recommendations to learn about financing/loans??

Question

As I learn more and more about real estate I find myself getting confused when it comes to the financial aspects of it. I understand the overarching theme and basics of it but end up getting somewhat lost when certain terms and lingo are used. Went to my first meetup today and found myself feeling relatively lost haha. Any advice on books, videos, webinars, etc.?

Kevin Woodard · Answer

Hey Justin, if you have any questions feel free to reach out!

Nathan Gesner · Answer

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.

6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.

Sarita Scherpereel · Answer

Hi @Justin Mabry Good for you for attending a meet up! Keep showing up local meanings, terms/slang and market knowledge can be local to your community. But for general concepts BiggerPockets has a lot of great resources-
Glossary- https://www.biggerpockets.com/...

Webinars- https://www.biggerpockets.com/...

Also, following them on social media is great too. Short content that is to the point...so helpful. Best of luck!

Account Closed · Answer

I'd literally google a local lender and ask to come in and shoot questions at them or just call one. They're happy to answer questions and will see you as a potential client.

Ty Ash · Answer

Hi @Justin Mabry!

Sounds like you need to surround yourself with a good team/mentors so that you can ask more questions!

People at meetups and investor friendly agents and loan brokers can help you through this. Also, it might help to pick a niche/strategy so that those mentors and team member can help you focus on the need to know things as opposed to everything.

Good luck and here for any questions along the way!

Eliott Elias · Answer

Get with a investor savy mortgage broker. Happy to connect you with mine

recommendations to learn about financing/loans??

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