Sure, some real estate investors have lost money in the past, and probably will in the future. Everyone makes mistakes. But the money they have made on real estate deals far outshines the little bit they have lost in the course of learning the business. That is a far cry from stumbling down the path of financial ruin because you assume it’s a crap shoot.

I suggest that you learn as much as you can before you buy your first Minnesota Investment Properties. That means learning to read financial statements, learning the basics of real estate law, learning the markets and learning how to pick out properties. (Actually, Ken McElroy outlines a wonderful method for picking out properties in “The ABCs of Real Estate Investing.”)

Visit houses in the Twin Cities as though you were intending to buy. Go online and read about areas. See what other people have to say about the real estate in a particular area. Get to know people. Before long, you will know enough to begin thinking about actually making a move. You don’t have to have a wad of cash in hand before you start playing the game. Just get out there and enjoy yourself. The rest will come.