How do I go about educating myself on real estate investing?
Member since 2020 · 13 posts · 3 votes
How do I go about educating myself on real estate investing?
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
6yRule #1: don't pay for investing education! Everything they teach you is available for free. In most cases, you can learn more from a single $15 book than you ever will in a 3-day seminar. Those things are designed to steal money in exchange for a long-winded motivation speech and a request for more money for the "real" secrets. Do what you can to get that money back.
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 Turneror 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 your 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 help 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.
5. 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.
The DIY Landlord Book4.7247 Reviews
6 Replies
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes6y
Rule #1: don't pay for investing education! Everything they teach you is available for free. In most cases, you can learn more from a single $15 book than you ever will in a 3-day seminar. Those things are designed to steal money in exchange for a long-winded motivation speech and a request for more money for the "real" secrets. Do what you can to get that money back.
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 Turneror 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 your 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 help 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.
5. 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.
The DIY Landlord Book4.7247 Reviews - Real Estate Broker · Charlotte, NC · Member since 2016 · 569 posts · 351 votes6y
@Victor David Ward Welcome to the forum! listen to the podcasts they're amazing and free and you'll learn more than you can imagine. Hope you get your money back! Everything you need is right here at BP Good luck!
- Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes6y
Do a deal after you talk to someone that's been down the same road.
Experience is always the best tutor about doing deals and about yourself.
- Member since 2020 · 13 posts · 3 votes6y
Thanks to all. You have been very helpful. Especially Nathan.
- Real Estate Agent · Fleetwood, NY · Member since 2018 · 264 posts · 235 votes6y
@Victor David Ward Nathan hit the nail on the head. You can also use YouTube as a free resource to learn - there are a lot of good videos out there. Once you get a basic understanding of each style of real estate investing (wholesaling, rental properties, flipping, etc.), you'll want to pick one that makes the most sense for you and dive in even further.
Don't try to be the jack of all trades - pick one style of investing and become the best you can be at it.
Best of luck!
- Rental Property Investor · boston, MA · Member since 2017 · 202 posts · 222 votes6y
How to educate yourself on REI? Biggerpockets. Seriously. Listen to every single podcast. Read the forums. Use the tools available. Write down the names of books recommended and read those too. No time to read? Look for audio on youtube. It may seem intimidating at first and will probably take you at least several months to catch up but that's the point. You need to take time to plan out what you want, why you want it, and how you plan on achieving it. Biggerpockets will give you ideas you never thought of. Good luck.
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