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Updated almost 9 years ago on . Most recent reply

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Rusty Knowles
  • Involved In Real Estate
  • Oklahoma City, OK
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What Book/Course made the biggest impact on your success?

Rusty Knowles
  • Involved In Real Estate
  • Oklahoma City, OK
Posted

I am new to the real estate investment world with my first deal about to close in weeks. Thought I would give some details of it to see what everyone thought, advice appreciated:

1950 home, 2bd/1bth, 600 sq ft, $50K purchase price, 20% down on 4.99% 15yr amm-5 yr term, convert garage for 240 sq ft, new hardi siding, updated electrical, $6000 total rehab, rent for $800/month minimum. ARV $75K. Plan to refi, rinse, redo

So, my real reason for post, what book and/or weekend course best impacted any seasoned and successful investors on here that they would recommend? As of late, I have read Rental Property Investing How to create wealth...Hold Real Estate, Rich Dad Poor Dad, Think and Grow Rich.

Would love to hear advice on my deal and what my next book(s) should be.

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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
Replied

Real estate in an hour? Really? Well, hate to say it again, but did you ever think of learning real estate before going to guru stuff? By real estate I don't mean ways to connive some deal, I mean understanding appraisals, deeds, title transfers, contract law, how Realtors must work, title insurance, loan programs and banking relationships, you know, real real estate stuff.

Get a text book for Realtors, cheap on Amazon and start reading, take the practice questions, review that stuff. It's not hard!

Then you'll have a BS Meter calibrated for guru talk, you'll know who blows smoke and who operates ethically and legally. 

Any monkey can market something, a real investor has the ability to do the analysis, understand the market and trends, understands how to add value to the highest use......in other words, they know real estate. Best of luck :)   

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