothing. This is what I am doing with this blog.
Can you trust the Internet? Well not always. If you read a blog post that doesn’t seem to ring true then send the owner a message or leave a comment. Interactivity is always good. What you need to bear in mind is that there are many different ways to be successful in property investment and tons of opinions out there.
Consider getting a Mentor
One of the best things that I ever did for my property investment business was to find a good mentor. Learning from someone who has the experience that you don’t have is priceless. A good mentor will provide you with a number of other benefits too:
- They have contacts – a good mentor will have a lot of contacts in the industry. They could put you in touch with a mortgage broker that will save you thousands for example.
- They have failed as well as been successful – even the best property investors have made mistakes and experienced failure. A good mentor will have had a number of different experiences that they can share with you to help you avoid costly mistakes.
- A mentor will encourage and support you – property investment is tough. There may be times when you are close to giving up. A good mentor will help you to prevent this and will always be there to support you.
- A mentor will discuss your ideas – a good mentor will be willing to discuss any ideas that you have and give you valuable feedback on all aspects of your projects to ensure that you achieve the best results.
I am not going to lie to you – hiring a good property investment mentor can be expensive. But the value that you will receive in return could be worth a fortune to you. Some mentors might be willing to discuss a deal with you linked to the profitability of your projects. Not all will go for this but it is worth a try if you are on a budget.