Monday, July 23, 2007

The best real estate investing book? Experience.

Did you stumble upon this site because you are a budding investor looking for education and advice about investing? If so, I've been meaning for a few days to link this great post from about this very subject.

There are good books out there, but the books, while well-written and well-intentioned, are not only not a substitute for experience but could end up costing you in the end. I love this quote from the post: "The moral of the story? Most folks investing based upon short term observation, or a “really good book they read” are, many times, creating the environment for their own personal train wreck."

This also reminds me of the old joke: A tourist stops a New Yorker on the street: "How do you get to Carnegie Hall?" The answer?

"Practice, practice, practice!"

Believe me, I've read more than a few excellent books on real estate investing and real estate law, But I am a better lawyer and dirt guy than I was ten years ago because of practice, practice and more practice. There is just no substitute for experience. Period. If there was a quick and easy solution to how to do this, we'd all be doing it. You live, you learn, you move on to the next deal and you (hopefully) get better each time.