@Julie
@Julie Marquezundefined
@Lakshay G.
That's probably one of the most important things I've ever said on this site, I'll put it at #1 in fact.
Besides making a shameless self promotion like Ben L. (haha) you can go get the basics from my website, free, if you want to study real estate. I suggest you do that too.
If you were going to begin investing and dealing in diamonds, don't you think it would be logical to understand what those rocks were, how they cut, what different grades were, why they are used in industry and for jewelry or simply left as investment grade before you jump in and start dealing in this area? There are all kinds of ways you could buy or control these gems, different techniques could be applied to facilitate transactions, but unless you understand the product you'll fail at being a successful dealer because you won't understand why they are valuable or why there is a demand or why the market acts as it does.
If you went to work as a sales person for any company the very first thing they will ask you to do is to learn their products, know what it is you're supposed to be selling.
Most on BP don't know what they are dealing in, they think they do, but they really don't, even some of the old been there done that types don't understand the basics of real estate. (If they had they would have been more successful in this arena).
Lesson number one is the difference between real property and personal property, most assume techniques for dealing in real property are the same as dealing in personal property. That is not the case, legally or ethically, real property is one of the functions of our economic system, cars, boots, software, or dishes are not.
There is no guru book, no BP book, no investor site that teaches you real estate, it's always "how to" deal the cards, it's never about the rules of the game or the odds of selecting the right card. The stories of winning the jackpot and how they played the hand is seen as an education (sold by the gurus). If you attempt to duplicate, step by step, what another player did, you'll lose because no game is identical to another game.
You need to understand why real estate is unique, why it is valuable, how it is valued, why no two parcels are the same, what effects value that can be changed to profit from, why different regions have different market conditions, what the requirements must be to establish market value, how title effects value and how does title transfer, how government plays on real property requirements that effect value, and the list goes on.
Yes, you'll learn terms, legal terms, like encroachment, easement, plat and survey, property descriptions, market value and what must be present to establish a market value, what a single family dwelling is (many here don't even know what that is, yet they try to deal in them), you'll learn what property rights are and how certain rights are conveyed, what may cloud title or encumber title, what a lien is and types of liens as well as their priority, what responsibilities there are with ownership.....and the list goes on.
You really need to know what is and isn't legal or ethical in dealing in real property as opposed to personal property. Ethics isn't what you may believe, it's not religion or an opinion, business ethics is an accepted way of doing business in a certain industry and not all industries are the same. It's when the gurus take you off the beaten path with unacceptable practices that gets you in trouble and can ruin your reputation and business.
At the most, it only takes a couple weeks to learn the basics, in just a few days you can learn enough to know where the answer is for most any real estate topic or problem. Many on BP have been "reading" for months and still don't get it, that's why, because they don't understand real estate at a basic level.
About 90% of all the real estate questions I answer on BP comes from a simple understanding of the basics and applying those rules or theories, it's not complicated!
As long as folks don't study properly I guess my post count will continue to grow keeping BP stuck in a beginner mode. It would sure be nice if we could get past that elementary hump and move on to more advanced topics and strategies, but the lazy will always be with us.
You can read real estate folklore, like Rich Dad or How to Buy And Make A Million, but without understanding the industry you're trying to deal in and the influences that play on real estate, you're going to be lost and chances of failure go up.
So, the very first book you should study is one that teaches the basics of real estate, not real estate investing or dealing or operating. After you really understand what it is you're dealing with, then you can begin to apply tactics, your "system" or your strategies. :)