Newbie on step 1 - is older research resources obsolete?

Question

Hi Everyone, I'm excited to be starting on this new path to financial freedom.  I live in Bay Area and am interested in NC (triad region) for buy-and-hold (rental) because that's where my extended family resides and Bay Area is too expensive to make numbers work out for me. I am currently in research mode - listening to podcasts, reading forum and other info on this site, etc.  One question that I have as I find myself listening to a great 5 year old podcast for education purposes is "have things changed significantly over the last 5 years" to make this research obsolete?  Thanks so much!

Account Closed · Answer

@Mary Olynick Welcome to BP! As @Alex Deacon said the fundamentals will never change so just know that prices have changed significantly from the 1st episode.

Here are some recommended resources (not paid for mentioning anything in this post:)

Personal Finance

I strongly suggest learning as much as possible about personal finance (if you haven’t already) as I believe strong personal finances is the foundation for a strong real estate portfolio. For starters, BP even has a Money Podcast now!

Software that’s helped me personally:

YNAB – zero based budgeting system and software; their philosophy will help you get out of debt and no longer live paycheck to paycheck

Personal Capital – a high-level net worth tracking software

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283  Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han Brandon Hall Tax Reform Update Linda Weygant

Books

I have to say all of the BP books…right? :)

The Millionaire Next Door, The Millionaire Real Estate Investor, What Every Investor Needs to Know About Cash Flow

Guides

Ultimate Beginners Guide, Forum Stickies, BP Calculators or spreadsheets uploaded by members

Hope this information can give you a good start. Feel free to reach out with any questions.

Alex Deacon · Answer

@Mary Olynick it depends on the podcast content and the person who is on the podcast. Remember this. The basics will never change. Research, raise your RE IQ, hang around and listen to people smarter and more successful than you, quality is better than quantity, know your limitations financially and mentally and at first take it very slow and dip your toe in the water. If it sounds too easy then walk away because it is probably not a good deal.

Mary Olynick · Answer

Thanks, Account Closed!

I'm straight-up putting all your resources in my research list. I'm so fascinated by learning all I can right now.

The money-side will definitely be at the top of my list of research - I love all your money-finance-type resources. I'm guessing that I'll need different finance strategies in my tool chest to help with scaling once I get my first properties going (or maybe even for these too).  The tax stuff will probably be necessary to consider (though probably a bit boring) especially in view of the new tax laws and how they affect RE investments.

I'm also beginning to take a lot of notes on building systems for each stage of process - selecting/assessing, financing, fixing/renovating, managing, etc. I like that there is a lot of BP info shared on here by generous contributors such as yourself, which will help me build my own personalized systems and which I look forward to sharing when I'm no longer a newbie.

Anyways, I'm off to delving into all this info.

Cheers!

Mary