How to educate myself

25 Replies

I have always been interested in rental properties but have limited funds and want to start small. Does anyone know any good books on the subject or have any tips? Any feedback is much appreciated!

Thanks!

@Matthew Rembish  

Listen a lot. Learn from others when they want to talk and interact with you. I am still very green, and it's amazing to see how many people have gone so much farther. Here is my reading list. Just a few of the things that got me pumped early on. I will try to stray away from the oft mentioned (Rich Dad/Poor Dad, well worth it, but I am sure you have heard that):

Wall Street Journal. Complete Real-Estate Investing Guidebook (first read, general guide)
Investing in Fixer Uppers - Jay Decima (creative, knowledgable)
Care and Feeding of Tenants - Andy Kane (great on tenant info)

Podcasts have still been my primary medium for education. You can never get enough. There are a couple more good ones out there. Message me later and I can give some more recommendations if you like.

Begin by learning real estate, then you can learn how to rent it safely and profitably. That means a $23 RE text book for agents on Amazon. Then start reading guru stuff, podcasts, blogs and forums! :)

Wow, thank you very much for the great input. I'll be sure to start looking into all of this.

Thanks!

Start listening to the Bigger Pockets Podcast if you haven't already. Josh and Brandon do a great job of brining in great guests for all different aspects of real estate. At the end of every show they have the famous four that have plenty of book recommendations to learn about real estate and business in general.

Matthew - DO get yourself onto the BiggerPockets podcast (under the Learn tab) and start listening from show #1!!! I'm new to investing myself and have been working on getting educated for a few months. I've listened to a good 60 shows now and I've got to say I haven't found any better way to learn. I particularly like the fact that, in listening to so many different voices from the community, I can see the consensus on what tips and techniques most investors utilize. At the same time, it is inspirational to realize that REI isn't a "one-size-fits-all" endeavor - everybody's story is unique.

Welcome to BP and good luck to you!

Originally posted by @Julia Pinelo:

Matthew - DO get yourself onto the BiggerPockets podcast (under the Learn tab) and start listening from show #1!!!  I'm new to investing myself and have been working on getting educated for a few months.  I've listened to a good 60 shows now and I've got to say I haven't found any better way to learn. I particularly like the fact that, in listening to so many different voices from the community, I can see the consensus on what tips and techniques most investors utilize. At the same time, it is inspirational to realize that REI isn't a "one-size-fits-all" endeavor - everybody's story is unique.

Welcome to BP and good luck to you!

That was a really inspiring response Julia, thank you very much. I'll be sure to start listening to the podcasts, I've heard that from a lot of investors on this site now.

Try to hook up with someone local (or at least within driving distance) that is doing what you want to do.  Offer to work for them/with them for FREE or cheap, in exchange for the education and networking.    

Originally posted by @Marc Faulkner :

Try to hook up with someone local (or at least within driving distance) that is doing what you want to do.  Offer to work for them/with them for FREE or cheap, in exchange for the education and networking.    

That's a really good idea, and I have actually been trying to find that kind of mentor but it's a lot harder than I thought. I've been searching at REI clubs too. Thanks for the reply!!!

@Matthew Rembish  Apart from the "how-to," the "why" is extremely important and overlooked by many when first starting out. With a strong "why," the "how-to" will eventually follow. Passion and determination are both key factors to success in any business endeavor. Best of luck! 

Originally posted by @Rachel H. :

@Matthew Rembish Apart from the "how-to," the "why" is extremely important and overlooked by many when first starting out. With a strong "why," the "how-to" will eventually follow. Passion and determination are both key factors to success in any business endeavor. Best of luck! 

Thanks a lot Rachael. Running my business off of passion and inspiration right now but I hope to be working with some money in the near future. Good luck to you too!

Check out my post "Why networking gives me wings"

Finding people and simply talking to them is your best bet, hands down.

@Matthew Lambright

That sounds great, I'll check it out. Thanks!

Matthew

In October (maybe November of 2015) my friend Fixer Jay DeCima will release his 5th published book, THE REAL ESTATE FISHERMAN.  25 years ago, my main attraction to Jay's way of investing was that I did not need to start with a "boatload" of cash.  For the last 26 years, I have been a full time real estate investor with Fixer Jay type rentals.

