In this week’s issue of my Real Estate Investment Chronicles (REIC) newsletter, I discuss a subject that too many people fail to pay much attention earlier on in their lives as they pursue formal schooling. They then discover later in life, that they made a huge mistake by failing to devote quality time and attention to it, in their many years of study.

Not All Education Comes Via Schooling

The above statement may be difficult to understand for some people, but it’s the truth.

Going to school is a means of getting formal academic education. However there is another kind of education that is not easily obtained through schooling – which is that which one gets by going through the experience of living life itself, especially after completing schooling.

Certain things simply cannot be fully understood by studying books. You just have to go out into the real world and experience it and the lessons it teaches can be quite tough and humbling.

This is the reason why the real world, or life is called the University Of Hard Knocks.

Thankfully, we have proof, from the achievements recorded by many successful people before us, which confirm that if one diligently learns from the lessons dished out to us by life, success will be easier to achieve.

Anybody Can Learn Real Estate Investing

Everybody wants to own his/her own land, house or other property. It only makes sense to do so, instead of spending one’s hard won earnings paying rent to others. The best part is that we do not need to get formal academic qualifications by enrolling for years in school, to learn what is needed to achieve that valued goal for ourselves.

As companies like Larry Real Estate Organization (LREO) demonstrate through the training we provide, it does not matter what your academic qualifications are. You can successfully learn what it takes to succeed in investing to own your own home, or even to run a successful business as a reseller or real estate investment solutions!

Below I explain the 2 key reasons why I believe everyone needs to learn real estate investing.

Reason No. 1: You Get to Own Rent-Free Shelter for You & Your Loved Ones

In a past article, I referred to the Maslow’s Hierarchy of Needs, in which SHELTER is identified as one of the basic priorities/needs of every human being. When you lack a roof over your head, it can make life itself very difficult to live.

Not surprisingly, we all naturally show keen interest in ensuring we are able to put – and keep – a roof over our heads. Not just for ourselves, but also for our loved ones.

This is why the business of building/buying/renting/leasing or selling houses and/or lands has always been and will continue to remain a viable  one to invest in!

Like I hinted at the start of this article, except for those lucky to have parents or otherwise adults who alert them to the need early on in life, and coach them along those lines, most people start out in life not knowing there is wisdom in venturing early into real estate investing.

Apart from the fact that it is a time tested avenue to accumulating wealth, it is a vocation that enables the average individual to plan, with reasonable certainty, to be free from paying rental fees to landlords by owning his/her own property.

Reason No. 2: You Get to Make Money by Offering Shelter to Others

A second reason is that regardless of one’s vocation today, most of us find we often need additional income to meet our needs.

For decades, real estate investing has proven to be a viable means to earn extra, often passive, income – even on a part time basis. This is why we have many who are succeeding at it, while still employed full time in 9 to 5 jobs.

Having said the above, knowing enough to plan towards and ultimately owning (either by building or buying) your own property to live in will NOT mean you can venture into real estate investing as a business and succeed by selling to others!

That requires a different kind of education to complement what you already know.

For instance, you must learn how your target real estate market works, what the regulations/guidelines are, in addition to studying the different players involved e.g. in terms or practices they employ etc, so you can be well equipped to deal with them.

That’s not all.

You may – depending on your own formal training/background – have to establish links and possibly working relationships with professionals like Quantity Surveyors, Building Engineers, Surveyors, Architects, Real Estate Agents/Firms and others.

In a market like Nigeria, for instance, you will need to get yourself well educated and informed about how to deal with “Omo Onile” – otherwise you could get your fingers burnt.

This actually also applies to when you want to acquire property for yourself.

However I mention it here because when you’re dealing with clients buying property from you, as a real estate investor, for instance, the last thing you want is the headache of dealing with crooked, trouble making Omo Onile or land grabbers.

All of the above takes not just time, but also considerable effort – and discipline – to achieve!

It’s certainly not something that can be done overnight.

However, once you achieve the required level of competence, it will only be a matter of time before you begin to reap the rewards through success in the real estate investing.

Being a capital intensive endeavor, the individual learns through the study of real estate investment, that s/he needs to develop the habits of planning ahead and strategizing for the long term, with regard to the money that comes into his/her hands.

As a result, habits of wasteful spending that others may indulge in will become less appealing to him, because the vision of owning his/her own home imprinted in his/her memory will be more compelling!

The resulting focus s/he develops will provide motivation to set more and more challenging goals to achieve that dream. And once s/he does, chances are good that s/he will hatch a plan to repeat the process.

This is what has led many to become wealthy property owners and real estate investors, able to retire much earlier in life than their peers!