In King Solomon’s day, social networking was done in person – but the wise King’s words on learning from the wisdom of others and the prudence of making friends and allies is even more relevant in today’s fast paced world. Used wisely, social media can be an investors’ best friend, offering ways to connect, find support and stay informed to make the most of your investing career, just as Jason Hartman recommends.
A few years ago, social media sites were places to connect with friends and post pictures of the family vacation. But the notion of social media has outgrown those beginnings to become a valuable too for businesses, entrepreneurs and yes, investors. As social media has become more businesslike and less, well, social, investors can find more ways to stay educated, safe and on top of the investing game. Here’s why.
The obvious use of social media is to connect with others, and social media sites ranging from good old Facebook and Twitter to more niche-specific ones such as BiggerPockets allow investors to find and connect with lenders, sellers, financial planners and even renters quickly and easily. Deals can be closed with a series of rapid-fire tweets, a friend with a line on the ideal property can be found, and the progress of mortgage applications can be checked from virtually anywhere.
Whatever your need, there’s a site for that. In addition to the obvious sites that so many of us use every day, it’s possible to find like minded people and properties through lesser known options such as the professional networking site LinkedIn, or even Meetup, the nexus for creating groups ad activities.
Social networking can create a place where people involved in a shared pursuit can support and look out for each other. When a massive Ponzi scheme made the rounds in real estate not too long ago, the message boards and forums of sites like BiggerPockets lit up, as members came forth to expose the scheme by telling their own stories and warning others about the scam.
Social sites let people share experiences good and bad, warn against unscrupulous dealings by various professional people, and even compare notes about renters. Getting involved in a social media site or two that are related to your interests as an investor can put an army of allies and informed friends at your back.
Social media lets people pool resources and share their best ideas with others. With access to virtually endless sources for tutorials, podcasts and referrals to qualified financial advisors, social media can help investors become better informed and more in control of their investing decisions.
There’s a social media site for everyone – and investors are no exception. Explore, get involved and make your own contributions – and you’re well on the way to following Jason Hartman’s commandments for a successful investing career. (Top image:Flickr/webtreats)
Zimmerman, Cali. “Social Networking for Real Estate Investors.” NuWire Investors. Nuwire.com 3 June 2014
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The Solomon Success Team