I want to share this post particularly for those who are relatively new to real estate and are considering their options on where/how to get started, especially if you are questioning whether to pay lots of money (if spending money at all) on a real estate course. [DISCLOSURE: I've never attended a paid real estate course - outside of classes need for my real estate license and continuing ed. - so I couldn't tell you with conviction the value of it other than what I hear other people say.] However, I can tell you that I have had early real estate investing successes with spending very little money on classic education tools.
The primary way I educated myself was through the BP podcast, and reading the book suggestions from the guests. Actually when I began listening to the podcasts I only had intentions to listen to buy-and-hold podcasts, and no interest in flipping houses, wholesaling and using direct mail marketing to motivated sellers (I actually never even heard of the latter two methods before listening to BP).
However, I became more interested in flipping as I was listening to the podcasts (and I was not finding buy-and-hold deals that made financial sense to me). I started taking notes on the podcasts (cannot emphasize this enough) as if I were hearing a college lecture. There was so much value and so many "secrets" that each guest shared. Each guest always had at least one unique gem that I was able to use or planned on using for our business.
I also began to read many of the books that were repeatedly recommended. Some people might not like that the book suggestions on the famous four are all the same, but the fact that they repeat themselves told me that those are the books I should read, since most successful real estate investors read them and had a certain mindset.
And after about fourteen months of listening and learning (my first podcast was with @Shaun Reilly Show 43) I was actually on a BP podcast (show 107). There were challenging times when I never thought I was going to find a deal and be fail miserably, but after listening to Brandon's last question and hearing most guest say to just keep at it (hustle!) and success will come really kept me motivated.
I am learning that being successful in real estate business doesn't happen quickly for most, but with each success it does get easier and easier. Remember it takes 20 years to become an overnight success.
So if you're out there and wondering where to start; my highest recommendation is through the podcasts and learning from the BP mindset. Don't be fooled that because the podcasts are free that the information is not more valuable than anything on the marketplace - it's just that it's BP's mission statement for everyone to be able to learn in a free or low cost way.
Happy investing and I hope if you're new that I will have the opportunity to hear you on a future BP podcast!
Thank you for the post, it motivated me as a newbie to keep on going and work hard until I succedd.
Love this @Jonathan Makovsky ! It's great to see your journey from the beginning to where you are today. I can't wait to have you on the show again when you close your 50th property! :) Rock on!
Hey Jon thanks for the mention.
I did see you were the guest this week and am looking forward to listening to it (One of my little princesses is home sick today so will have to be a weekend activity).
The podcasts are a great intro to a lot of subjects and one can get a very good basic education listening to them. Being on the podcast is also awesome. Lots of fun, can learn a lot doing it and puts you out there to make good connections (Such as when we did!).
Hard to believe they have been doing the podcast for over 2 years now. It has really beefed up what was already the best online resource around for real estate. @Joshua Dorkin and @Brandon Turner really do an awesome job with it!
Thanks @Shaun Reilly !
Thanks Johnathan, I started the exact same way and oddly enough only listen to multifamily pod casts right now because that is my focus at the moment. I just closed on my first fully occupied duplex this week with rock solid tenants. I hope to buy a second before year end and then 2-3 more next year and pay off the mortgage on my first purchase. Our goal (my wife and I) is to have 20 properties (SFR and MFR) positively cash flowing 5K/year per property by the time my oldest goes to high school so we have 9 years to reach our first big harry goal!
It inspiring to see a real life example of success. I will flag your podcast as my next to listen to, cant wait!
@Jeff G. that's awesome and congrats on closing your first deal! Really looking forward to hearing more of your successes - great job!
Thanks for this post! 2 years after you wrote it, it is still inspiring. I just started listening to the podcasts and taking notes, learning everything I can. I, too, started with buy and hold shows, but they opened my eyes to even more possibilities! I can't wait to see where I am months and years down the road.
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