In what way have you learned the most about real estate investing? did you learn the most through books, seminars, bigger pockets forums, or just diving into it? you can also add another answer if you have something outside of these options.
@David Housewright I did a few things. Easiest, fastest free way to learn is to subscribe to every real estate podcast and listen to them every chance you get. You will get bombarded with information and it can feel a bit overwhelming, but you will start to pick up on successful trends, phrases, ideas, things to look for, things to avoid etc. I personally don't like reading as much so I did that a lot.
Second was I signed up for a popular flipping coaching course, tried to go out and do it and failed. Learned a lot on what not to do.
Third I got brought an investment in a multifamily deal and my contingency for investing was being able to meet, talk with and question the sponsor often all about multifamily investing and his career. We came from a similar background and got along well and ended up hiring me a few months later. Since than the company has closed on over 1,000 units and I've personally sponsored 3 deals over 100 units with our last deal being 82 units and we have another 86 units under contract in Jacksonville, FL just earlier this week.
I don't know if that helped at all or left you with more questions, but that's how I did it.
Podcasts were big for me at the beginning. Also finding a real estate agent that was trust worthy and investor friendly. She was able to help me with numbers and what made sense starting out. Then just diving into my first deal and doing the best I could.
Honestly for me the most educational thing was getting hands on and doing a project. Gathering connections as I went was one of the most beneficial things I could have done. Just do your homework and before you purchase your first property try and get outside perspectives from someone experienced in the field.
@David Housewright I agree with the above. I dove into listening to the BP podcasts and following the seminars, read many of the book suggested in the podcasts. Use the BP calculators and just start analyzing as many properties as you can even if you have no intention to buy them, just to get the experience. I analyzed around 100 properties before I started making offers. You'll never know everything, just learn enough to at least feel comfortable and then just jump in and you'll continue to learn along the way. When I bought my first property I was scared and even the night before was worried and considering backing out but I knew I ran my numbers and everything made sense so I just had to fight through that fear and now I am so glad I did. I really liked the Book on Managing Rental Properties published by BP, it helped me a lot. Just make sure your numbers work and you account for everything so you don't get into a bad deal. You may have to analyze 100 before you even find one that makes sense but that is time well spent to avoid a bad one.
@David Housewright Some of what I learned was just through osmosis, growing up the family had rentals so there were more than a few weekends spent "sprucing up" homes when tenants turned over. As most have pointed out, you get a lot of good information through Podcasts but it can also lead you on a wild goose chase. Every guest on a podcast has a strategy that has worked for them and...well...they've likely found success. But all of the podcasts in the world, all of the spreadsheets in the world, all of the research you can do just doesn't quite teach you like actually doing it.
Go through a commercial loan process and you'll learn about how different that is. Sure, I could tell you my experience but who knows if my lender would be different than yours. Start looking at 'rehab costs' and you could pretty easily find that your estimates are far higher (or lower) than some others. Is that because your labor rates are different? Did they do it DIY and you want to use a contractor? Do they know where to find cheaper prices than Home Depot? There are 100 reasons why things are different.
So my best advice would be trying to figure out what is it you want to do with real estate. If you yearn to be a wholesaler it doesn't make much sense to learn about commercial loan amortization periods. What I see a lot of people struggle with on BP is that they don't have a direction. But if you want to learn you do need to have that focus.
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