How do you make money in real estate as a passive investor?
I think everyone would agree that you should only invest in things you understand, right? Well, the best way to understand passive real estate investing is to attend as many real estate investing events as you can. There is no substitute for being around like-minded people who are also interested in the same topic you are. You will learn from the event speakers, other attendees, and you will likely make contacts and form relationships that will prove to be invaluable to you for your entire investing career.
Types of Passive Real Estate Investing Events
There are lots of different types of events you can attend. Some serve different purposes than others. Here are a few:
- Online live webinars – These are a must. They are easy to find and easy to fit into your schedule. They are usually held by various online real estate clubs or people promoting their paid events. Best of all, many of these are free!
- In person events – These are usually 1 – 3 days in length and cost some nominal amount of money. Most provide an introduction to all aspects of multifamily real estate investing. These are great events to get an overview of the process. There usually isn’t enough time to dive too deep into any one topic. You will meet lots of people who will help you on your journey.
- Masterminds – These events are usually where the real gold is. These are usually longer term or are simply more intense training events. You can expect to spend significantly more for these events.
- Detailed online courses – these are my favorite, depending on whose course it is. These courses are usually pre-recorded and allow for unlimited access to the lessons and those lessons dive deep into each topic. I love these the best for really learning the material. Obviously, they generally lack a networking component.
- One on one coaching – The granddaddy of all event type training scenarios. Also, the most expensive. Find the right coach and you will be well on your way. This is usually way more than you need to be a passive real estate investor.
Recommended Approach to Understanding Passive Real Estate Investing
The best approach for you is going to depend on a few critical factors.
- How much money you have to invest?
- How much you like to interact with people?
- How disciplined are you?
If I could lay out the perfect plan to become a passive real estate investor, I would recommend a combination of the above.
I would start with a short in-person event. This will likely be both inspirational and informative. Use this event to get a high-level understanding of how people make money in real estate and then you will know if it is right for you. This event might provide enough information for you to be comfortable making an investment.
Then, depending on how careful and detailed you are, you should expand that knowledge with webinars or online courses. Make sure they help you understand how to vet real estate sponsors, so you find the right match for your investment goals. Remember, your goal isn’t to become a landlord (don’t get caught up in that), but to become an informed, knowledgeable investor.
Finally, once you feel like you have a good feel for how this works, then make sure to attend more live events, meet ups, etc.. This will get you in the room with sponsors and other like-minded people. Before you know it, you will be well on your way to becoming a veteran real estate investor!
I hope this helps and I hope to see you at a live event soon!