I am just getting started learning about real estate investing and future goals of owning apartment buildings, however not sure where I should start, because I do not have to capital and/or knowledge to start there. Was wanting opinions on where the best place to start investing and what the best books for beginners wanting to get started.
You can't go wrong with the Bigger Pockets books. Brandon Turner has several great ones. Scott Trench's Set for Life has a lot of great actionable information that will help you improve your personal financial position into one where you can really succeed in investing.
I also really like Landlord on Autopilot for new investors. It's more about the day to day of investing and managing properties, but it's a good one to learn about automating your business.
Also, Rich Dad Poor Dad is a great place to start thinking about the investing mindset.
@Dru Kenny Vinney Chopra "Apartment Syndication Made Easy" Joe Fairless "The Best
Ever Apartment Syndication Book" Dave Lindahl "Emerging Real Estate
Markets & Multifamily Millions"
Brian Murray "Crushing it in Apartments" Jake and Gino "Wheel Barrow Profits" Michael Blanks
"Financial Freedom Real Estate Investing" Hopefully this helps.
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 BRRRR book (in the bigger pockets bookstore).
Wow, thank you for your recommendation. This was my first post on BP and amazed that there is this kind of support for anyone investing in real estate. This is getting me pretty excited to get started learning and making my first deal. Thank you again for the great feedback