For those of you familiar with Malcolm Gladwell’s research in the book Outliers, you may have heard that it takes 10,000 hours of practice/effort/research to demonstrate extreme proficiency in an activity. Michael Jordan’s mastery of basketball and Paul McCartney’s mastery of music after 10,000 hours of practice are usually the textbook examples associated with illustrating this point.
But the general premise extends to investing as well.
If I wanted to master the art of real estate investing, I would spend two hours on the website www.biggerpockets.com
It is a freewheeling forum where real estate investors discuss every single intricacy and minutia of being a landlord/property owner. As I type this, the current hot topic on Bigger Pockets is whether or not a landlord can deny a prospective applicant for having a bad attitude.
If I wanted to become a property owner, I would spend hours poring over those conversations … Read the rest of this article!