What should I be studying?

Question

Karma Krempel · Answer

Hi Jack,

before you spend hundreds of hours listening to podcast I would start on some finance and mindset fundamentals.

Rich Dad Poor Dad

The Richest Man in Babylon

6 Month to 6 Figures

are three books I would highly recommend for this. I wish I would have read these when I was your age. All three are relatively quick reads and easy to follow and digest. They are also available on audible with non of them being over 6 hours long. Great audio for when you're preparing your breakfast, going to the gym, or doing more than an hour of driving.

Joe Fairless · Answer

@JACK

@Jack RandallI would start with this good book list:

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/Then, determine which area you like best and learn more about that particular area by speaking to people successfully doing it.

Bill Gulley · Answer

@Jack Randall

Sorry to say, most in public investor forms believe investing begins with guru books, podcasts, videos, or strategies to buy or sell real estate.

If you're serious about being in the business of real estate there is a lot to learn.

Can you imagine a one man used car lot operator learning about the business by reading what other dealers do? Does it make sense to know how vehicles work, how to value them, how to understand your market, what legal aspects apply to your operations?

You can dig out some good advice in forums, much of it isn't good advice especially when coming from those who don't know the basics of real estate. It can take years to sort out public information, ideas, suggestions, methods or strategies without understanding the basic functions and requirements of dealing in real estate.

You will never find the basics of real estate fully explained in any guru book. Rich Dad, Poor Dad is a popular book, but it is also fantasy, entertaining to read, but it doesn't teach reality or the basic knowledge needed to be successful in an industry.

I'm always saying "learn real estate before trying to deal in real estate"!

Real estate is a social business, it is not like dealing with widgets from behind a sales counter at some store or dealing in personal property.

You can obtain the basic knowledge by going to a real estate school for agents. You can buy a text book on line, like Amazon, that is for agents to prepare for a real estate exam, it doesn't need to be the latest edition as the basics have not really changed. You can also look in the market place forums here on BP as there will be a site that teaches the basics and it is free for folks like yourself. Other good sources to learn are from government sites, legit associations, the American Land Title Association, Fannie Mae, Appraisal Institute and current university materials can be found. BTW, careful at attorney websites or free law sites as many are not current, they might be attorneys but they aren't your attorney.

There are other aspects of this business you also need to learn, ethics in real estate and business, basic laws relating to business, such as "Laws of Agency", "Torts", types of fraud especially financial fraud and my favorite, financing.

At 19, you need to know that whatever industry you choose to work in, education will be vital, it is a never ending quest that requires you to maintain proficiency and to stay current with business requirements. Real estate is no different. I don't know of any job or trade or profession where you don't need to adapt to new things, changes in an industry or practice, so education is always an ongoing process.

If you're serious about being a professional, you need to start with a basic education, if your goal is to just be a street corner wheeler dealer, then you might try following simple steeps in dealing in real estate that are often misrepresented as an "education", you'll find that such methods are not that easy or profitable.

Begin your career the right way, get an education!  :)

Jack Randall · Answer

@Bryan Lacey - Thanks for the reply and tips I am definitely going to try to get my RE license I see a big benefit in it.

@Tim Puffer - Thanks for replying, where could I find the webinar hosted by Brandon? is it on Blab?

@Gino Barbaro Thank you for the tips! I ordered Rich Dad Poor Dad finally and it will arrive tomorrow. I have been considering it for a little while.

Thanks for the post guys I will be coming back to this for future information.

Gino Barbaro · Answer

@Jack Randall

Hi jack

I would start out with basic investing books such as robert kiyosaki  rich dad.  I also like dean grazioso.  It is a great idea to learn the differences between asset classes such as stocks and real estate

I would then move onto a specific strategy like buy and hold and then visit your reia in your city.  Speak to a few brokers who deal in your niche

I would also follow posts on BP.  At some point in your career I would seek out a coach for guidance, direction and education.   When you invest in your education it will come back to you tenfold.

Good luck

Tim Puffer · Answer

@Jack Randall

Welcome Jack! Listen to all of the podcasts. @Brandon Turner also holds a webinar usually every week that is full of great information. Definitely pick up a few books as well. Building Wealth One House at a Time by John Schaub is a good one. It gives you great information without being overly complex.

Brian Lacey · Answer

Welcome!

Books, BP, and podcasts are your new best friends. A quick Google or iTunes search will give you more than anyone could list off for you. If you're going to college, assuming your university doesn't have a real estate program, finance/banking.

Find a niche you're interested in, and learn everything about it. Careful with spreading yourself too thin, and taking on too much.

You could look into a RE license in your state as well.

Plenty of options, can go whatever direction you want.

What should I be studying?

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