What Does it Take to be a Real Estate Mogul?

By: Ajay Albertson

Real estate moguls weren't born like that, even if they were born into a family of other moguls. It's sometimes easy to assume that some people just have a knack for investing in real estate, or that it is out of reach for the average person's abilities. In truth, it may be beyond the scope of the average-person's patience, but never their abilities.

That suggests quite affirmatively that anyone who puts their mind to it can become a real estate mogul. Which means there is no special "real estate investing gene", without which the average person is doomed to poverty or a below average life. It means that there is hope!

As is written in the books of Robert Kiyosaki, the way to learn about investing in real estate is to simply observe a process. There is a step-by-step approach that you go through when studying how to invest. The first step, covered in Kiyosaki's "Rich Dad, Poor Dad" books, is to teach yourself about the parts of real estate investing.

This essentially means that, it is very important to learn what Kiyosaki calls "the language of real estate investing". In order to be successful at investing, we must be able to find investments that will do well in the market. In order to find properties that will perform optimally, one must read the property's records. And in order for that to be beneficial, one should be able to understand those records. Those records are a financial report card of that property. Consequently, the aspiring real estate investor must be taught finance and accounting. It's not necessary that she become an authority either she will later hire an accountant for that sort of expertise but she must comprehend what her accountant is talking about to her when they sit down to chat. She should know what will be effected so that she may make wise choices. She should be able to read the relevant documents and figure out what they mean to her.

She must also do this with other areas of real estate investing too understand sufficient real estate law to do well and learn about the buildings themselves. That is a good starting place. Then when the would-be investor masters finance, law and the properties themselves, now she has a foundation to educate herself about the markets. Then she can learn how location can affect the value of a particular property, that even a faultless building in a bad part of town is condemned to fetch only low rent. She can find out how to begin choosing a location in which to purchase properties, how to perform the research, and to whom she should speak.

The first-time investor will return to what she has learned about finance, law and buildings while she checks out a potential property. At some point, she will have learned which aspects of the property to inspect and that is much more than the structure itself. Of course, she will go through it with her licensed inspector to discover what physical shape the property is in, but she will also want to find an appropriate management company, landscapers and anyone else connected with the investment. Prior to making a selection, she will know precisely how much it will cost to maintain the property. She will know what the concerns are and how much it can potentially earn her. She will know what it makes currently, what it could make now and what it could make in the future.

She also knows that the educated investor does not become attached to the thought of closing the deal. She knows that the bulk of deals are not meant to be closed. She knows or she will learn, if she is to become profitable that investing in real estate is largely about analysis. It is about searching and asking tons upon tons of questions.

doing this time and again is what builds a real estate mogul. The knowledgeable real estate investor won't perform halfway. She constantly is on top of the pulse of the marketplace and of her investments. If an investment she owns isn't performing well, she knows this and take steps to correct it.

In summation, the real estate investor becomes a real estate mogul simply by insuring she is always informed, and by learning all the time. And also, by performing.

Real Estate
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 

» More on Real Estate
 



Share this article :
Click to see more related articles