This might sound dumb but... What else can I be learning?

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This might sound dumb but... What else can I be learning?

Brandon Stiles
Northwest Arkansas · Member since 2023 · 58 posts · 20 votes

I've been wanting to get into REI for awhile now and I've spent the last 4 or 5 months going down the rabbit hole.... Researching and taking notes, reading through the forums, reading books, listening to podcasts, studying my market and I've hit a point where I don't really know what else I can be learning. I already have experience working on the construction side of things so I've been trying to learn everything I can on the business side of things and it was exhilarating the first 4 or 5 months but I've hit a point where I feel like I just need to buy that first house and start getting real world experience.

I'm not claiming I'm an expert and I know everything because that would be ridiculous. I just feel like I've run out of things to learn and dont know where to find more in depth information about flipping and SFRs specifically as thats the path I'm wanting to take. I know I'm not an expert because the thought of buying my first house is still scary and I dont know every single thing I would do but I feel like I've hit the point where I just need to do it to learn it.

Can anyone recommend books or podcasts or other resources that I can use to continue my education?

Do you think this is paralysis by analysis?

Thanks in advance.

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Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
2y

"Is there anything else to learn"?

ALWAYS.

What that is?

You'll know when you learn it.

Learning never ends.  When it does, you lose.

7Reply
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  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    2y

    @Brandon Stiles try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Always great to network with others and see what they are doing that is working in the local market.  Just a thought.

    4Reply
  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    2y

    I'd take the jump(if you are in the position to do so). You can learn all you want but actually doing it will teach you beyond what books/podcast will. Maybe dial into a certain niche to learn more about

    2Reply
  • Brandon Stiles
    OP
    Northwest Arkansas · Member since 2023 · 58 posts · 20 votes
    2y

    @Andrew Postell Thanks for the advice! I think that would be good for me.

    1Reply
  • Benjamin Seale
    Realtor · Phoenix, AZ · Member since 2024 · 10 posts · 6 votes
    2y

    Hey there,

    Kudos on investing time and effort in learning about real estate—it's evident you've done your homework. Now, it seems you're ready to move from theory to practice, and that's an exciting step!

    It doesn't sound like paralysis by analysis; instead, you've built a solid knowledge base and crave hands-on experience. Sometimes, the best way to learn is by doing. With your construction background, you already possess a valuable skill set for real estate investing success. Take the leap and buy your first house (if you are in the position to do so). It might feel daunting, but learning happens in the trenches.

    For more insights, books and podcasts are valuable, but nothing beats real-world experience. Seek local investors or mentors with hands-on experience in your target market for in-depth insights.

    Best of luck on your real estate journey!

    0Reply
  • Brandon Stiles
    OP
    Northwest Arkansas · Member since 2023 · 58 posts · 20 votes
    2y

    @Caleb Brown Thats kind of what I'm thinking. I've always been bad about over thinking things and waiting for the "magic moment" when everything is perfect which I know doesnt exist. I want to make sure I'm not rushing into things - but my mind keeps telling me I just need to make the jump lol.

    1Reply
  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    2y
    Quote from @Brandon Stiles:

    @Caleb Brown Thats kind of what I'm thinking. I've always been bad about over thinking things and waiting for the "magic moment" when everything is perfect which I know doesnt exist. I want to make sure I'm not rushing into things - but my mind keeps telling me I just need to make the jump lol.


     It's definitely a balance. Don't just buy anything but also there won't be a magic moment. Just have reserves and start. You'll learn as you go :)

    3Reply
  • Brandon Stiles
    OP
    Northwest Arkansas · Member since 2023 · 58 posts · 20 votes
    2y

    @Benjamin Seale Thanks! It's certainly a strange place to be in... I feel like I know enough, but I know there's still a lot I dont know lol. I've worked on exit strategies and feel pretty confident with the amount of equity in my primary for a worst case scenario but it's still scary. I'm actually working for an experienced local REI right now and he's out there killing it so I know it's possible in my market I just need to work up the courage to pull the trigger!

    0Reply
  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    2y

    "Is there anything else to learn"?

    ALWAYS.

    What that is?

    You'll know when you learn it.

    Learning never ends.  When it does, you lose.

    7Reply
  • Brandon Stiles
    OP
    Northwest Arkansas · Member since 2023 · 58 posts · 20 votes
    2y

    @Joe Villeneuve Well said. I guess that's part of what makes it so frustrating. I know I have so much to learn, I'm just having a hard time knowing what it is.

    0Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    2y

    How much do you know about building and remodeling houses?

