That’s right, I am asking the hard question right up front. Are you ready for the voyage we are about to undertake? Are you ready for the rocky road that some are predicting for the real estate market over the course of the next few years?

Before you go any further take a quick peek at my article on page 7. I wrote about the Greater Puget Sound Real Estate Market and the outlook for the next 6 to 9 months. I stole this article from my website because it is poignant for the discussion we are having here.

Over the last year or so, have you been in the field applying the knowledge that you have gained? Are you actively looking for properties, driving neighborhoods and doing your research? Is your companies’ infrastructure setup, website, information hotline, buying scripts ready? You have gotten educated on real estate investing haven’t you?

Take this little test to see how ready you are:

    * What is a 2/28? Or how about a 3/1 or a 5/1 ARM?
    * How do you get your Comps?
    * Describe “Subject To” Investing.
    * How can you use Lease Options as an exit strategy?
    * What is MAO? How about ARV?
    * Explain substitution of collateral?
    * Describe how to set up a land trust.
    * Who is your Mortgage Broker and what is her telephone number or email address?
    * Who is the best escrow company to used for a “Subject To” closing?
    * Explain the difference between a hard money lender and a private lender.
    * Is Washington State a judicial or non-judicial foreclosure state? How long does it take?
    * How do you get a preliminary title report and how do you read it?
    * How much does a kitchen cost to replace on a 1500sq ft house?
    * What is a Deed of Trust?
    * What is a lien waiver and when is it used?

Paul Galasso is President and founder of REI Success, LLC. Real Estate Investing Success is an investing education company dedicated to helping investors hit their strides faster allowing new investors to become independent more quickly and giving them more control over their future earning potential. For more information visit www.rei-success.com.

I recently received a phone call from someone, I will call Bill. He was referred to me by a real estate investor who knew a little bit about “Subject To” investing but wasn’t able to explain it thoroughly to Bill or what documentation was involved.

Bill called me up thinking that he would be able to pick enough information from me in a 15 minute phone call to construct a deal and make some money. The first question I asked him was about his real estate investing education. I could tell that it was a question that he wasn’t expecting.

I asked this question to know what his back ground was. I wanted to know if he was someone who is just winging it or if he is taking this business seriously. I am talking about what effort someone spends while looking to expand their wallet.

I know that you can make money with hard work. But I am talking about working smart! Smart being the more you learn from other peoples experience rather than from your own trial and error the better it is. And amazingly enough, it is cheaper as well. Some people are good at learning from others via books, lessons, courses, or personally watching people make it big or analyzing the trail of mistakes they made.

This has benefited me into my adulthood. I am able to pick up things quickly and do exactly like I was taught so I can get the same results. So now, when I pick up a home study course or go to a bootcamp I can maximize my return on the education by implementing much of what the experts teach. Education is the key to success. Learn how to do your business very well and implement it fast. Rather than going through a dark tunnel blindly follow the tracks on the ground and reach your target.

Spend money on your education and be choosy where you spend your money. I have spent around $50,000 on education in all aspects of real estate investing, running my business, working with people, obtaining financing and learning how to improve my marketing. This is more money than I spent on my college degree. But I will tell you that my return on the money spent on this education has far outweighed the money I spent in college.

With my Real Estate education I have been able to put more money in my pocket as a real estate investor in the last 30 months, than I did working at my high tech job the previous 7 years. I enjoy my life so much more and I know that my potential is unlimited.

Take the time and spend the money you need to education yourself. If I had it to do all over again I could spend less than half of the $50,000 because I now know what works in my market. Even education takes a little trial and error. This is one of the main reasons that we formed REI Success. (We bring the right education to our fellow real estate investors so they will be able to benefit from us going before them and they can learn from our mistakes.)

Paul Galasso is President and founder of REI Success, LLC. Real Estate Investing Success is an investing education company dedicated to helping investors hit their strides faster allowing new investors to become independent more quickly and giving them more control over their future earning potential. For more information visit www.rei-success.com.