Where to start?

5 Replies

I am very interested in breaking into real estate investing, however I feel I need to learn more before jumping in with my eyes closed. Knowledge is power, so here's my question, where do I begin? Should I take real estate classes or business and finance classes or both? Are there other forms of education to explore that would pinpoint exactly what I need to know? 

Hello, I would start on homeopath.com its a good website to view the low cost houses in your zip code.  Good luck!

Thank you! I feel I need to educate myself more before getting started. I'm reading the book "Rich Dad, Poor Dad" and it talks a lot about financial literacy.

@Kendall Harn  Welcome Kendall 

  There are a variety of ways to get information education.  

Go over to the new members thread and introduce yourself, where you are from and your REI interests. you are sure to pick some hits from people in your area

BP is a great resource. Full of great tips and reads. One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market. I really dont think you can look at too many properties, and the more you look, the more knowledge you will gain for that market

Check out the freeBiggerPockets Podcast- A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 90 past ones to catch up on.

@Kendall Harn  

Very good, you're applying some common sense in starting out in RE, by starting with the basics. You can take a RE class, you could also get the text book, study it and ask question about it right here. But the class will give you more insight, just like any school, classroom participation is a good thing.

As to a finance class, always a good class to take, but you won't have a lot to apply to RE specifically from one or two classes, you'd need more along with other classes, economics and accounting being a couple.

RDPD is not an education as much as a motivational exercise, pretty much the same with guru books.

Be careful who you listen to on the internet, public forums have no test required before someone can post something and RE is really for extroverts which means many will post implying expertise while not having a clue. I don't recall anyone ever posting a copy of a RE closing statement as proof of them doing some deal, especially bigger deals, so you can decide for yourself if they are for real. You'll also get some really stupid replies, so you'll need to weed out what is posted. 

You're on the right track.

And, Kenneth makes a good point, after you get the basics, get out and learn the market. Also, you can look at your MLS and check the stats, they usually show the % of the asking price properties sell for on the average. That will give you a starting price range when you view homes for sale.

But there isn't much you can do until you get the basics, you can look, but you'll understand what you're looking at much more after you learn what is applicable.  :)

I went the route of going to school for business with a focus in finance. I'm learning a bit but everything I've learned can be found outside of the classroom. It's beneficial for me because I don't have to pay for school. Aside from that I listen to BP podcasts daily and have a ridiculous amount of real estate, business and self help books. 

*disclaimer- I have yet to purchase an investment property so I'm currently learning as well.

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