I have many books that attempt to instruct the hopeful real estate investor that there is nothing magical about buying investment property, and that you and I can understand how to accomplish it.
The Rich Dad-Poor Dad book series (written by Robert Kiyosaki) is an example of a lot of these kinds of books. Although he started the series, by introducing the idea in “Rich Dad, Poor Dad,” that riches are influenced by a person's philosophy on money, he is not the only author working on his books. He presents the reader to the concept of advisers, or specialists, that distribute their expertise with regard to real estate with the investor. One of his advisers is Ken McElroy. Robert Kiyosaki values Ken McElroy's expertise to the extent, that he invited Ken to work write his book series.
McElroy points out (in “The ABC’s of Real Estate Investing”) the absolute necessity of employing specialists to help you with your investment properties. There are quite a few reasons to employ experts to support you, but the two most important ones are time and knowledge. Those two reasons feed into each.
For instance, though the real estate investor needs to have a basic knowledge of construction, law, financing, accounting, the market, etc., there is no way she will be able to achieve expert status in every one of those fields. He absolutely must become an expert in the markets that interest him. This alone will use up most of his time.
So, if he attempts to make a purchase using that basic knowledge of contracting, for instance, he will probably make wiser decisions than the typical home buyer who is trying a similar thing. However, there is a big probability that she will miss seeing something that an expert building engineer will see right off. bringing your expert along on his\her initial inspection is as important as an amateur adventurer bringing a guide with him\her on a walk through the jungle.
Even if you were able to establish expertise in each those areas, you still probably shouldn't waste all your time dealing with them yourself. If there are accounting issues to deal with and legal issues to deal with, there just is not enough hours each day to deal with it all. You ought to be out networking and staying up with the markets. It is much more cost-effective for you to just pay an expert to do it, while you go out and do what you do best. (Or at least what you are endeavoring to learn).
And all this is before you purchase the investment property.
Once the investor buys the investment property, you open a whole new can of worms. There are as many things to think about after purchase as before. That's why the savvy investor has a team ready with professional advice at every step of the way. It is at this step in which an MN investment property consultant's knowledge becomes invaluable.
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