Good luck and go for it.

Oh ok great, I will be sure to check it out. Thank you!

For manufactured housing community specifics:

How to Find, Buy, Manage, and Sell a Manufactured Home Community by George Allen

Development, Marketing, and Operation of Manufactured Home Communities by George Allen and David Alley and Ed Hicks

Both of these books are available on Amazon

George Allen also publishes a print monthly newsletter - The Allen Letter which many community owners find useful and valuable. GFA Management out of Indianapolis, IN 

Many people have found materials from Frank Rolfe & Dave Reynolds also very valuable. mobilehomeuniversity.com 

My company also publishes a monthly newsletter, The Chattel Finance Newsletter aimed at retailers and community owners. Ours is complementary but we do get to decide who is allowed to subscribe and who is not. It is delivered via email.

Finally, if you are committing to community ownership, joining the state trade association in the state in which you own or are buying a community will be a very valuable source of information.

@Matthew Rembish - Here's a few of my favorite things to help people get started:

- it's always good to see another investor utilizing this great site!

Of course, you need to read The Ultimate Beginners Guide to REI here on BP

If you haven’t already, please read/listen to these books ASAP!

Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

Rich Dad Poor Dad

Rich Dads Cash Flow Quadrant

Rich Dads Increase your financial IQ

The Real Book of Real Estate

The ABC’s of RE Investing

The ABC’s of PM

Rich Dad RE Tax Advantages

The 10X Rule

The E-Myth

The 4 Hour Work Week

BiggerPocketsPodCast -I hear #136 is exceptional!

Wholesaling101 You Tube Channel

Kent Clothier – You Tube Memphs Invest channel

Are we really talking about education? Where and how to start?

That is one of the most asked questions on BP and the answers are pretty much the same, even my suggestion above.

You need to do some homework before you even begin a self-taught venture into a vocation or profession. Gathering information is not obtaining an education. 

Every podcast, video, book or blog you might get begins by assuming you already have a beginning knowledge, none of these actually begin at the beginning of real estate. They also don't take you to an end conclusion, the assumption again as after you do this or that, you simply move on to another phase and collect money. 

Are you having trouble filling the gaps of guru materials, finding differences of opinions or contradictions?

To build your own self-taught educational plan, you need to do some thinking about what works for you. Personalize your plan to your learning style and adapt to your learning habits. You need to identify what must be learned, look at a subject and see what must be known before you attempt to learn. For example; you can't learn how to make fishing lures without knowing how to tie knots. Can't tie the right knots unless you know the differences of the fishing line. Can't design a lure without knowing what fish you're fishing for and what attracts them or what size line you should use. (See, you can't even go fishing without understanding basics of what you're to do.) 

You need to develop a system that builds on what you are to learn in a systematic approach. You need to gather information and adapt relevant information into your system. 

You need to focus on the immediate task at hand, in your systematic approach. Connect with others to reinforce what you think you have learned, ask experts to verify what your understanding is. 

Organize and manage your learning process, you need to adapt to the broader educational approach for an overall understanding, just trying to learn some niche is not learning in a useful manner. Begin with the big picture and narrow down to specific areas of interest.   

Time, space and comfort are needed to learn. Set aside a certain time frame, space to study away from distractions and be comfortable, just don't fall asleep. 

Simplify your approach in small steps, take notes that relate to other topics for future reference. Use highlighters that are color coded to topics that are applicable to areas of interest. Understand relationships of topic areas rather than steps in a topic.    

So, Identify your learning objective, what is it you really need to learn? In real estate as with any business venture, what you identify what a revenue generating aspect will always have as prerequisites, things that must be known before you can gain further knowledge. For example, how do I learn to wholesale?

Learning the steps of the process is easy but before you can really do it successfully there are things you must know how to do. Even if someone gives you a contract, when you get to the point of having to use it, you need know how to contract, what has to be there, you need to know how to assess the value in that market, recognize costs of holding and repairs, what questions to ask an owner. You need to understand the highest and best use of a property, how can you increase value and who is the property most valuable to? To stay out of trouble, you need to understand real estate laws and laws in general business, like torts, what fraud is, what bank fraud looks like, agency and principal relationships. Don't think that your running a kool aid stand as a kid prepared you to be in the business world.

