One of the most time-tested ways to make money is to invest in real estate. There are a ton of opportunities to have success in the industry, as long as a person does the proper amount of research.
Jacques Poujade, a managing partner at Lend Plus, has been working in the real estate world for decades. His passion started at an early age, but he is always learning new things to help him stay ahead of the competition.
A common question that Poujade and others receive is, when is the perfect time to invest in real estate? Do you have to be a certain age to get started? The truth is, people start at different times of their life. There isn't a set answer. Here are a few factors to consider before jumping in.
Working capital
It's always going to be easier to invest in real estate when there is working capital to use freely. That's why people who are really young don't gravitate towards real estate investing right away. The good news is that there are more ways than ever to actually get working capital in 2019.
From traditional bank loans to hard money lenders, the upfront cost is much less than in the past. Keep that in mind from the beginning.
Knowledge
There is a learning curve for any type of investing, and real estate is no different. While money can be made in the industry, it can be wasted away in a hurry as well.
Take the time to learn the industry before the first investment. Some people will learn about investing entirely on their own, while others will look into more formal education. Don't be afraid to invest in knowledge and education before investing in real estate.
Experience
Some people will wait to gain a little bit of experience before going all in with investing in real estate. This is somewhat related to knowledge, but it includes learning from others in the industry. Maybe working a real estate related job can open up some opportunities out there.
Never underestimate experience. It can go a long way towards making smart decisions. Real estate might seem relatively easy to figure out on its surface, but it is particularly tricky in lucrative locations.
Don't Start Until it Feels Right
Ultimately, no one should be investing their own money into real estate until they feel comfortable. Know going in that there is an opportunity to lose it all. If smart decisions are made, that is not going to be the case, but it is still a possibility.
Some figure out real estate sooner than others. There is no such thing as starting too early or too late. There have been successful real estate investors who didn't know a thing about it until they were retired from their previous career. On the other hand, kids still in high school have invested in real estate. Age is always said to be "just a number," and that's true with real estate investing.