    If your answer is not 'a lot' then you are starting off with the pack instead of being in front of the pack....

    There is a HUGE advantage in knowing that stuff. HUGE.

    2Reply
  • Brandon Stiles
    OP
    Northwest Arkansas · Member since 2023 · 58 posts · 20 votes
    2y

    @Bruce Woodruff I work for a local investor and I've personally done about 60% of the work on 4 different flips now so I feel pretty confident on the construction side of things. It's more of the behind the scenes/business side of investing I'm new to.

    0Reply
  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    2y
    Quote from @Brandon Stiles:

    @Joe Villeneuve Well said. I guess that's part of what makes it so frustrating. I know I have so much to learn, I'm just having a hard time knowing what it is.

    Stop worrying about not knowing what you need to learn.  If you knew what you needed to learn first, then you wouldn't need to learn it because you already knew it.  Just let it come to you as you move forward.  Every step you take will present you with an opportunity, which usually involves the need to learn something to take advantage of that opportunity.  That's when you know what you need to learn.
    My suggestion is always the same, because this is almost always lacking in the REI's knowledge base,...even though many think they have it covered.
    It starts with Geometry, and Algebra.  Then, it expands to the applications of them into REI, which are:  Market (not property) Analysis, How Money Works (Strategies,...the more the better), and What is, and how to Make your own specific REI Plan, based on your financial goals.
    2Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    @Brandon Stiles

    are you in a position to be able to do a house hack / live in flip?

    0Reply
  • Tim Ryan
    Investor / Mentor / Contractor · Arcadia, CA Buying Out of State · Member since 2015 · 654 posts · 622 votes
    2y

    Brandon, yes paralysis by analysis!  You can only "educate" so much. Now you need to do a deal. But DO NOT GO OUT AND DO IT ON YOUR OWN.  You need to find someone in your town, family, friend group, and partner with them on some type of real estate deal. This is my best advice for you.  Ok, there is one more education you can be learning (but I'm reluctant to give it to you because you'll use it as an excuse not to be ready ;). It's learning about financing. Banks, private, hard-money, etc. I didn't see you mention this. It very very important. Private money being the most important.

    1Reply
  • Mary D.
    Rental Property Investor · NH · Member since 2015 · 76 posts · 16 votes
    2y

    Hey @Brandon Stiles

    No question is a dumb question. So true! Your local REIAs is a great place to be. You get to meet people who are not so experienced to very experienced. And can ask a million questions. The more your around like minded the more you... you know the saying. Great your working with someone for sure.

    Consider partnering. Someone experienced and similar in personality. Stay patient, Im sure Ill hear rebuttal on this.... The market is going to change alot this year, like we havent seen since 2008. Me, Im going to say worse. Hold off and I think youll see many incredible deals coming.  

    Sounds like your doing a great job. I was anxious to get started but have learned to trust my instincts. Maybe theres a reason your not pulling the trigger. Just a thought.

    For me theres all of economics, that directly coincides to real estate. Not talking Main St Media or the FED or your typical economist.
    Keep navigating, the podcasts are great! over the years Ive listen to my favorite podcast over and over. Until Ive learned everything on it. Its like taking a course.

    Hope that helps!

    1Reply
  • Brandon Stiles
    OP
    Northwest Arkansas · Member since 2023 · 58 posts · 20 votes
    2y

    @Nicholas L. I have over 200k in equity in my primary and based on the current developments and projects going on around my house I expect the value to go up another 15-20% over the next few years. My plan right now is to use a heloc for dp and rehab, sell the house, replenish heloc, rinse and repeat. 

    I figured this would work well cuz I'm only going to use a maximum of $100k in equity per project which leaves me over $100k in equity as a reserve for a worst case scenario situation.

    0Reply
  • Brandon Stiles
    OP
    Northwest Arkansas · Member since 2023 · 58 posts · 20 votes
    2y

    @Tim Ryan Thanks Ryan. I actually work for a local REI and he's sort of mentoring me but not officially, I'll also be using him as my realtor so he'll have a vested interest in any project I take on. I haven't exactly asked him to "help me along the way" but I think thats the direction it's going. I should probably have a formal sit down conversation with him before I assume though.

    I have been learning about the financing side also. I feel I have a pretty good understanding of the different types of loans and I'm planning on taking a heloc on my primary to start out until I build some capital then I might explore other options.