With such understandings and practices you can identify appropriate strategies, weed out bad information and develop a library of materials as a reference guide in your investing and operations.

And, in real estate just as in any other business, your education never ends. Nothing is more frustrating than relying on guidance from someone you think is an expert with years of experience and success only to find out they didn't stay current and you acted on bad information. Lost money, got a fine, looked like a fool, other people or an owner lost money due to your foul ups. 

Consolidate your materials, cut and paste ideas, information and learning materials with strategies in an organized manner. Keep it updated. Always seek more information! 

Work your plan, get experience, act on what you know when you know. 

Good luck :)

    

Are we really talking about education? Where and how to start?

That is one of the most asked questions on BP and the answers are pretty much the same, even my suggestion above.

You need to do some homework before you even begin a self-taught venture into a vocation or profession. Gathering information is not obtaining an education. 

Every podcast, video, book or blog you might get begins by assuming you already have a beginning knowledge, none of these actually begin at the beginning of real estate. They also don't take you to an end conclusion, the assumption again as after you do this or that, you simply move on to another phase and collect money. 

Are you having trouble filling the gaps of guru materials, finding differences of opinions or contradictions?

To build your own self-taught educational plan, you need to do some thinking about what works for you. Personalize your plan to your learning style and adapt to your learning habits. You need to identify what must be learned, look at a subject and see what must be known before you attempt to learn. For example; you can't learn how to make fishing lures without knowing how to tie knots. Can't tie the right knots unless you know the differences of the fishing line. Can't design a lure without knowing what fish you're fishing for and what attracts them or what size line you should use. (See, you can't even go fishing without understanding basics of what you're to do.) 

You need to develop a system that builds on what you are to learn in a systematic approach. You need to gather information and adapt relevant information into your system. 

You need to focus on the immediate task at hand, in your systematic approach. Connect with others to reinforce what you think you have learned, ask experts to verify what your understanding is. 

Organize and manage your learning process, you need to adapt to the broader educational approach for an overall understanding, just trying to learn some niche is not learning in a useful manner. Begin with the big picture and narrow down to specific areas of interest.   

Time, space and comfort are needed to learn. Set aside a certain time frame, space to study away from distractions and be comfortable, just don't fall asleep. 

Simplify your approach in small steps, take notes that relate to other topics for future reference. Use highlighters that are color coded to topics that are applicable to areas of interest. Understand relationships of topic areas rather than steps in a topic.    

So, Identify your learning objective, what is it you really need to learn? In real estate as with any business venture, what you identify what a revenue generating aspect will always have as prerequisites, things that must be known before you can gain further knowledge. For example, how do I learn to wholesale?

Learning the steps of the process is easy but before you can really do it successfully there are things you must know how to do. Even if someone gives you a contract, when you get to the point of having to use it, you need know how to contract, what has to be there, you need to know how to assess the value in that market, recognize costs of holding and repairs, what questions to ask an owner. You need to understand the highest and best use of a property, how can you increase value and who is the property most valuable to? To stay out of trouble, you need to understand real estate laws and laws in general business, like torts, what fraud is, what bank fraud looks like, agency and principal relationships. Don't think that your running a kool aid stand as a kid prepared you to be in the business world.

With such understandings and practices you can identify appropriate strategies, weed out bad information and develop a library of materials as a reference guide in your investing and operations.

And, in real estate just as in any other business, your education never ends. Nothing is more frustrating than relying on guidance from someone you think is an expert with years of experience and success only to find out they didn't stay current and you acted on bad information. Lost money, got a fine, looked like a fool, other people or an owner lost money due to your foul ups. 

Consolidate your materials, cut and paste ideas, information and learning materials with strategies in an organized manner. Keep it updated. Always seek more information! 

Work your plan, get experience, act on what you know when you know. 

Good luck :)

    

Hi Matthew,

I now own a nice portfolio of rental properties. Maybe you could start like I did. I flipped a ton of mobile homes in parks (not even real estate) to generate cash to buy rentals. The best part is you can start doing this for next to nothing and learn about real estate while you're making good chunks of money.

@Shawn Holsapple

Wow Shawn, those all look excellent, I'll definitely check them out. And I'm definitely interested in listening to your Podcast.

Thanks again!

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