There is no quicker way to become an experienced real estate investor than to jump right in and buy real estate. Unfortunately, the kind of experience many get using this method is not the experience they need. Frequently beginners buy properties based mostly on looks. Invariably they pay too much. Paying too much coupled with having little or no experience can turn the American dream into a nightmare. However, there is absolutely no faster or better method to learn the practical side than doing it yourself. It’s called on the job training. This learning experience is best accomplished with properties that require some personal attention.
Rundown houses that need work are ideal candidates because they’re inexpensive and because perfection is not important. Most any work you do is likely to improve the property even if it lacks professional quality, and we all get better with experience. But we can only get experience by doing. When you buy right, fixers are cheap. You should expect to pay 20-50 percent below regular market prices. The largest discounts will be earned when you buy the ugliest properties.
By the time you’ve completed a fix-up project or two, you’ll have enough experience to deal with almost any real estate transaction. And, your confidence level will increase at least 100 fold.