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Investment is complicated, and failure is especially devastating if the stakes are high. Such is the case for real estate. Whether you are investing your hard-earned money in a property to live in or trying to take on a career in the industry, it’s best to know the ins and outs to avoid a painful downfall.
You can look for blogs and articles but, if you have the time, buy a good book in real estate. Web-based content may contradict one another whereas good books carry a consistent world view. Here are some resources to better navigate the real estate industry.
Master the terrain. You first must examine the laws governing Philippine real estate. Two resources have been useful for Filipino real estate investors and professionals: “Real Estate Law in the Philippines,” by Atty. Denny Milligan and “The Real Estate Service Act of the Philippines,” by Atty. Ariel Martinez. The first one explains provisions in over 40 Philippine real estate texts and related laws. The second zeroes in on Republic Act No. 9646, covering real estate brokers, appraisers, consultants, salespeople and assessors.
A dummy’s guide. Get an easy overview with “Real Estate Investing for Dummies,” by Eric Tyson and Robert S. Griswold. As you would expect from the “For Dummies” series, this makes concepts like identifying property to buy and property management more comprehensible to beginners. You are in good hands with this book. Tyson is a best-selling finance author, with various award-winning books in his portfolio. Griswold is an expert in industry standards, real estate laws and property management, among others.
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The right mindset. “Think Rich, Pinoy! An expose on why most Pinoys are poor while others are rich,” is written by Larry Gamboa, dubbed as the “Robert Kiyosaki of the Philippines.” In this book, he teaches readers how they may apply Kiyosaki’s Rich Dad, Poor Dad principles to the local setting. Kiyosaki believes one can achieve financial independence through generating passive income, and Gamboa’s book suggests how you can do that through opportunities like investing in real estate.
Learn from mistakes. Experience is the best teacher, and the learning can admittedly be more effective when the experience is a painful mistake. Thankfully, with Dirk Zeller’s “Your First Year in Real Estate,” the blunder does not have to be your own. In a concise but thorough book, the author discusses the common errors of novices in the industry and provides measures to ensure the reader does not commit them. The book guides people through selecting companies to partner with, seeking mentors and building relationships with clients, even using the internet to differentiate themselves from competitors.
Five minutes a day. If you want your reading material short and sweet, try “Real Estate Success in 5 Minutes a Day: Secrets of a Top Agent Revealed,” by Karen Briscoe. This book organizes the lessons in parts that you can easily squeeze into your daily routine, perhaps your morning coffee. Because of how the lessons are laid out, you can develop a new reading habit down the line, however young or old you may be. The book features tips that you can implement in your life and business right after reading them.
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