Hi gang, I need to learn, can I get your knowledge?

Question

I have been looking on bigger pockets for a bit and it seems to be a great place to learn real estate. I am a manager at a large sporting  goods retailer. I do have some savings and I would like to put it into real estate and try to build my retirement plan .

I'm a newbie that owns my own home and would also like to move up, my kids are out of the house and off to college, yahoo😀!

Big ideas but need guidance, thank you in advance for your help!

Taylor

Bill Gulley · Answer

Hi @Taylor Smith, yes, that is a site that I contribute to and supported. I was and am instrumental in its creation but I don't own it, others do who support it with their time and talents. I funded the company as a loan, part of any proceeds simply pay back the loan and part goes to further the site with remainders as compensation to members at fair amounts, the excess goes to furthering the mission of the organization. It's not a guru site but as someone on the BP staff said "an honest attempt to provide an education".  This is not intended as an ad but to answer your question of my personal involvement and if I teach.

I also suggest that new folks (well most everyone) get a copy of a text book for agents taking the exam to become a Realtor, used books can be found on Amazon and to understand the basics of real estate you don't need a new or current text, the basics have not changed. Much of the settlement procedures have changed, but reading about the old system will help understand current changes.

Glad to hear you take RE seriously, education is the key to success! :)

Taylor Smith · Answer

@Bill Gulley

Thanks for the advice. I sure want to do things the right way and not get into any trouble.

I noticed something about real estate academy after your name. May I inquire about that? Are you teaching? Thanks again.

Taylor Smith

Bill Gulley · Answer

@Taylor Smith

Thank you, yes, I've been around the block a few times. I see retirement is you ultimate goal, LOL, like everyone else. I'm retired and have a contract in escrow to be closed in a couple weeks, real estate is something you don't really have to retire from even if you are "retired".

I suggest strongly that new folks begin by learning real estate, not how deals are done. There are a lot of "tricks" played on new investors and about the only way to protect yourself is in knowing the basic rules and how things are suppose to work. After that you'll understand all the strategies commonly talked about by investors.

I'm pretty busy actually, but depending on the day I can meet with local investors at times. Best place to chat is right here!

Good luck :)

Mark Nolan · Answer

@Taylor Smith

Welcome to Bigger Pockets. It is great to see you hear.

Taylor Smith · Answer

Thank you Dan, yes I'm thinking about buy and hold but not sure if I want to be a landlord.

@Bill

@Bill Gulley

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No relation to that Smith that I know of. I understand what you are saying about the how and why of things. I have been reading your posts and have to say I am very impressed with your knowledge and experience. I see you are in Springfield perhaps we could meet sometime I would like to pick your brain.

Bill Gulley · Answer

Hi neighbor @Taylor Smith, it's okay to say Bass Pro or Academy on here, LOL.

Welcome to BP!

Are you related to the builder-developer Smith in Ozark?

You can read all the books you like, some are good, most contain folklore, but seriously, you need to learn real estate, not just ways of dealing in real estate.

Understanding real estate means you know how and why your tools work. Would you go fish without knowing what you're fishing for and what the appropriate bait would be?

Learn before you dive in, especially in this market! Good luck :)

Dan Perrott · Answer

@Taylor Smith - Welcome to BP!   you have found the place to learn and get answers to your questions.  I would recommend that you take advantage of the podcasts and forum posts to answer your questions.

I am assuming that you would be looking for properties to fix and hold in the long term to create income.  I would recommend you to read "The Millionaire Real Estate Investor" by Gary Keller.  It helps you to get an understanding of real estate investing and has been a great motivation book for many.  It gives you a plan to leverage to build your REI business.

Good luck and happy investing!  Jump in and make it happen.

Taylor Smith · Answer

thank you Justin, I,m trying to figure things out still. I will get it done. sTill trying to rEad everything, wow!

Taylor

Justin Windham · Answer

@Taylor Smith

Welcome to Bigger Pockets (at least to the active side, since you've been reading for a while now). Have you checked out the podcasts and setup your keyword alerts yet?

Is there a specific type of investing you are looking to do? Buy and hold, fix and flip, etc?

Hi gang, I need to learn, can I get your knowledge?

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