Best Practical - real /actionable information whre did you find ?

12 Replies

Hello All 

Summary of my qn , if you don't have much time :

what was the best source of information you found when you were starting in real estate investing ? It could be a book , a course , a mentor ( doesn't matter whether they charge $100/hr or $200/hr ).

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Details :

why do I ask this qn :

90% of what I see in you tube / podcasts and even some paid courses , they are full of B.S . YOu buy a course worth 100$ and then the guru is just trying to sell you his $2000 course , his book - without providing any valuable/real actionable information . It basically has general BS such as you can quit your 9 to 5 Job , you will become zillioniare by next month , you need to analyze deals carefully and so on . You don't need to pay a guru to tell you that you have to analyse the deals carefully . There is nothing in the course which says "how" to analyse the deals carefully , what practices do you follow to make sure that the ARV is calculated rightly . The answer doesn't have to be the worlds most innovative strategy , but it can be a simple thing which works well . example below

For ex : I tried to buy and sell cars ( not to become rich or make money but just to step outside of my comfort zone ) . I always worried if I would pay too much money and then i might not be able to sell the car for a profit . I did one simple thing to valuate - went kelly blue book and with the condition as poor - i found the value , I always paid less than that and every time i sold the car for a quick profit $1000 - $2000 profit . So even though this is a very simple strategy , it worked and I only knew that from experience .

Another webinar I saw - says "10 awesome secrets for real estate investing " and then you know what the ten are - first one is wholesaling , second one is flipping houses...ha ha , I think you got the idea what the remaining are. 

In this day and world too much information is teh problem . Information which is useless , information which is biased and one sided , information to make people excited and buy courses . 

I have faced similar problems in other areas , for ex , I wanted to find a nutritionist/doctor who can help with tweaking my food and suggest supplements to resolve my insomnia and some mild depression i was experiencing around 7 yrs ago . I spoke with 10 nutrionists , about 4 psychiatrist , read around 15 books ( not fully ) - finally found one book , one nutritionist and one course which are great . 

So the summary is - I know that there is good information , good mentors , good courses out there - But unfortunately they are buried under " become a zillionaire by rei " courses, they are not advertising on youtube/facebook .

Important : I now know that there will be some proxies of gurus who will post that a specific guru is the worlds greatest . I request if you are just promoting a guru , please don't do that , I can easily spot by listening to one webinar or consulting with them for half an hour - that they only make flashy videos and are useless

If for some reason , you don't want to post here publicly , PM Me , but posting here would help others as well :-)

Thanks for your patience

Great question! I sure hope some seasoned pros answer- I'm a newbie and have been podcast binging but would love the lingo/techniques in one reliable source!

My aha moment came after "thinking about it/reading/analyzing" for a long time, getting frustrated at Realtors in my area in the selling of my last house, and then deciding to be better for myself and family. During my first "deal" I found that to be the best was to be active in the market every day always talking to people and analyzing "the numbers". My reward from that activity pays for any mistakes I make along the way, and yes I have made some. My preferred lender says I am very conservative, more than most Realtors he knows-but I hate to lose money. I don't look for "secrets" but look at different ideas to see if there are ways to work smarter versus harder.

Thanks Steve - So the take away is learning the basics and practicing a lot helped you . I see you read a lot , were there any specific resources that helped you more than others . 

WELCOME TO BP, BOTH @David Des and @Eileen Murray !!!  

I hate to sound like an ad, but BP has helped me the most.  No joke!  Then again, I can't focus long enough to read a whole book (brain injury from Iraq) and don't have the interest in shelling out tons of money for some guru.  BP has all the information I need--seriously.  :-)  

I do encourage you both to go Pro if you plan to do much investing, though.  It's worth it to watch the old webinars and especially do use the tools as much as you need to for all your deals.  They are raising the price sometime next week (so I hear), so I'd join now.  And no, I'm not being compensated by them.  ;-)

@Jody Schnurrenberger Thank you , BP has good information , I see webinars , some are good but some are very broad and some are basically asking to purchase a book or go pro . So you basically have to sift through lot of normal information to find one good practical advice/suggestion .

I really don't care if some one charges 200 bucks for a 1 hr video , but it should have high quality actionable content . Ofcourse this seems to be a bad business decision if you are trying to sell videos , because you make more money by selling for 20$ to 2000 people rather than for 200$ to 10 people .

For that matter even without going pro - even teh forums has lot of good information but you have to read 20 posts - each 10 pages to get that one good take away point .

@David Des , welcome to BP.  I was already a property owner before I found BP.  That being said there a lot of things I needed to know as I had never read a book on renting, I just had trial and error.  After finding BP I literally read through the education section ( I think it was called Learning back then).  It took me about 2 months of heavy reading and listening to POD casts to consume most of it.  I am talking 5 to 6 hours of reading on every night and much more on weekends.  All of that content was free.  It was a lot like cramming for finals. All that reading helped put the pieces together for me in a logical way.  While I have bought and read several books since then, that really gave me the basis for most of what I do now, and helped me understand the books I later read.  I only joined the Pro section of BP after I made my first deal and figured it was my way of paying BP back for all I had received.  Don't get me wrong, there is value in being a Pro member, but I already had received the value before I upgraded.  Listen to all of the POD casts and then read all the BP blogs, then read the most popular books in some of the lists.  That was the best information I ever received on real estate investing.

Thanks @Jerry W. Yes I am going through all the videos of BP on youtube , podcasts and bought some best sellers on real estate - I read a ton and with the advent of youtube and podcats , now i listen a ton - making my commute to work , less boring .

I also occasionally throw money away ( impulse buying a "how i earned 200k in 10 days from real estate " course) as well :-)

@David Des thanks for the summary.

You need to realize what you have 1) time 2) money 3) knowledge/network

You likely don’t have 3 now so pick a strategy that does well for your situation. I am an engineer so I have some 2 and low on 1. That why I did passive investing.

@Lane Kawaoka nicely put - I am also a mechanical engineer with a masters in management , but by the nature of my job i have 1 as well :-)

I have looked at passive investing , but for that return i have other options and am not comfortable entering in to real estate 

I am ok to loose some money , if i can learn - everything i did the first time - it was a flop - except love ( was lucky to find my sweet wife ) and my career ( chose the right one the first time )

Any seminar by John Schaub out of Florida you just can't go wrong with. He has a few books on Amazon. He is probably one of the most reputable real estate educators out there. No coaching programs. No upsells. Just 100% content at every event and there is nothing ever for sale except some of his home study courses on a table outside (not at the back) of the room and they are all excellent and extremely reasonably priced. I've learned a ton from him.

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