As flexible schedules and independent work become more appealing (and accepted), more and more people — including a surge of millennials — are joining the real estate business. But while there can be many perks, there are also a lot of industry misconceptions.
Below, we asked 10 members of the Forbes Real Estate Council to weigh in on one myth about the real estate industry that newbies in the profession often think is true, and what the actual truth is.
. Property gurus know best.
The biggest myth or scam in real estate is the supposed property “gurus” that newbies see on TV and entrust them by buying their fake how-to courses and DVDs, and spend thousands of dollars attending their seminars. The big question here is: Why would someone sell you a course on “how to do it” when they can just go and do it themselves and make more money doing it than teaching it? – Engelo Rumora, List’n Sell Realty
2. You need a lot of money to start.
The biggest myth about real estate investing is that you need a lot of money to make money. With the proper education as a real estate investor, there are numerous ways to get started with very little money. We routinely lock up houses for as much as $1,000 and as little as $10. As long as you know what to do after you have the home locked up, then it’s easy to start making money! – Bob McIntosh, Arcane Properties