I am new to this world and love the concepts, and I am very eager to get started in REI. However, while I am a commercial broker by trade, I am unexperienced as an investor. Would it be wise/necessary for me to buy a certain course or membership in a group to get me feet off of the ground? My goals are to wholesale and BRRRR.
Real Estate Consultant · Marietta, GA · Member since 2016 · 118 posts · 20 votes
3y
@Brady Becker Welcome, and wishing you much success. I would say in regards to "needing a course" for wholesaling, I think it's a "nice to have"but not a "need to have." With YouTube provides enormous free information, that's always a great resource when starting with wholesaling. Also, I think having a Group or a Community to belong to is a "Must Have." Networking and sharing ideas among "like-minded" investors helps me realize that I'm not the only one going through tough times. :) That's just my thoughts about wholesaling.
Regarding BRRR, I'll stay in my lane on that one. (Lol) I believe a program or course would be beneficial to help decrease the learning curve that would come with that strategy. So a program that @Caleb Smith is offering would be something I'd look into if I decided to go that route. I hope that makes sense. Good Luck
I host a monthly meetup that is free in Houston and doesn't pitch anything. There are folks that come that are active investors and wholesalers that you can come meet and network with (I myself am also a BRRRR investor). I would take advantage of some free resources before you decide to pay for a course or group. If you do decide to pay for something, just make sure you get some legitimate recommendations.
I am new to this world and love the concepts, and I am very eager to get started in REI. However, while I am a commercial broker by trade, I am unexperienced as an investor. Would it be wise/necessary for me to buy a certain course or membership in a group to get me feet off of the ground? My goals are to wholesale and BRRRR.
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. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, facebook, or a Google search. Birds of a feather flock together!
5. 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.
6. 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.
7. 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.
Rental Property Investor · Mebane, NC · Member since 2015 · 493 posts · 439 votes
3y
No, you don't need to buy any course to get started especially given all the free information on websites like this, the library, and YouTube. Joining a local meetup group for free may provide what you're looking for.
Once you've narrowed down your niche and have some experience you may want to purchase a course to hone specific skills, but I'd consume as much free information as I could first.
Columbus, OH · Member since 2023 · 427 posts · 254 votes
3y
Anything a mastermind course upwards of $10,000 will tell you, you can probably find on youtube, or hear from a local wholesaler with experience. I would recommend doing a lot of research here on BP (forums and podcast), read books, speak to experienced investors/wholesalers in your market and then put that info to use. If you're still struggling after that you could look into some form of membership.
Investor · Tampa, FL · Member since 2019 · 1k+ posts · 1k+ votes
3y
There is a lot of good free content online, so no, I don't think you need a course to get started. The BiggerPockets community is strong, so connect with investors in your area. Later on, I do recommend expanding your knowledge through the right courses or mentorships when you have a better understanding of where you are heading with your investment goals
Real Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
3y
it is not necessary but it can definitely help you to kickstart your real estate investing journey. These resources can provide education, networking opportunities, and mentorship but be inclined towards self-study. Remember, hands-on experience and constant learning are key to success. Good luck!
These are all great responses and I appreciate you all taking the time. What I am seeing here is that the general consensus is no. There are too many educational resources offered for free as well as people willing to help to justify going out and paying for a course/mastermind. @Nathan Gesner, I think what you said in point 7 of your response is resonating with me the most. I have been learning and networking nonstop, but I am shuffling my feet when it comes to going for it. I am ready to get the ball rolling. Thank you everyone.
I am new to this world and love the concepts, and I am very eager to get started in REI. However, while I am a commercial broker by trade, I am unexperienced as an investor. Would it be wise/necessary for me to buy a certain course or membership in a group to get me feet off of the ground? My goals are to wholesale and BRRRR.
Hi Brady, read and learn the basics as much as you can. Understand the numbers as much as you can because that is really key to determining if it's a deal or not. Then I would just start taking small steps, like looking at properties and practice running the numbers (the BP calculator is great), and figure out things as they come up. When you're ready to start looking at deals reach out to an experienced investor or realtor who can also assist with giving you an idea of how the process works, rehab costs, financing, etc. And of course you can always ask here in the BP community!
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