    0Reply
  • Brandon Stiles
    OP
    Northwest Arkansas · Member since 2023 · 58 posts · 20 votes
    2y

    @Mary D. Thanks Mary. I work for a local REI who is doing very well and he's sort of mentoring me so I feel incredibly blessed to have that relationship. I'm also going to my first "bp" real estate meet up tomorrow which I'm pretty nervous about but I know it's important to spend time with like minded people and build relationships!

    As far as the market goes, can I ask why you think it will be bad this year?

    Also which podcast is your favorite? I'd like to check it out.

    0Reply
  • Mary D.
    Rental Property Investor · NH · Member since 2015 · 76 posts · 16 votes
    2y

    Hey Brandon,

    Thats excellent! youll probably talk to someone in your shoes... Sure, feel free to PM me. Be happy to explain. Lots of stuff going on in this twisted economy.

    Podcast - #496, #497. scaling to multifamliy. these are 2 of my favorite. Also have the books/audio. Of course theres tons

    1Reply
  • Salvatore Lentini
    Rental Property Investor · Doylestown, PA · Member since 2008 · 1k+ posts · 1k+ votes
    2y

    @Brandon Stiles - ahhhhh.... Analysis Paralysis.  I suffered from that affliction for 9 years!  Get started :)  That's one of the biggest lessons I teach.  You'll learn more on your 1st deal than all of the past 5 months combined.  By the time you do deal #2 you'll feel like a pro and you'll wonder why you didn't start sooner.  Just make sure you set yourself up for success prior to putting your offer in.  #1 on that checklist is having an Escape Plan for your money!

    3Reply
  • Sandra Morrison
    Investor · Cincinnati/Fort Thomas, KY · Member since 2015 · 206 posts · 183 votes
    2y

    @Brandon Stiles

    Flipping is one of the more difficult strategies in terms of time involved, skills needed, etc.

    Look for meetups or join the local chapter of the Real Estate Investors Association or join the very active Columbus (Coree) or Cincinnati (Reiagc) ones that are completely online to find mentors, partners and recommendations for vendors, suppliers, etc.

    Definitely taking action is important not just analysis but having a great network to support and bounce ideas off will be invaluable as you face hurdles. Good Luck-investing is addictive!

    2Reply
  • Jordan Tinning
    Rental Property Investor · Mukilteo, WA · Member since 2017 · 52 posts · 53 votes
    2y

    @Brandon Stiles I’ve been there! Read all the books and listened to most the good RE podcasts. But I will tell you that none of that will take the place of actually investing your own capital, energy, and problems solving skills by just diving in. It’s helpful to have a foundation, but I’d get started as soon as feasibly can.

    My biggest piece of advice would be to underwrite very conservatively. Don’t bite off more than you can chew. Outside of that take action and have fun :)

    0Reply
  • Jeremy Horton
    Rental Property Investor · Somewhere over the Rainbow · Member since 2021 · 1k+ posts · 1k+ votes
    2y

    Sounds like you've done the research and gotten prepared 

    I'm assuming you have a good calculator and know how to analyze properties as well 

    After that it's just experience - Experience is the best teacher 

    0Reply
  • Jonathan R McLaughlin
    Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes
    2y

    You sound like you are in better shape than most, congrats. Now: 

    actually talk to a couple of lenders, ideally local banks. You will be much more confident and conversant with the needed terms after doing so.

    Get funds in place, including the HELOC. Time involved is not trivial and you don't want to find a good purchase and be unable to execute

    Find a good broker or two you can bring in if you feel you need to

    These are actual steps, not research....

    0Reply
  • Sam McCormackBusiness Member
    Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 833 votes
    2y
    Quote from @Brandon Stiles:

    I've been wanting to get into REI for awhile now and I've spent the last 4 or 5 months going down the rabbit hole.... Researching and taking notes, reading through the forums, reading books, listening to podcasts, studying my market and I've hit a point where I don't really know what else I can be learning. I already have experience working on the construction side of things so I've been trying to learn everything I can on the business side of things and it was exhilarating the first 4 or 5 months but I've hit a point where I feel like I just need to buy that first house and start getting real world experience.

    I'm not claiming I'm an expert and I know everything because that would be ridiculous. I just feel like I've run out of things to learn and dont know where to find more in depth information about flipping and SFRs specifically as thats the path I'm wanting to take. I know I'm not an expert because the thought of buying my first house is still scary and I dont know every single thing I would do but I feel like I've hit the point where I just need to do it to learn it.

    Can anyone recommend books or podcasts or other resources that I can use to continue my education?

    Do you think this is paralysis by analysis?

    Thanks in advance.


     Continue your education by jumping in

    [email protected]859-443-4952
    Sam McCormack Realtor
    View Page
    2Reply
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