I have recently come into contact with the bigger pockets podcast and decided i want to invest in real estate as a "career". I had been searching for something i enjoyed for a while, and after listening to about 15 episodes, i become more and more interested. My issue is that i have no idea where to start. My saving habits are lacking to save the least, and i am running on the "treadmill" of big corporation business where i'm trading time for money. I want to be better at saving money, but i also want to be able to invest in a property that will help me start my path down this road as well. I would also love to get a bachelors that would help me down this road, but i'm not sure what to get one in or if it would even help in the first place. Any advice to a newcomer like me would be greatly appreciated, and thanks for taking the time to read this paragraph, i know its long.
Welcome to BP Tyler! You've come to the right place for an education. Under the education section of this site, click Guides, and start with "The Ultimate Beginners Guide to Real Estate Investing." There is a ton of great information there, and it will help you identify the various strategies and their pros/cons.
Regarding personal finance, if you want to save more money you will likely need to make some significant lifestyle changes. What do you drive? How far do you live from work? Scott Trench has a great book called "Set for Life" that talks about the impact of some of these decisions that are often overlooked. If saving money to invest in real estate is your goal, you may want to delay college a bit, or use your REI profits to fund your formal education! That said, after a few profitable deals i'd be surprised if you still wanted to go.
Thank you so much for the starting recommendations, i will go check those out. As far as the college education, i figured that i would need at least a decent starting amount of money saved up to get started in the real estate market, as i'm no millionaire yet, but i would like to invest in a house eventually to start my journey. Most people just tell you you need a degree to get a decent job and make it anywhere in life, but if i reach fi without one, i wouldn't oppose!
@Tyler Snyder You have to read up books on RE and on real life in general. Since you mentioned your money habits, I'd start with "The richest man in Babylon". It is an ancient book but is valid at all times and for all industries!
Also, to set your mind into RE investing, start going to local REI networking events. Find them via BP or Meetup site.
Welcome to BP! Find someone in your market here on BP or elsewhere, reach out, show genuine interest and just ask if there's anything they need done and if you could shadow them on a deal. Or, just ask to take them out to lunch or coffee and talk real estate and be a sponge! Leave the ego at the door, thats the mistake I made when I was starting. Be willing to be the student
Best of luck and stay hungry! It IS possible, don't give up 3 months in!
I agree with the recommendations everyone else has made so far. But I'll add that, within the category of learning from books, one of the most helpful ones I've seen is The Millionaire Real Estate Investor by Gary Keller.
There are so many good ones, but that's one that goes beyond mindset (which is the first half of it) and gets into showing and building you a template / road map for whatever niche of RE you decide to go into. And it emphasizes the need to focus on a niche. It's one of the more actionable RE books out there that is still accessible and relevant to beginners.
Again thank you all for the book recommendations, as i enjoy reading, and its always one of my favorite things to hear in the BP podcast famous four questions favorite book question. It really helps so i know where to start reading, and ive got a lot of these books on the way. I really appreciate the time you guys have taken out of your lives to respond to this post!
@Tyler Snyder Welcome to BP! Sounds like you just need to get your personal finances in order first before you start investing. Figure out how much money is coming in and out every month. See where you can cut back. Then whatever is left over set it aside for saving. Good luck!
So set for life is a good book recommendation for personal finances, but are there any more books or resources that will really help me lock down and get into gear with my finances to be able to start investing? Any tricks or tactics that people have found to work better then others? Again thank you all for your comments.
Start tracking your net worth each month.
Now make your saving/investing an expense, the first expense you have to pay every pay check!
Make a list of everything you've spent in the last 90 days. Now pick something that shows up on that list multiple times and stop spending on that, just cancel the account. Next month do that again. Even try making your budget a sport by seeing if you can get through the month after saving $100 first. If you can then try $200, then $300.
Take that money and save it for now while you figure out what direction you want to go and how you're going to get there.
Save your money and use the public library to read the books mentioned in the podcasts. If the library doesn't have the book, ask them to get it.
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